共查询到20条相似文献,搜索用时 887 毫秒
1.
Nicoletta Corrocher Lucia Cusmano Andrea Morrison 《Journal of Evolutionary Economics》2009,19(2):173-196
The present paper investigates the sectoral variety and common patterns across different typologies of knowledge-intensive
business services (KIBS). We examine this issue by considering the case of Lombardy, a highly developed manufacturing area
the industrial activities of which are experiencing a pervasive transformation towards higher knowledge content, demanding
stronger and more pervasive support by advanced services. Drawing on an original survey-based firm-level dataset, we analyze
innovation patterns across KIBS, evaluating the explanatory power of traditional classifications of the service sector, as
well as the heterogeneity driven by firm and market specific characteristics. Our findings highlight four profiles of KIBS:
interactive innovation mode, product innovation mode, conservative innovation mode and techno-organizational innovation mode.
When examining in more depth the variables that are associated with cluster membership, we find that firm strategy is the
most significant determinant, with size, customer location, and training also playing a role in defining cluster specificities.
相似文献
Nicoletta CorrocherEmail: |
2.
Elena Goldman 《Empirical Economics》2006,31(2):449-477
This paper tests an efficient market hypothesis for the Russian ruble–UK sterling exchange rates in the gold standard period 1897–1913. Using Bayesian Markov Chain Monte Carlo methods it is shown how to test a weak-form market efficiency in a doubly truncated regression model with ARMA-GARCH error. The suggested model accounts for time series characteristics of the data and bounds of exchange rates caused by the gold points and government intervention. We find that the weak-form efficiency hypothesis can not be rejected for the gold standard ruble exchange rates in both St.Petersburg and London markets.
相似文献
Elena GoldmanEmail: |
3.
Using data from the Austrian retail gasoline market we find that a higher station density reduces average prices. Market (i.e. ownership) concentration does not significantly affect average price, however is negatively related to the density of stations. Estimation of the pricing and entry equations as simultaneous equations does not alter our conclusions, and suggests causality running from station density to price. We argue that the spatial dimension of markets allows the identification of market conduct, which is particularly relevant for competition policy.
相似文献
Klaus GuglerEmail: |
4.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
5.
The paper reviews the debate on innovation in services which has flourished over the last 20 years and suggests a research
agenda for the services innovation literature. We discuss whether, and the extent to which, the ill-definition and mis-measurement
of service output have influenced the conceptualization and analysis of innovation in services. We propose a reclassification
of the literature according to whether it has been mainly assimilated or differentiated with respect to the traditional conceptualization
of innovation in the manufacturing sector. We also review the integrative (or synthesizing) contributions, and suggest a taxonomy
for the modes of innovation in services, based on the Lancasterian characteristics-based approach to product definition. We
conclude with a summary of the key arguments and a proposed agenda for the evolutionary theory to integrate the conceptualization
of innovation in services.
相似文献
Maria SavonaEmail: |
6.
We combine evolutionary theory concepts and multivariate persistence methodology to develop and test expectations about the
adaptiveness of firm decisions and its implications for performance heterogeneity. We focus on the relatively reversible advertising
decisions in an evolving product market, domains typically ignored by evolutionary research. We find that an adaptive decision
routine helps an incumbent firm maintain its advantages and overcome the challenge posed by a major competitive entry.
相似文献
Zhenfeng MaEmail: |
7.
Trade and productivity: an industry perspective 总被引:1,自引:0,他引:1
We use a sample of 14 OECD countries and 15 manufacturing industries to test for the effect of trade on productivity. Endogeneity
concerns are accounted for using the geographical component of trade as instrument as suggested by Frankel and Romer (Am Econ
Rev 89(3):279–399, 1999). We find that trade, measured in terms of the export ratio, increases productivity, even if country-fixed
effects such as the quality of institutions are controlled for, though results are less robust for imports. Estimates at the
aggregate manufacturing level turn out much larger, emphasizing the role of inter-industry spillovers.
相似文献
Fritz BreussEmail: |
8.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
9.
We document the patterns of market-wide and firm-specific volatility in the Portuguese stock market over the 1991–2005 period
and test several explanations for the behavior of firm-level idiosyncratic volatility. Unlike previous studies we find no
evidence of a statistically significant rise in firm-specific volatility. On the contrary, the ratio of firm-specific risk
to total risk slightly decreases. We show that this result stems from new listings of large privatized companies that display
lower firm-specific risk. Our findings are consistent with the idea that changes in idiosyncratic volatility are related to
changes in the composition of the market.
相似文献
Ana Paula SerraEmail: |
10.
Philipp Engler Terhi Jokipii Christian Merkl Pablo Rovira Kaltwasser Lúcio Vinhas de Souza 《Empirica》2007,34(5):411-425
This paper analyzes the role of banks’ regulatory capitalization in the transmission of monetary policy. We use a confidential
dataset for Austrian banks spanning from the first quarter of 1997 to the fourth quarter of 2003. We find evidence that Austrian
banks react in an asymmetric way to monetary policy depending on their regulatory excess capitalization, i.e. low capitalized
banks react more restrictively to a monetary tightening than their highly capitalized peers.
相似文献
Lúcio Vinhas de SouzaEmail: |
11.
Localized innovation, localized diffusion and the environment: an analysis of reductions of CO2 emissions by passenger cars 总被引:2,自引:1,他引:1
We investigate technological change with regard to CO2 emissions by passenger cars, using a Free Disposal Hull methodology to estimate technological frontiers. We have a sample
of cars available in the UK market in the period 2000–2007. Our results show that the rates of technological change (frontier
movement) and diffusion (distance to frontier at the car brand level) differ substantially between segments of the car market.
We conclude that successful policies should be aimed at the diffusion of best-practice technology, and take account of the
different potential for further progress between different segments of the market (e.g. diesel vs. gasoline engines and small
vs. large engines).
相似文献
Bart VerspagenEmail: |
12.
We investigate the existence of chart patterns in the euro/dollar intra-daily foreign exchange market. We use two identification methods of the different chart patterns: one built on 5-min close prices only, and one based on both 5-min low and high prices. We look for twelve types of chart patterns and we study the detected patterns through two criteria: predictability and profitability. We run a Monte Carlo simulation to compute the statistical significance of the obtained results. We find an apparent existence of some chart patterns in the currency market. More than one half of detected charts present a significant predictability. Nevertheless, only two chart patterns imply a significant profitability which is however too small to cover the transaction costs. The second extrema detection method provides higher but riskier profits than the first one.
相似文献
Walid Ben OmraneEmail: |
13.
We evaluate the performance of 51 mutual fund families based on a study of their diversified US managed mutual funds over
an 11-year-period and explore the determinants of performance gross of published expenses. We find that mutual fund families
which charge loads, high expenses to their most favored investors and have high turnover tend to perform badly, even gross
of these fees. However, gross of published expenses, managed mutual fund portfolios of those families without loads, with
low expenses in their least expensive class, and with low average turnover beat the corresponding indexes.
相似文献
Wei ZhengEmail: |
14.
This article studies the question whether labour market institutions can explain the large differences in unemployment rates
in the new member states. It investigates several labour market institutions and concludes that they are on average no more
rigid in the new member states than in the old ones. However, there is a lot of heterogeneity both in terms of institutions
and unemployment rates. The impact of labour market institutions on performance is empirically examined for a panel of European
countries. These results are used to assess to what extent labour market institutions are responsible for the diverse unemployment
experiences in the new member states. Labour market institutions can explain only a small part of these differences. Other
causes of unemployment seem to be more important.
相似文献
Laura ThissenEmail: |
15.
Order aggressiveness and order book dynamics 总被引:2,自引:0,他引:2
In this paper, we study the determinants of order aggressiveness and traders’ order submission strategy in an open limit order book market. Applying an order classification scheme, we model the most aggressive market orders, limit orders as well as cancellations on both sides of the market employing a six-dimensional autoregressive conditional intensity model. Using order book data from the Australian Stock Exchange, we find that market depth, the queued volume, the bid-ask spread, recent volatility, as well as recent changes in both the order flow and the price play an important role in explaining the determinants of order aggressiveness. Overall, our empirical results broadly confirm theoretical predictions on limit order book trading. However, we also find evidence for behavior that can be attributed to particular liquidity and volatility effects.
相似文献
Nikolaus HautschEmail: |
16.
We develop a test for the presence of the monopsony power of the livestock integrator (principal) on the market for contract growers (agents) and estimate the model with the data on swine industry contract settlements. A natural test for the monopsony power of the principal would compare the estimated values of the marginal revenue products with the actual payments that agents receive for their services. The problem with implementing this approach comes from the fact that agents’ abilities and actions are unobservable. Our approach is based on estimating the slope of the inverse supply function for grower input using generalized method of moments (GMM) estimators. The model specifies the relationships between the observable consequences and unobservable grower characteristics imposing the first order conditions for principal’s profit maximization. The results show that the null hypothesis of no market power cannot be rejected.
相似文献
Tomislav Vukina (Corresponding author)Email: |
17.
The paper examines the processes underlying economic fluctuations by investigating the volatility moderation of U.S. economy
in the early 1980s. We decompose the volatility decline using a dynamic factor framework into a common stochastic trend, common
transitory component and idiosyncratic components. We find that the moderation of business cycle was a result of the moderation
in transitory and idiosyncratic components. Our results suggest that important part of stochastic process that drives economy
is transitory. The paper investigates the role of oil prices, monetary and financial market factors. Proposed economic factors
do not have a significant relationship to either transitory or permanent components. In addition, we find that transitory
shocks are as common during the 1980s and 1990s as they were during the 1960s and 1970s.
相似文献
Stanislav Radchenko (Corresponding author)Email: |
18.
We test the hypothesis that the sector bias of skill biased technical change is important in explaining the rising relative
wage of skilled workers in the manufacturing sector in three Central and Eastern European transition countries. The econometric
results broadly confirm that the concentration of skill biased technical change in the skill intensive sectors had a significant
effect on the skill premium in these transition countries.
相似文献
Robert Stehrer (Corresponding author)Email: |
19.
Does population density matter in the process of matching heterogeneous job seekers and vacancies? 总被引:1,自引:0,他引:1
This paper studies the matching of job seekers and vacant jobs using data on local labour markets. We estimate differences
in the ability of the local markets to form new matches and trace whether these differences can be explained by the differing
population densities across markets or by the heterogeneity of job seekers measured by the distribution of their education
level. We find that high-density areas are more efficient in forming matches than other areas despite frictions caused by
the wider heterogeneity of job seekers in those areas than elsewhere.
相似文献
Jukka LahtonenEmail: |
20.
Do the best go west? An analysis of the self-selection of employed East-West migrants in Germany 总被引:1,自引:0,他引:1
Since the inequality of earnings in East Germany has approached West German levels in the late 1990s, the standard Roy model
predicts that a positive selection bias of East-West migrants should disappear. Using a switching regression model and data
from the IAB-employment sample, we find however that employed East-West migrants remain positively self-selected with respect
to unobserved abilities. This result is consistent with the predictions of our extended Roy model which considers moving costs
that are negatively correlated with labour market abilities of individuals. Moreover, we find that wage differentials as well
as differences in employment opportunities are the central forces which drive East-West migration after unification.
相似文献
Herbert BrückerEmail: |