COMPARATIVE ANALYSIS OF PLANT DYNAMICS BY SIZE: KOREAN MANUFACTURING

A comparative analysis on Korean manufacturing plants is performed by size of plants and sources of TFP growth are decomposed into entry, exit, and survival effects of plants, focusing on the pre- and post-crisis periods. Additional survival analyses investigate internal and external determinants of the survival of plants. The results indicate that the exit of small- and medium-sized establishments (SMEs) with higher productivity is becoming problematic in the post-crisis period. The improvements in large-scale establishments (LSEs) after the crisis appeared to occur generally in high-technology industrial sectors; SMEs in low-technology industries are suffering from a sluggish market selection process.     

Playing With Food: Content Analysis of Food Advergames

This study examines how food marketers use advergames, custom‐built and branded online games, to promote food products to children and provides the nutritional content of the food products featured in the advergames. The results reveal that food marketers use advergames heavily, with candy and gum or food products high in sugar most frequently appearing in the analyzed games. Children are often invited to “play with” the foods integrated as active game components. Finally, despite the educational benefits of interactive games, fewer than 3% of the games analyzed in this study appear to educate children about nutritional and health issues.     

Limitations of Combining Hispanics and African Americans for Analysis of Credit Problems

This study uses a combination of six Survey of Consumer Finances data sets to examine whether factors affecting credit delinquency differ by the racial/ethnic identity of households. Hispanic households are less likely than white households and white households are less likely than African American households to be delinquent. Our full model with interaction terms shows that the effects of financially adverse events, financial buffers and debt burden on the debt delinquency differ across racial/ethnic groups. Combining African American and Hispanic households into one racial/ethnic minority group as previous studies have done can be problematic.     

A SURVEY OF ENGINEERING DESIGN LITERATURE: METHODOLOGY,EDUCATION, ECONOMICS,AND MANAGEMENT ASPECTS

This paper provides a comprehensive list of relevant books and articles pertaining to the subject area of “engineering design,” with specific focus on the methodology, education, economics, and management aspects of the design discipline. The purpose of this survey of engineering design literature is to provide a compendium of books and articles that may be instrumental in facilitating the process of sharing and disseminating design knowledge     

Modeling the Economy as a Whole: An Integrative Approach

This article integrates the social surplus approach with input‐output, stock‐flow consistent, social accounting, and social fabric modeling with a structure‐agency methodology to develop a historically grounded model of the economy. The first two sections develop a model of the monetary structure of the social provisioning process. The third section introduces agency into the model in the form of the acting organization. The fourth section uses the social fabric approach and historical context drawn from social structures of accumulation to develop a socially embedded, historically contextualized, structured‐agency model of the economy as a whole. The final section discusses the importance of the model.     

A NOTE ON DURABLE GOODS MONOPOLISTS: COMMITMENT TO FORWARD COMPATIBILITY

This note re‐examines the previous results on durable goods monopolists under the time inconsistency problem that the firm tends to make its goods less compatible as a “planned obsolescence” strategy in the presence of network effects. We find that the possibility of the commitment to forward compatibility is profitable to the monopolist, depending upon the degree of technological progress and network effects. Therefore, contractual commitments that are frequently feasible and observed in real‐world markets make the society better off.     

Financial Ratios and Corporate Endurance: A Case of the Oil and Gas Industry*

Abstract. A major function of financial statement analysis is to assess the risk of financial distress. Since Beaver's (1966) and Altaian's (1968) pioneering works, voluminous studies have been devoted to exploring the use of accounting information in predicting business failure. We apply survival analysis to study a class of financial distress when a financial analyst can identify an event that sets off the dynamic process of business adversity and would like to find out how long a firm can endure the adversity. We use the case of the oil and gas industry during the turmoil of the early 1980s and apply survival analysis to study how long a firm can endure this drastic oil price decline before facing financial distress. Our results indicate that the liquidity ratio, leverage ratio, operating cash flows, success in exploration, age, and size are significant factors affecting corporate endurance. Résumé. Une fonction majeure de l'analyse des états financiers consiste à évaluer le risque de difficultés financières. Depuis les travaux d'amorce de Beaver et Altman, de volumineuses études ont été consacrées à l'analyse approfondie de l'utilisation de l'information comptable dans la prédiction des faillites d'entreprises. Les auteurs appliquent l'analyse de survie à l'étude d'une catégorie de difficultés financières pour laquelle l'analyste financier parvient à déterminer un événement qui déclenche le processus dynamique des difficultés de l'entreprise et aimerait déterminer pendant combien de temps cette dernière pourra résister à ces difficultés. Les auteurs évoquent le cas du secteur pétrolier et gazier au cours de la période tumultueuse du début des années 80 et appliquent l'analyse de survie à l'étude du temps pendant lequel une entreprise pouvait résister à un déclin radical du prix du pétrole avant d'éprouver des difficultés financières. Les résultats de l'étude démontrent que le ratio de liquidité, le ratio de levier, les flux monétaires provenant de l'exploitation, le succès des activités d'exploration, l'âge et la taille de l'entreprise sont des facteurs importants qui influent sur sa résistance.     

货币乘数的理论说明与错误评述

国内理论界错误地把存款乘数看成和投资乘数同为一个级数,混淆了存款乘数和投资乘数的差别,误认为现金漏损与存款乘数相关.其实,存款乘数只是货币制度里的一个倍数,可以不是级数.漏损只改变银行准备,丝毫不会改变存款乘数.另外,倍数到底是对R还是对B而言,理论上经常搞错,因而有必要做一细致研究以统一认识,提高理论水平.