The Review of Austrian Economics - A key insight in Hayek’s thought is the importance of so-called “local knowledge” in economic activity. In The Fatal Conceit, he states that... 相似文献
We examine the market reaction to charitable pledges by individual blockholders of public firms. As this philanthropy may signal a weakening preference for wealth maximization and may be indicative of distraction or relaxed monitoring, these agency costs may overwhelm any reputation benefits. We find decreased firm value and lower pay-for-performance sensitivity, the effects of which are most severe where monitoring needs are high, the blockholder is a director, or when the firm has ex ante high corporate social responsibility ratings. Our results are robust to controlling for prior charitable foundation involvement, busy director–blockholders, dual-class share structures, blockholder exit, and pre-pledge firm sentiment. 相似文献
Industrial design (ID) undergraduate education in China is seen as a new rapidly growing discipline over the past 40 years. China’s ID education is not well known in the West due to several barriers: language, the Great Firewall of China which blocks out most of the Western websites and a 12-h time difference. All Chinese ID curriculum and program information are available in Mandarin. The Ministry of Education administers all Chinese design education as well as ID scholarships and faculty exchange grants and its website and documents require translation. The Great Firewall of China blocks 90% of Western websites including Google making it difficult for Western Scholars to access accurate information about the size and shape of the Chinese ID education landscape. China has a historical relationship between the ID schools in China and the United States. Chinese students are studying or alumni of every American ID program. China and USA share similar program types, dual-track admissions for art and design streams, and academic calendars. In this paper, a model was developed to clarify the features of ID undergraduate education in China and USA, and a survey of eight ID schools was processed. Four aspects were comparatively discussed: (1) types of ID education, (2) ranking, evaluation, and certification of ID schools and programs, (3) curriculum, credits, course features, and yearly schedules of schools, (4) influences coming from the culture and globalization process. Based on the analysis, the similarities and differences in ID undergraduate education between the two countries are discussed. Results show the dual-track modes in China and USA are different. It is mainly reflected in the management and enrollment, curriculum organization, and cultural environment. Implications for the localization, openness, and globalization to ID education are finally discussed together with several directions for future development. The findings are valuable to USA and Chinese ID departments and faculty, researchers, staff and visiting scholars. It is also useful for university administrative units such as registrars, admissions, international offices and exchanges to understand each other.
Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash-in-advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old coins, and a long time period between re-mintings induce people to use new coins. 相似文献
Prior literature examined reciprocity in the context of value creation. However, research has yet to examine whether reciprocity exists in value sharing. To address this gap, the authors examine retailer’s reciprocal value sharing with its manufacturer in relation to new product introductions. The authors test, via a survey of retail managers, whether reciprocal value sharing is influenced by an interaction of manufacturer’s prior new product success with innovativeness of a manufacturer’s products and the frequency of new product introduction. The results indicate that a retailer’s reciprocal value sharing is greater when the manufacturer historically launched successful new products, and that this effect is decreased with the innovativeness of a manufacturer’s products but increased with the frequency of new product introduction. 相似文献
Expansionary monetary policy is necessary to respond to financial crises. However, if Central Bank asset purchase initiatives are too large or last too long, they can lead to explosive increases in asset prices which add to the risk of a future crisis. This article employs two models including the Campbell–Shiller and Generalized Supremum Augmented Dickey Fuller techniques to search for bubbles in the US equity, housing and bond markets over the past eight years. Although, we find that prices in equities and housing have risen following Federal Reserve intervention, there is little indication of asset price bubbles. There is evidence of explosive bond price increases from September of 2011 to February of 2013. 相似文献
We investigate transitions between unemployment, low‐paid employment and higher‐paid employment using dynamic panel data methods applied to household panel data. We find state dependence in both unemployment and low‐paid employment and evidence of a low‐pay no‐pay cycle. However, we also find significant differences in effects across population subgroups. Typically, the young and better‐educated face lower penalties from unemployment and low‐paid employment. Further, low‐paid employment is preferable to unemployment for women regardless of their demographic characteristics, but for men who have only completed secondary schooling, low‐paid employment actually decreases the chances of entering higher‐paid employment by more than does unemployment. 相似文献