Joint Ventures versus Contractual Agreements: An Empirical Investigation

In this paper, we empirically investigate the determinants of the governance form of strategic alliances. We use a database with 1,344 worldwide alliances in several industrial sectors. In contrast with previous empirical studies, we find that alliances undertaking R&D activities are more likely to use loose forms of organization (contractual agreements) than more hierarchical ones (joint ventures), and this result is even stronger when the alliance takes place in technologically sophisticated sectors. Moreover, we show that alliances between rival firms tend also to be organized with forms closer to arm’s length transactions. When the scope of an alliance is multidimensional or the alliance is an international one, however, firms prefer more hierarchical organizations such as joint ventures. This paper was partially written while the first author was visiting the University of the Basque Country. We would like to thank Reinhilde Veugelers and the project FWO spillovers 6.0131.98 at the Katholieke Universiteit of Leuven for the use of the K.U. database. Financial support from projects Progetto Giovani Ricercatori – 1999 Universitá di Udine, SEJ 2004-02172/ECON, 9/UPV 00035.321-13560/2001, UPV 00038.321-13503/2001 is gratefully acknowledged. We are also indebted to two anonymous referees for their helpful comments.     

久期配比策略的免疫性分析——来自中国国债市场的经验证据

基于上海证券交易所上市国债的交易数据,本文对6种久期配比策略的免疫性进行了分析.我们的经验结果显示:第一,同一目标持有期下,部分久期配比策略的免疫效果及其稳定性相对最好,方向配比策略的免疫效果及其稳定性相对最差,其它久期配比策略的免疫效果及其稳定性没有明显差异;同一久期配比策略的免疫效果及其稳定性随着目标持有期的增加而改善.第二,部分久期和方向久期配比策略的免疫效果及其稳定性在降息阶段相对较好,而其它久期配比策略的免疫效果及其稳定性在降息阶段和升息阶段没有明显区别.第三,可供选择的国债数量多少对久期配比策略的免疫效果及其稳定性有一定影响,可选国债数量越多,久期配比策略的免疫效果及其稳定性越好.     

农户生活垃圾处理支付意愿及影响因素分析——基于对南水北调中线工程水源地的调查分析

农村生活垃圾处理对提高农民生活水平,保持村容整洁具有十分重要的意义。以南水北调水源区农户为调查对象,分析农户对生活垃圾处理的认知及支付意愿。实证结果显示:58.29%的农户愿意为保护生活环境进行付费,平均付费金额为10.57元;影响农户支付意愿的关键因素为:教育程度、政治身份、性别、对环境污染的认知、收入水平。     

An Empirical Investigation of Twin Deficits Hypothesis: Evidence from India

Journal of Quantitative Economics - The paper empirically examines the relationship between fiscal deficit and current account deficit in India for the period from 1970–1971 to...     

Interest-Rate Reforms and Financial Deepening in Botswana: An Empirical Investigation

In this paper, we examine the impact of interest-rate reforms on financial deepening in Botswana, one of Africa's economic development success stories. We employ three proxies of financial deepening against deposit rate, a proxy for interest-rate reforms. The financial deepening in this study is defined as the increase in the relative size and role of the financial system in an economy. The empirical results of our study show that the impact of interest-rate reforms on financial deepening is sensitive to the variable used as a proxy for financial deepening. When the ratio of bank deposits to GDP (BD/GDP) is used as a proxy for financial deepening, the interest-rate reforms impact positively on the level of financial deepening. However, when the monetization variable (M2/GDP) and the ratio of the private sector credit to GDP (DCP/GDP) are used, the coefficient of the deposit rate in the financial deepening model turns out to be statistically insignificant. Overall, our results show that the positive impact of interest-rate reforms on financial deepening in Botswana is minimal. This outcome, though contrary to our expectations, is not surprising given the high level of population dependency in Botswana. Our results show that there is a strong negative relationship between the dependency ratio and financial deepening in Botswana.     

会计选择与公司治理之间的经验分析

前期会计选择与公司治理之间的文献,往往关注公司治理或会计选择的某一方面,而本文通过建立一个会计选择指数,研究公司治理机制九个重要方面和会计选择之间的经验关系,结果发现机构投资者持股比例、董事会规模和会计选择之间存在显著的负向关系.     

Economic Incentives and Residential Waste Management in Taiwan: An Empirical Investigation

This paper presents an empirical study of how three waste management policies have affected residential waste generation and recycling behavior in Taiwan over the past decade. The three policies are unit-pricing of garbage in Taipei, a mandatory recycling program in Kaohsiung, and a nationwide policy of charging for plastic bags. We estimate policy effects on total waste, total recycling, and recycling of four specific materials, all measured by weight per capita. Unlike prior work, we find that unit-pricing and mandatory recycling policies lead to significant increases in recycling of most materials, as well as increased levels of total recycling and garbage reduction. The “plastic bag” policy is generally found to lower material-specific and total recycling rates, as well as total garbage volumes.     

对中国当前城市社会稳定性的实证研究

本文旨在通过个人对其生活各个方面满意度的自我评定来测定中国城市社会的稳定性及其决定因素。本文使用的数据具有中国城市社会的代表性。本研究所得的主要结论为，经济的持续稳定增长以及就业机会的增加会降低人们的不满情绪，从而减轻了社会政治的不稳定性；在收入可持续增长时，仅收入分配不均一项指标并不一定导致不稳定；给予人们一定的政治空间，鼓励人们提高社会与社区的参与意识亦会提高人们的满足感；良好的家庭生活与社会关系网络会化解人们的不满情绪；在控制诸种可观察到的变量后，共产党员依然具有较高的满足感。     

我国货币政策传导途径的实证研究

为制定切实可行的货币调控政策,货币当局必须了解和把握货币政策在实体经济中的传导途径,本文从实证的角度出发,采用协整检验和Ｇｒａｎｇｅｒ因果检验方法,对我国货币政策传导途径进行分析研究。本文的实证结论是：无论是在８０年代还是在９０年代,信用渠道都是我国货币政策的主要传导途径。这对我国货币政策中介目标的选取以及在当前形势下如何利用货币政策有效促进经济发展均具重要的指导意义。     

Acquisition of Information and Share Prices: An Empirical Investigation of Cognitive Dissonance

Abstract. This paper deals with the determinants of agents' acquisition of information. Our econometric evidence shows that the general index of Italian share‐prices and the series of Italy's financial newspaper sales are cointegrated, and the former series Granger‐causes the latter, thereby giving support to the cognitive dissonance hypothesis: (non‐professional) agents tend to buy the newspaper when share prices are high and not to buy it when share prices are low. Instead, we do not find support for the hypothesis that the agents acquire information in order to trade in the stock market: we find no relationship between quantities exchanged in the market and newspaper sales, nor between stock market volatility and newspaper sales.     

US Credit Unions: An Empirical Investigation of Size, Age and Growth

Abstract ** :  An econometric analysis of the growth performance of US credit unions for the period 1992–2001 investigates empirical relationships between size, age and growth. Ceteris paribus larger credit unions grew faster than smaller unions. State credit unions grew faster than federal credit unions, and single bond credit unions grew faster than multiple bond credit unions. The size‐growth gradients were generally steeper for state than for federal credit unions, and for single bond than for multiple bond credit unions. These patterns are attributed to variations in legislation and regulatory treatment. There is some evidence that younger credit unions tended to outgrow older ones. This seems consistent with a life cycle typology of credit union growth and development. There is also evidence of a positive persistence of growth effect. The cross‐sectional variance of growth is inversely related to size, but is largely independent of age .     

论一国贸易条件与世界环境保护的关系--基于纳什均衡条件下的实证研究

本文利用李嘉图模型和柯布—道格拉斯效用函数,建立了一个分析贸易条件改变与世界环境保护之间的相互影响的数学模型,并通过比较在环保合作与非合作情况下,贸易条件的改变对世界环境保护的影响,提出了有关贸易与环境保护之间的关系的三点看法:第一,环保投入的增加有助于贸易条件的改进,贸易条件的改进则进一步促进了世界环保质量的提高;第二,环保双方按自身利益最大化制定环保政策,比双方进行合作共同制定环保政策更有利于世界环境质量的改善;第三,在参与国际环保合作中,一国应谨慎选择“搭便车”的政策。     

企业“扎堆”、技术升级与经济绩效——开发区集聚效应的实证分析

开发区是中国经济转型过程产业空间组织的一种"转型制度"形式,正在经历一个企业"扎堆"向产业集群的转变。本文依据江苏省沿江开发区企业的微观调研数据,检验以开发区为载体的产业空间集聚因素与技术升级对"落地"企业经济绩效的影响,从而揭示以开发区为载体的企业集聚的性质以及演变为产业集群的趋势。实证研究表明,企业进驻开发区的主要目的是获取"政策租",由此导致开发区企业"扎堆"不具有一般意义上的产业集聚效应:靠近要素或者靠近市场的好处。企业一旦"落地"开发区,尽管它并不必然与关联企业在空间上集中,但其技术和市场行为必将与当地政府和产业关联要素发生作用,从而影响企业的经济绩效和开发区的集聚效应。因此,在产业转移和国家经济政策调整导致"政策租"耗散的情况下,基于开发区的企业集群可持续发展的关键在于提升开发区的非政策性的集聚效应。     

Political Institutions, Capital Flows, and Developing Country Growth: An Empirical Investigation

The paper examines the real per-capita growth effects of the quality of democracy, the rule of law, and capital flows in developing countries. The direct growth effects of democracy are positive and often statistically significant. Moreover, the estimates from a three-stage least-squares regression offer evidence that democracy has indirect growth effects that work by encouraging schooling and that the rule of law influences growth indirectly by encouraging foreign direct investment. A higher FDI to GDP ratio is associated with a faster growth rate. The estimated growth effect of the FDI to GDP ratio is several times higher than the estimated growth effect of the domestic investment to GDP ratio. By contrast, this study does not find a clear asso-ciation between other types of capital flows and growth.     

European Integration and Manufactures Import Demand: An Empirical Investigation of Ten European Countries

This paper studies import demand in ten European countries over the period 1970–95, and our objective is to investigate whether the process of European integration has affected imports. We provide evidence for parametric change in traditional import demand equations, suggesting that important variables or structural factors are missing from the long-run equations. We present equations based on new trade theory, where effects of technology and foreign direct investment are present. Once we include these there is little evidence that the creation of the Single Market has directly increased aggregated imports in European countries.     

The Impact of Budget Deficits on Real Interest Rates: An International Empirical Investigation

In this study, an attempt is made to asses the empirical relationship between the short-term real rate of interest and government budget deficit for five industrialized countries during the period of 1965Q1–1985Q4. Contrary to the conclusions reported earlier by some, the results do not support a statistically significant relationship between budget deficit spending and the real interest rate. Alternative estimations of the basic model with money supply and government spending as other determinants of the real interest rate did not alter the fundamental conclusion reached. [310]     

Price Discovery and Efficiency of Indian Agricultural Commodity Futures Market: An Empirical Investigation

This study examines the price discovery process and relative efficiency of ten most liquid agricultural commodities’ futures contracts, traded on the largest agricultural commodity exchange of India (National Commodity and Derivative Exchange Limited). Three different common factor methodologies—component share method (Gonzalo and Granger in J Bus Econ Stat 13:27–35, 1995), information share method (Hasbrouck in J Financ 50:1175–1199, 1995), and modified information share method (Lien and Shrestha in J Futures Mark 29:377–395, 2009)—have been employed to determine the extent of price discovery contribution by spot and futures markets. The sample consists of daily data for the period from January 1, 2009 to October 20, 2015. Stationarity and Cointegration test results reveal that spot and futures prices are integrated and cointegrated for all commodities. The price discovery results show that the futures market leads the spot market in case of six commodities, i.e., castor seed, coriander, cottonseed oilcake, soy oil, sugarM and turmeric. Whereas, in the case of four commodities (chana (chickpea), guar seed, jeera, and mustard seed), price discovery takes place in the spot market. Therefore, it could be inferred that futures market is more efficient in price discovery of agricultural commodities. Policymakers could use these results to design futures contracts on other commodities or to plan concrete policies to curb speculation without hampering the efficiency of the agricultural commodity derivatives market.