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1.
Although the attention of innovation studies has traditionally been focused on manufacturing, the differential features of innovation activities carried out by services are gaining more and more relevance in innovation research. The aim of this paper is to thoroughly analyse the data from the Spanish Innovation Survey 2000, the first large-scale innovation survey that included service activities in Spain, in order to identify the main patterns of innovation in Spanish services. The results of our investigations confirm that a high degree of heterogeneity, in relation to innovation patterns, exists among service firms and among service industries as well. Nevertheless, important similarities are found between pioneer classifications, such as the theoretical taxonomy of service industries by Soete and Miozzo (1989) or the classification of service firms elaborated by Hollenstein (2003), and the taxonomy we obtained by applying multivariate analysis. 相似文献
2.
Fulvio Castellacci 《Economics of Innovation and New Technology》2013,22(1):92-108
This paper introduces service innovation in the proximity-concentration trade-off model of trade and foreign direct investments (FDI) [Helpman, E., M. Melitz, and S. R. Yeaple 2004. “Export Versus FDI with Heterogeneous Firms.” American Economic Review 94 (1): 300–316]. The idea is that innovation will have two main effects on service firms’ choice between exports and FDI. First, innovative firms will on average have higher productivity levels than non-innovative enterprises. Secondly, innovators will have to pay a higher relational distance cost for undertaking export activities, and they will, therefore, prefer to avoid (or reduce) these costs by choosing an FDI strategy instead. We test the empirical relevance of this idea on a new survey data set for a representative sample of firms in all business service sectors in Norway. The results show that firms are more likely to choose FDI rather than export the greater their productivity level and the higher the relational distance costs they face. 相似文献
3.
《Journal of Economic Policy Reform》2013,16(2):198-217
This study examines the US interest rate pass-through mechanism and considers the illiquidity shocks upon retail interest rate correlations caused by financial crises between 1986 and 2011. We estimate a bi-variable EGARCH model using a dynamic conditional correlation model developed by Engle (2002) in order to analyze how asymmetric monetary policy influences interest rate pass-through. We test the risks to the dynamic condition and changes in the correlation coefficient. The main empirical results are as follows. First, the long-run interest rate pass-through mechanism is unstable in the US. Second, expected monetary policy impulses are greater than the unexpected ones in the short-run. Finally, according to the one-step and N-step forecast tests, the illiquidity shocks caused by financial crises demonstrate a significant change in retail interest rate risks, but not in correlations between retail interest rates. We conclude that when the interest rate pass-through mechanism is unstable, banks may stop helping each other and will not provide loans to firms and consumers, thereby exhausting the capital of all economic systems. The characteristics of illiquidity enter into the interest rate pass-through mechanism; therefore, the relationship between illiquidity and the interest rate pass-through needs to be investigated. 相似文献
4.
Jonathan S. Seaton 《Applied economics》2013,45(27):3463-3476
The collective rationality hypothesis initiated by Chiappori (1988a) and applied by Seaton (1997, 2001) for a two-person household is used to distinguish the organizational behaviour of firms. Firms produce satisfaction to groups as traditional managerial and early behavioural theories of the firm of Williamson, Baumol and Marris suggest, as well as more modern principle agent models. Under certain conditions, intra-firm bargaining leads to a Pareto optimal outcome. What makes this work an important contribution is that it identifies a set of nonvacuous testable restrictions to empirically detect if firm-level data satisfy Pareto optimal behaviour for the main decision makers in the organization. 相似文献
5.
Francisco Jareño 《Applied economics》2013,45(24):3159-3171
This study is focussed on estimating the real interest and inflation sensitivity in Spanish market, proposing an extension of the Stone (1974) two-factor model and controlling for size and growth of the companies [Fama and French (1993) three-factor model], because of its importance in the stock sensitivity shown by previous literature. I also study the classical explanatory factors of the stock sensitivity: leverage and liquidity level of the firms. The Spanish stock response is similar to the response in other markets, and the ‘size’ is higher than ‘growth’ effect. 相似文献
6.
Kyojik Song 《Applied economics》2013,45(20):2605-2617
Survey evidence indicates that firm managers try to time debt markets when choosing the maturity of new debt issues, but we do not know whether these strategies increase firm value. This research examines differences in value across nontimers and timers, where timers are defined as firms that follow either a naïve strategy of choosing long-term debt when the term premium is low or a strategy from Baker et al. (2003) based on the predictability of future excess bond returns. After controlling for various determinants of firm value, the research finds no differences in value across timers and nontimers. It also documents that the timing strategies do not increase firm value and do not affect announcement effects of long-term debt offerings. The results suggest that corporate debt markets are efficient and well integrated with equity markets. 相似文献
7.
Juan de Lucio Raúl Mínguez-Fuentes Asier Minondo 《International Review of Applied Economics》2011,25(5):615-631
Recent empirical research highlights that differences in trade flows across countries, products and years are governed by two margins: the intensive margin and the extensive margin. The analysis of the relative contribution of each margin is very important to determine which policies can be more efficient to foster trade at the aggregate, geographic, product or firm level. We use the whole universe of firm level transaction data to analyse the relative contribution of these margins to changes in Spanish trade flows during the 1997–2007 period. We first apply the methodology proposed by Bernard et al. (2009) to decompose trade variation over time into three components: net entry of firms, product-country switching and value growth by regular trading firms. The first two components correspond to the extensive margin and the last one refers to the intensive margin. We find that short-run changes in exports and imports are governed by firms’ intensive margin; however, in the long-run, both the extensive and the intensive margins are equally important to foster trade. We also examine the importance of the trade margins at the cross-sectional level for the year 2007. We find that large differences in the Spanish trade flows across countries and products, especially in the case of exports, are explained by the number of firms that participate in trade, which is consistent with the fact that the number of trading partners decline significantly with distance. 相似文献
8.
Luigi Aldieri 《Economics of Innovation and New Technology》2013,22(8):807-819
The purpose of this paper is to explore the correlation between the technological proximity measures in three areas: USA, Japan and the Europe. In each economic area, we use information from two international patent systems to construct the technological proximity for 240 large international firms. In particular, we select firms’ patents from United States Patent and Trademarks Office data and European Patent Office data. In order to compute the technological proximity, we follow the methodology developed by Jaffe [1986. “Technological Opportunity and Spillovers of R&D: Evidence from Firms’ Patents, Profits and Market Value.” American Economic Review 76 (5): 984–1001], where a technological vector is based on the distribution of patents of each firm across technology classes. Since the Jaffe distance assumes that spillovers only occur within the same technology class, but rules out spillovers between different classes, we develop also a distance measure which exploits the Mahalanobis norm to identify the distance between different technology classes based on the frequency that patents are taken out in different classes by the same firm. The contribution to the existing literature is to investigate the robustness of the technological proximity measure and the extent to which it may be affected by patent system features. 相似文献
9.
Ruhul A. Salim 《Applied economics》2013,45(24):3111-3126
This article empirically estimates the firm-specific productive capacity realization (PCR) indices using the stochastic frontier production function and analyses a number of variables explaining realization rates across firms and over time. Following Battese and Coelli (1995) the stochastic frontier production function is used to estimate capacity output and thereby PCR. Using the Firm level panel data from Bangladesh food manufacturing, the results show that capacity realization rates widely vary across firms and over time. The average rate of realization is about 65% implying that most of the firms are producing away from their full production capacity. This article also identifies several firm-specific and policy-related variables explaining capacity realization. The results show that firm size (SZE) and outward orientation (OPN) have positive while capital intensity (CNSTY), market structure (MSTRE) and effective rate of assistance (ERA) have negative impact on realization rates. Strikingly, both policy-related variables are statistically insignificant. Sensitivity analysis using the ‘extreme bound analysis’ also confirms the fragility (insignificance) of these two variables. Excessive support to firms and piecemeal liberalization reform may be attributed to these results. Thus, further reform of the domestic and trade policies are suggested to ensure competition and competitiveness of the manufacturing sector and of the country. 相似文献
10.
David Collie 《International economic journal》2013,27(1):141-154
Conditions for the occurrence of immiserizing growth and the Metzler paradox are analysed in the Ricardian model when consumers in the foreign country have Leontief preferences while consumers in the home country have Cobb-Douglas preferences. By using specific functional forms, the conditions for the occurrence of the two paradoxes are defined in terms of the exogenous parameters of the model rather than endogenous variables such as the foreign import demand elasticity in the conditions of Bhagwati (1958) and Metzler (1949a, b). It is shown that the simultaneous occurrence of both paradoxical results is possible for some parameter values. 相似文献
11.
Engelbert Stockhammer Eckhard Hein Lucas Grafl 《International Review of Applied Economics》2011,25(1):1-23
Germany has experienced a period of extreme nominal and real wage moderation since the mid‐1990s. Contrary to the expectations of liberal economists, this has failed to improve Germany’s mediocre economic performance. However, Germany is now running substantial current account surpluses. One possible explanation for Germany’s disappointing performance is found in Kaleckian theory, which highlights that the domestic demand effect of a decline in the wage share will typically be contractionary, whereas net exports will increase (Blecker 1989). The size of the foreign demand effect will critically depend on the degree of openness of the economy. This paper aims at estimating empirically the demand side of a Bhaduri and Marglin (1990) type model for Germany. The paper builds on the estimation strategy of Stockhammer, Onaran, and Ederer (2009) and Hein and Vogel (2008, 2009). The main contribution lies in a careful analysis of the effects of globalization. Since Germany is a large open economy by now it is a particularly interesting case study. 相似文献
12.
Chung-Ki Min 《Applied economics》2013,45(14):1825-1832
This study develops SE estimators for heteroscedastic and cross-sectionally correlated data. The new estimators are a cross-sectional version of the White and Domowitz (1984) and Newey and West (1987) estimators, and therefore, consistent in the presence of heteroscedasticity and cross correlation of unknown form. Unlike the estimators in the literature, these estimators can control for cross correlation even for single-period cross-sectional data. 相似文献
13.
《China Economic Journal》2013,6(1):17-28
The study re-examined the time series properties and regional disparities in Chinese inflation by extending the work of Chong, Zhang, and Feng (2011). For this purpose we employed the Lagrange Multiplier (LM) unit root test with one structural break and two structural breaks suggested by Lee and Strazicich (2003, 2004) and a recently developed ADF type unit root test with two structural breaks of Narayan and Popp (2010). We found that national, urban and rural series of the overall inflation series, clothing, and food, national series of education and residence and the rural series of residence and education are stationary. We also found regional disparity in Chinese inflation, but the disparities existed only in education inflation series. 相似文献
14.
P. S. Sephton 《Applied economics》2013,45(27):3439-3453
Lopez et al. (2005) demonstrated that single-equation unit-root tests cannot provide conclusive evidence of whether real exchange rates are stationary because inference depends critically on the lag-lengths used to construct the test statistics, a result reinforced by a recent work by Sweeney (2006). The purpose of this article is to revisit the issue, first demonstrating the necessary conditions under which this approach of testing for Purchasing Power Parity (PPP) is appropriate. 相似文献
15.
Using North American data, we revisit the question first broached by Krueger (1993) and re-examined by DiNardo and Pischke (1997) of whether there exists a real wage differential associated with computer use. Employing a mixed effects model with matched employer–employee data to correct for the fact that workers and workplaces that use computers are self-selected, we find that computer users enjoy an almost 4% wage premium over nonusers. Failure to correct for worker and workplace selection effect leads to a more than twofold overestimate of this premium. 相似文献
16.
《Applied economics》2012,44(24):3065-3088
This article estimates a simple univariate model of expectation or opinion formation in continuous time adapting a ‘canonical’ stochastic model of collective opinion dynamics (Weidlich and Haag, 1983; Lux, 1995, 2009a). This framework is applied to a selected data set on survey-based expectations from the rich EU business and consumer survey database for 12 European countries. The model parameters are estimated through Maximum Likelihood (ML) and numerical solution of the transient probability density functions for the resulting stochastic process. The model's success is assessed with respect to its out-of-sample forecasting performance relative to univariate Time Series (TS) models of the Autoregressive Moving Average model, ARMA(p,?q) and Autoregressive Fractionally Integrated Moving Average, ARFIMA(p,?d,?q) varieties. These tests speak for a slight superiority of the canonical opinion dynamics model over the alternatives in the majority of cases. 相似文献
17.
Tarlok Singh 《Applied economics》2013,45(12):1615-1627
This study examines the relationship between financial development and economic growth in India for the period 1951–52 to 1995–96. The long-run equilibrium and short-run dynamic models are estimated using financial interrelations ratio and new issue ratio as the measures of financial development, a la Goldsmith (1969). The Johansen (1991) estimator rejects the null of zero cointegrating vector and shows the presence of long-run equilibrium relationship between financial development and economic growth. The error correction model, impulse response and variance decomposition analyses (Sims, 1980), and the Toda and Yamamoto (1995) estimator show the presence of bidirectional Granger-causality between financial development and economic growth. The presence of bidirectional Granger-causality suggested by these estimators points towards the possible problem of endogeneity and simultaneity bias in the growth models that examine the contemporaneous effect of financial development on economic growth. The economic reforms that started since July 1991 emphasized on the liberalization and development of financial sector to supplement the efforts aimed at achieving high economic growth in India. 相似文献
18.
《Applied economics letters》2012,19(11):1125-1132
Employing disaggregated real exchange rates from nine European counties in 16 goods categories, we assess in this study the nonlinearity in the real exchange rates. Surprisingly, we find evidence for nonlinearity in only four (10) out of 143 series with the linearity test proposed by Harvey et al. (2008) at the 5% (10%) significance level. This result differs greatly from those of Juvenal and Taylor (2008), Imbs et al. (2003), Sarno et al. (2004) and Berka (2009), who report ample evidence for nonlinearity for the same or similarly disaggregated real exchange rate datasets. 相似文献
19.
The concept of ergodicity in economics seems to have the qualities of a shibboleth—a word or saying used by adherents of a party, sect, or belief, and usually regarded by others as empty of real meaning. It is in use by both neoclassical economics—after Samuelson (1965, p. 43), who used the term in his paper on what later became a foundation of the efficient market hypothesis—and post Keynesian economics—after Davidson, who picked up the term in order to highlight methodological differences. Considering the origin of the concept in statistical physics and its use in the topology of dynamical systems, which most economists are not conversant with, the importance ascribed to ergodicity in economic debate seems mystifying. We deconstruct the meaning of the term in the major contributions of Samuelson and Davidson. We suggest an alternative to (non)ergodicity to discuss the nature of randomness in the real world. While neoclassical theory assumes stochastic randomness, post Keynesians assume nonstochastic randomness, a term developed by the mathematician Kolmogorov (1986, p. 467). We argue that even in an ergodic world there is a problem with the idea that stochastic randomness can be dealt with by the financial system. 相似文献
20.
This article contributes to the literature on the convergence of financial systems in the euro area by estimating household credit demand in individual countries. Using the ARDL framework advocated notably by Pesaran et al. (1999), the article provides evidence on the convergence of long-run credit demand determinants (interest rates, investment and house prices) in the largest euro area countries, while short run-dynamics remain heterogenous across countries. The article also demonstrates that the equation uncovers demand rather than supply behaviour. 相似文献