Thomas Elkjaer's research while affiliated with International Monetary Fund and other places

Publications (9)

Article
Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor e...
Article
While the balance sheet approach has increased the focus on position data, differences in valuation practices for foreign direct investment (FDI) make cross-country comparisons difficult. To enhance comparability, the IMF's Balance of Payments and International Investment Position Manual, sixth edition, which some countries have already implemented...
Article
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation meth...

Citations

... WsdbExport.aspx?Language=E (dostęp: 4.10.2019). związane z wielkością lokalnej gospodarki [Hines, Rice, 1994;Tørsløv, Wier, Zucman, 2018;Damgaard, Elkjaer, Johannesen, 2019]. Z pierwszych publikacji, które powstały na ten temat, wynika, że firmy amerykańskie lokują kapitał w niektórych lokalizacjach, tworząc przy tym niewielkie zasoby majątku trwałego w postaci zakładów, wyposażenia czy miejsc pracy [Hines, Rice, 1994]. ...
... Besides technical measurement issues, there is ample reason to believe that an increasing share of transactions recorded as FDI has very little to do with traditional ideas about direct investment. To name just a few stylized facts underlying recent doubts about FDI measurement: nine small countries commonly considered as global tax havens host over 40 percent of global FDI (Damgaard et al. 2019). Several countries, such as Hungary, display very high correlations between inward and outward FDI, which is difficult to square with traditional notions of controlling investment (Blanchard and Acalin 2016). ...
... 136). Gran parte de la inversión se canaliza a través de entidades de propósito especial, como meros intermediarios financieros (Damgaard y Elkjaer, 2017). Mientras tanto, los Estados Unidos y el Reino Unido son plazas financieras históricas por excelencia. ...
... As a significant number of transactions recorded as FDI flows happen outside of markets -within firms or with unlisted equity changing hands in private transactions -authorities have long struggled to develop conventions to value FDI stocks and flows (Zucman 2013(Zucman , 1358. Despite continuous efforts at harmonization (particularly around the recent IMF Balance of Payments Manual 6), FDI valuations often do not match between countries, and, even with a constant method of valuation, FDI estimates fluctuate widely with different estimation techniques (Damgaard and Elkjaer 2014). ...
... Equally, performance is predictable by other equity valuation multiples nevertheless; price-book value multiple has highest explanation for prospective stock returns of companies compared to other equity valuation multiples (Antonios, Ioannis, & Panagiotis, 2012). valuation approaches that concentrate on price-to book value multiples are more suitable for companies that experience small return on their stocks (Burgstahler & Dichev, 1997 has revealed that, price-book value multiple is more compared to price-earnings (P/E), suggesting that pricebook value (P/B) multiples represent the most and greater predictors of valuation for firms stocks (Elkjaer, Damgaard, & Kumah, 2009). Similarly, Goh (2011) studied the accuracy of equity valuations using the 4 equity value multiples (price-earnings, price-book, price-cash flow and price-sales multiples) to forecast the precise stock prices. ...