THE FUNСTIONING OF MARKETS IN THE EMIRATE OF BUKHARA IN THE END OF 19TH–END OF THE 20THCENTURIES

In the late 19th and early 20th centuries, the Emirate of Bukhara was known among the eastern countries as an important center of trade. Due to its favorable economic and geographical location, Bukhara connects the east and south of Asia with its north and west, and through Russia with European countries.The following article provides information about the popularity of the Emirate of Bukhara as the most important center of trade among the countries of the East in the late 19th and early 20th centuries, the abundance of majestic markets for various goods produced in the countries of the world. It is also separately provided about the division of markets by type, the performance of their role in economic life, their specialization in trade, the establishment of separate markets where various goods are sold and the high development of the culture of trade.Index Terms:market, trade, commerce, merchant, dome, tim, trade house, batman, foreign firm, intermediary, product.

Ongoing SEC Disclosures by Foreign Firms

We study how home-market reporting requirements and listing choices associate with ongoing SEC disclosures by foreign firms and the investor response. The SEC defers material event and interim financial disclosure obligations to foreign firms' home market regulator or exchange. We find a growing number of foreign firms incorporate in disclosure havens and have little or no event-driven disclosure obligations. These firms furnish fewer 6-K disclosures but experience greater investor interest and market response to each filing. There is little evidence that the SEC substitutes for lower information flow with additional monitoring. Our results indicate that the SEC's one-size-fits-all approach to foreign firm disclosure has led to increasing disparity in information flow, despite the strong demand for and reaction to disclosures by firms from weaker regimes.

The Direct Effect of Corporate Law on Entrepreneurship

This paper estimates the impact of adopting the Model Business Corporation Act, a compendium of legal best practices, on U.S. state-level entrepreneurship. States adopted new corporate law endogenously, with legal changes being preceded by economic booms. Using foreign firm entry allows controlling for this endogeneity. Difference-in-differences estimates show better law increased the rate of new local corporations by 26% per year. Four tenths of the new corporations are substitutions from other firm types, and the rest are net new firms. Southern and Western states benefited more, and states that only partially adopted the MBCA saw no benefit.

OPTIMAL TRADE POLICIES UNDER PRODUCT DIFFERENTIATIONS

This article focuses on the optimal international trade policy considered product differentiations. A duopoly model with a home firm in a developing country and a foreign firm in a developed country is established. The findings indicate that, the optimal tariff relies on the product differentiations significantly. On one hand, higher marginal cost of home firms have opposite effects on optimal tariff compared to higher marginal cost of foreign firms. On the other hand, the optimal tariff is monotonically decreasing in the amount of consumers caring about brands and increasing in the scale of consumers not caring about brands. Moreover, an increase in the marginal cost and transportation cost of imported goods triggers price rising in domestic market as the market power of home firms is consolidated. In addition, a foreign firm may withdraw from domestic market if its competitive advantages vanishes under high tariffs.

Globalization and Willingness to Support the Poor in Developing Countries: An Experiment in India

Does an individual’s exposure to aspects of globalization impact their willingness to redistribute to the poor? We hypothesize that the “glitter” of foreign direct investment (FDI) in developing countries leads relatively better-off citizens to perceive that the poor now have more opportunities and are thereby less deserving of help. Findings from an experiment across three states in India reveal that subjects lower their financial support for the poor upon learning a foreign firm in a low-skilled sector is located in the vicinity. Text analysis of subjects’ responses supports the mechanism underlying our hypothesis: FDI reduces support for redistribution when subjects believe that foreign firms offer the uneducated poor higher wages and increased job opportunities.