Is Private R & D Spending Sensitive to Its Price? Empirical Evidence on Panel Data for Italy

In this paper empirical evidence is presented on theelasticity of private R & D spending on its price. Acensored panel-data regression model with random effectsis applied to a balanced panel of 726 Italian firms overthe 1992–1997 period. Implied estimates point out thatItalian firms' response to policy measures (including taxcredits), aimed at reducing the user cost of R & D capital,is likely to be substantial (1.50–1.77). Furthermore, wealso find that the elasticity of R & D spending is higherin recession (2.01) than in expansion (0.87).     

Protecting Forests Through Farming. A Dynamic Model of Nontimber Forest Extraction

Forest resource extraction by local communities has been cited as a major impediment to the efficient management of protected forests. This paper develops a two sector dynamic model for farming and forest resource extraction by communities living in the forest periphery. The model assumes that land under forestry is constant and households allocate their time to farming and forestry. Comparative dynamic results suggest that higher prices for agriculture output, lower input prices, better knowledge of farming techniques and a lower discount rate may result in a higher equilibrium stock of forest resources. Tobit analysis with primary data collected from the Sinharaja forest in Sri Lanka provides supportive empirical evidence.     

我国软件外包承接城市效率评价与驱动因素研究

就 业问题、环境污染以及从业人员研发能力下降已经成为制约软件外包承接城市发展的瓶颈问 题。文章运用DEA方法构建考虑非期望产出和非合意变量的软件外包承接效率评价模型，重 点比较不同模型下我国软件外包承接城市效率的差异，并引入Tobit回归分析软件外包承接 城市效率的驱动因素。研究发现：我国软件外包承接城市的投入产出组合在逐步优化，且东 部沿海城市的效率值明显优于中西部城市，其中大连市的效率值始终为1，处于生产的前沿 面。另外，人才竞争力对软件外包承接城市效率有显著的正向影响，信息技术基础设施竞争力与承接效率的关系呈显著负相关。     

A Classification of Dutch Manufacturing based on a Model of Innovation

Summary The paper studies the degree of homogeneity of innovative behavior in order to determine empirically an industry classification of Dutch manufacturing that can be used for policy purposes. Defining homogeneity in terms of an economic model distinguishes our classification from existing taxonomies such as those of the OECD, Pavitt and the various classifications based on a principal components analysis. We use a two-limit tobit model with sample selection, which explains the decisions by business enterprises to innovate and the impact these decisions have on the share of innovative sales. The model is estimated for eleven industries based on the Dutch Standard Industrial Classification (SBI 1993). A likelihood ratio (LR) test is then performed to test for equality of the parameters across industries. We find that Dutch manufacturing consists of three groups of industries in terms of innovative behavior, a high-tech group, a low-tech group and the industry of wood. The same pattern shows up in the three Dutch Community Innovation Surveys. The empirical part of this study has been carried out at the Centre for Research of Economic Microdata at Statistics Netherlands. The authors wish to thank Statistics Netherlands, and in particular Bert Diederen, for helping us in accessing and using the Micronoom data set. The views expressed in this paper are solely those of the authors. The authors also wish to thank Fran?ois Laisney, Patrick Waelbroek and participants at presentations in Maastricht, Strasbourg, Leuven and Lille for their helpful comments. The first author acknowledges financial support from METEOR.     

借贷约束对于中国家庭投资组合影响的实证分析

文章使用奥尔多投资咨询中心2012年“中国城镇居民经济状况与心态调查”1734个家庭的样本数据,采用probit、tobit等计量方法分析了借贷约束对于家庭投资组合的影响。研究发现,借贷约束抑制了家庭股票、基金和理财产品等风险资产投资,不同渠道的借贷约束对于家庭风险资产投资都会产生一定的影响,其中银行渠道借贷约束的影响最大;正规金融机构的金融支持提高了家庭股票、基金和理财产品投资参与和深度,有助于缓解信贷约束,优化家庭资产投资组合;整体借贷规模对于股票投资的参与决策产生了负向影响。     

Asset Write‐offs in Private Firms – The Case of German SMEs

This paper finds that private firms make the decision to write off, and write off more in terms of total amount, if they are: (i) more profitable, (ii) have more financial debt, and (iii) pay dividends. Our findings are contrary to expectations based on accounting standards and the existing revaluation literature. They are, however, consistent with the codified, high book‐tax alignment economic setting in which sample private firms operate. This includes agency problems faced by private firms’ stakeholders. We use a comprehensive sample of German SMEs reporting in local GAAP, based on the German commercial code (Handelsgesetzbuch) in 2003–2006. We view write‐offs as corrections of departures of book values from their underlying economic values, in contrast to upward asset revaluations. This governs our choice of estimation – the tobit regression.     

The Impact of the Tariff-Rate Quota on Imports of Sugar of the United States Economy

This study assesses the impact of the sugar tariff-rate import quota program on the United States economy. The analytical approach used in the study consists of a computable general equilibrium model composed of fourteen producing sectors, fourteen consuming sectors, six household categories classified by income and a government. A complete elimination of the sugar program will result in lower output by all producing sectors (by about $2.85 billion) but for all producing sectors besides the agtriculture-program crops, crude oil, and petroleum refining sectors are considered, output will actually increase (by about $2.98 billion), an increase in the consumption of goods and services (by about $197 million), and an increase in welfare (by about $121 million). The goverment realizes a reduction in revenue of about $15 million.     

武汉“1+8”城市圈城市化效率及其影响因素实证分析——基于DEA方法和Tobit模型的运用

本文运用DEA-Malmquist指数方法,从静态和动态角度测算了武汉"1+8"城市圈2007—2012年城市化效率,再运用面板数据Tobit模型对城市化效率的影响因素进行分析。研究结果表明,静态效率方面,武汉城市圈2008年未达到生产前沿是由于规模无效引起的,而2012年时由于纯技术无效和规模无效共同造成的结果;动态效率方面,2007—2012年间武汉城市圈城市化效率提高的主要原因是技术进步的有效变动;影响因素分析方面,人口密度和实际利用外资对城市化效率均产生正向影响,但前者的影响不显著,后者的影响显著;而二产占比、三产占比以及财政支出占比均产生负向影响,但只有二产占比的影响不显著。最后提出以城市圈为主体形态、产业兴城、界定政府职能、加大对外开放度等方面建议。     

中国电信业省际运营效率评价与影响因素研究——基于四阶段DEA方法的实证分析

本文运用四阶段DEA方法,选取中国电信业2003～2008年的省际面板数据,对我国31个省市自治区的电信业运营效率进行了测度与评价。针对传统DEA模型的固有缺陷,本文利用四阶段DEA方法对外生环境因素给效率评估带来的干扰进行了有效控制,然后对省际电信行业运营效率重新进行了估算,并分析了电信业运营效率的影响因素和区域特征。研究发现:使用四阶段DEA方法进行效率估算可以更加接近真实值;我国电信业运营效率基本呈现逐年升高趋势;在剔除环境影响后,我国电信业实际运营效率区域差异明显缩小;2008年我国电信业的市场结构重组对当年的电信业运营效率造成了较大的负面影响。