Heterogeneity effects from market interventions

The aim of this paper is to test whether the European Commission activities generate a heterogeneity effect on the merging parties. A sample of 74 firms involved in 45 contested merger and acquisition operations during the years 1990 to 1999 is used. The methodology is based on the GARCH framework. The main result is that, globally, the DGC interventions seem not to reduce significantly the heterogeneity among investors, except for the operations where it takes strong decisions like prohibition. In these last cases, the signal coming from the DGC encompasses valuable information and is well understood by market participants.     

Non-cooperative exploitation of multi-cohort fisheries—The role of gear selectivity in the North-East Arctic cod fishery

North-East Arctic cod is shared by Russia and Norway. Taking its multi-cohort structure into account, how would optimal management look like? How would non-cooperative exploitation limit the obtainable profits? To which extent could the strategic situation explain today’s over-harvesting? Simulation of a detailed bio-economic model reveals that the mesh size should be significantly increased, resulting not only in a doubling of economic gains, but also in a biologically healthier age-structure of the stock. The Nash equilibrium is close to the current regime. Even when effort is fixed to its optimal level, the non-cooperative choice of gear selectivity leads to a large dissipation of rents.     

Foreign vs. domestic listing: An entrepreneurial decision

In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firms listed in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the decision to list on a particular stock exchange is a question of entrepreneurial signaling, and often a trade-off between short-term financial considerations and the entrepreneur's pursuit of long-term benefits.     

The emergence of green talent

Several factors are driving an increase in the supply of and demand for "green talent", employees with the mindsets and skills to drive sustainability. But many business leaders do not fully understand the implications of this change in the workforce. John Glen, Chris Hilson and Eric Lowitt believe corporate chiefs need to learn – quickly.     

The relationship of perception of time and attributes of leisure in daily experiences

The purpose of this study was to explore the relationship between perceived passage of time (slowly versus quickly) and perceived freedom, enjoyment, interest and subjective meaning of leisure in daily experiences of married couples. Eleven college-age married couples participated in this study. Data were collected using experience sampling method that produced a total of 650 self-reports. Couples were signalled at random five times a day for one week. Using logistic regression results suggest that some leisure attributes are more relevant in influencing perception of passage of time in husbands' and wives' daily experiences.     

Trust and corruption revisited: how and why trust and corruption shape each other

Graeff and Svendsen argue that low trust leads to corruption but corruption does not lower trust. I challenge this argument as well as their critique of Uslaner. I present evidence to show that there is a reciprocal relationship between trust and corruption.     

Boardroom centrality and firm performance

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central boards also experience higher future return-on-assets growth and more positive analyst forecast errors. Return prediction, return-on-assets growth, and analyst errors are concentrated among high growth opportunity firms or firms confronting adverse circumstances, consistent with boardroom connections mattering most for firms standing to benefit most from information and resources exchanged through boardroom networks. Overall, our results suggest that director networks provide economic benefits that are not immediately reflected in stock prices.     

Prevailing Protectionism Challenge to International Mining

An overall adjustment of global industries is going on and the global resource allocation layout is changing.Developed countries attempt to maintain the existing resource allocation layout while emerging countries such as China and India are getting involved in global resource allocation and are playing an increasingly active role.The reporter from China's Foreign Trade magazine had an interview with relevant offcials,experts and professionals in mining investment on such issues as the current characteristics of international mining market,the situation of international mining market in the year 2012 and the foreign investment direction of Chinese mining,and analyzed the above issues.     

The Structure of the American Economy

We explore the relationship between input–output accounts and the national revenue function. The generalized inverse of an economy's technology matrix carries information relating changes in endowments with changes in outputs; its transpose relates output prices and factor prices. Our primary theoretical contribution is to derive an economy's revenue function for an arbitrary Leontief technology. Our main empirical contribution is to compute the national revenue function for the American economy in 2003 and to describe its properties. We implement our ideas using two different models: one where all factors are mobile and another with sector‐specific capital.