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101.
When markets are incomplete, shareholders typically disagree on the firm's optimal investment plan. This article studies the shareholders' preferences with respect to the firm's investment in a model with aggregate risk, incomplete markets and heterogeneous households who trade in firms' shares instead of directly accumulating physical capital. If the production function exhibits constant returns to scale and borrowing limits are not binding, a firm's shareholders unanimously agree on its optimal level of investment. In contrast, with binding borrowing constraints, constrained shareholders prefer a higher level of investment than unconstrained ones. 相似文献
102.
Amelia Manuti Serafina Pastore Anna Fausta Scardigno Maria Luisa Giancaspro Daniele Morciano 《International Journal of Training and Development》2015,19(1):1-17
The radical economic, social and cultural changes experienced by the labour market within recent decades have helped to highlight the central role played by the learning process in individual career development and organizational success. In such fast‐moving working contexts, skills and competencies rapidly become outdated and need to be continuously implemented and empowered as a strategic factor for global competitiveness. Traditional models of learning both inside and outside of the workplace have become unable to explain the complexity of such a process, weaving between and overlapping formal and informal components. Starting with this premise, the aim of the present paper was to analyse the role of knowledge and experience as important learning frames, which allow the acquisition and development of competencies in the workplace. A human resource development perspective was adopted, aimed at reconciling both the organizational and individual stances implied in the process. The methodology of achieving this was to review the most recent literature on workplace learning, with a special focus on its formal and informal dimensions. 相似文献
103.
Many recent papers in macroeconomics have studied the implications of models with household heterogeneity and incomplete financial markets under the assumption that households own the stock of physical capital and undertake the intertemporal investment decisions. In these models, production exhibits constant returns to scale, households maximize expected discounted utility, and firms rent capital and labor from households to maximize period by period profits. This paper considers the case in which infinitely lived firms, rather than households, make the intertemporal investment decisions. Under this assumption, it shows that there exists an objective function for firms that results in the same equilibrium allocation as in the standard setting with one period lived firms. The objective requires that firms maximize their asset value, which is defined as the discounted value of future cash flows using present value processes that do not allow for arbitrage opportunities. 相似文献
104.
Bartsch Daniele Antonucci 《海外经济评论》2009,(49):23-24
欧洲统计局速报数据显示,3季度欧元区GDP环比增长0.4%(未折算为年率),此结果与主流预测值基本相符,但低于我们的预期。我们原本预计,欧元区经济至少会出现0.9%以上的环比增长,从而与美国增势持平,然而欧洲的经济势头没有达到我们的预期。由于关于各国需求面和生产面的数据还不充分,因此我们还难以解释欧元区经济增势不及预期水平的原因。 相似文献
105.
Simon Gächter Daniele Nosenzo Elke Renner Martin Sefton 《Journal of public economics》2010,94(7-8):515-522
We report an experiment comparing sequential and simultaneous contributions to a public good in a quasi-linear two-person setting. In one parameterization we find that overall provision is lower under sequential than simultaneous contributions, as predicted, but the distribution of contributions is not as extreme as predicted and first movers do not attain their predicted first-mover advantage. In another parameterization we again find that the distribution of contributions is not as predicted when the first mover is predicted to free ride, but we find strong support for equilibrium predictions when the second mover is predicted to free ride. These results can be explained by second movers' willingness to punish first movers who free ride, and unwillingness to reward first movers who contribute. 相似文献
106.
Daniele Scarpi 《Journal of Interactive Marketing》2010,24(1):14-21
We investigate the causal relationship between brand community identification, brand affect, community loyalty, brand loyalty, brand evangelism, and community evangelism, developing a structural equation model set within the context of online brand communities for newly hybridized roses. The analysis considers size as a moderator for the relationships between constructs, comparing small and large web-based brand communities. Findings highlight that small communities operate differently from larger ones with regard to numerous aspects, and possess specific strengths and weaknesses. Members of small communities develop higher community loyalty; brand loyalty in small community stems more from community loyalty than from brand affect; small communities engage in word of mouth for the community more than in word of mouth for the brand. Managerial implications are addressed. 相似文献
107.
Fabrizio Balassone Daniele Franco Stefania Zotteri 《MOCT-MOST: Economic Policy in Transitional Economies》1991,1(1):124-130
Statistical Annex
Poland 相似文献108.
Over the last 20 years OECD countries have converged in terms of their innovations, in parallel to the process of economic convergence and catching up in technology. However, this has not led to a similarity in the sectoral strengths of the majority of countries. Applying a measure of technological distance between pairs of countries based on patents, it is shown that nations have increased their technological specialization (i.e. their sectoral differences) over the 1980s. An apparent paradox is pointed out, as countries converge by becoming more different and grow by becoming more specialized. 相似文献
109.
110.
The Impact of Degree Duration on Higher Education Participation: Evidence from a Large‐scale Natural Experiment 下载免费PDF全文
This paper investigates the effects on enrolment, retention rate and on‐time graduation of a nationwide Bologna Process reform introduced in Italy to establish BAs with a duration of three years, followed by optional second‐tier degrees of two years, in place of single‐tier degrees of four or five years. The analysis exploits exogenous delay of treatment conditions and the unique availability of microdata that cover the universe of the departments. We estimate that the reform boosted first‐year enrolments by 14.5–17.3 percentage points, compared to a counterfactual status of no reform. This enrolment shift was due to participation gains rather than substitution effects, and it is likely to have persisted in the longer term. Moreover, no trade‐off between increased participation and deteriorated retention and on‐time graduation emerged. 相似文献