The role of family firm specific resources in innovation: an integrative literature review and framework

Management Review Quarterly - Family firms are the prevalent form of entrepreneurial organizations worldwide. While even long-lasting and successful family firms are said to invest less in...     

Martingale Schrödinger bridges and optimal semistatic portfolios

Finance and Stochastics - In a two-period financial market where a stock is traded dynamically and European options at maturity are traded statically, we study the so-called martingale...     

Minimum wages in an automating economy

We explore the suitability of the minimum wage as a policy instrument for reducing emerging income inequality created by new technologies. For this, we implement a binding minimum wage in a task-based framework, in which tasks are conducted by machines, low-skill, and high-skill workers. In this framework, an increasing minimum wage reduces the inequality between the low-skill wage and the other factor prices, whereas the share of income of low-skill workers in the national income is nonincreasing. Then, we analyze the impact of an automating economy along the extensive and intensive margins. In a setting with a minimum wage, it can be shown that automation at the extensive margin and the creation of new, labor-intensive tasks do not increase the aggregate output in general, as the displacement of low-skill workers counteracts the positive effects of cost-savings. Finally, we highlight a potential trade-off between less inequality of the factor prices and greater inequality of the income distribution when a minimum wage is introduced into an automating economy.     

Economic preferences and trade outcomes

Review of World Economics - Integrating the Global Preference Survey (GPS) and its data of unique scope on national preference structures in patience, risk attitude and reciprocity into a gravity...     

Special issue: 20th anniversary of the Portuguese Economic Journal. Editors’ introduction

Portuguese Economic Journal -     

城市荒野景观及其营造策略：以荷兰 实践为例

在国际范围内荒野保护运动持续发展的同时，中国 的荒野保护体系正在稳步建立。但随着城市化进程的不断加 速，城市中自然荒野空间的开发是不可避免的。如何在不断扩 张的城市范围内尽可能保留与规划荒野景观，已经成为国内风 景园林设计师关注的问题。在梳理了城市荒野课题相关背景和 研究进展后，探索了荷兰的城市荒野实践经验，并选取3个不 同尺度和类型的代表性案例，分别对案例的项目背景、设计要 点和场地功能进行研究分析，进而提出自然优先、野性保护、 控制扰动和公众参与4点原则，并辩证地提取了可指导中国背 景下不同尺度城市荒野景观营造的策略，为构建中国荒野体系 提供了国际经验。     

Intermittent exporting: unusual business or business as usual?

Review of World Economics - We construct an empirically supported definition of incidental and perennial exporting and investigate to what extent incidental exporting is a steady-state of firms, to...     

Pro-cyclicality beyond business cycle

We show that pro-cyclicality is inherent in risk measure estimates based on historical data. Taking the example of VaR, we show that the empirical VaR measure is mean-reverting over a 1-year horizon when the portfolio is held fixed. It means that a capital requirement rule based on historical measurements of VaR tends in calm times to understate future required capital and tends in volatile times to overstate it. To quantify this pro-cyclicality, we develop a simple and efficient methodology, which we apply to major equity market indices. We make the interesting point that the pro-cyclicality property holds true even in a world with constant volatility, though the empirical magnitude of the mean-reversion is greater than what would be observed in that special case.