THE IMPACT OF STADIUM ANNOUNCEMENTS ON RESIDENTIAL PROPERTY VALUES: EVIDENCE FROM A NATURAL EXPERIMENT IN DALLAS-FORT WORTH

We investigate the impact of a potential new sports venue on residential property values, focusing on the National Football League's Dallas Cowboys' search for a new host city in the Dallas-Fort Worth area. We find that residential property values in the city of Dallas increased following the announcement of a possible new stadium in the city. At the same time, property values fell throughout the rest of Dallas County, which would have paid for the proposed stadium. These patterns reversed when the Dallas stadium proposal was abandoned. Subsequently, a series of announcements regarding a new publicly subsidized stadium in nearby Arlington, Texas, reduced residential property values in Arlington. In aggregate, average property values declined approximately 1.5% relative to the surrounding area before stadium construction commenced. This decline was almost equal to the anticipated household sales tax burden, suggesting that the average expected amenity effect of hosting the Cowboys in Arlington was not significantly different from zero. ( JEL L83, R53, H73)     

DEMAND REDUCTION IN MULTI‐UNIT AUCTIONS WITH VARYING NUMBERS OF BIDDERS: THEORY AND EVIDENCE FROM A FIELD EXPERIMENT*

Recent auction theory and experimental results document strategic demand reduction by bidders in uniform‐price auctions. The present article extends this area of research to consider the effects of varying the number of bidders. Our theoretical model predicts that demand reduction should decrease with an increase in the number of bidders. Considerable demand reduction remains even in the asymptotic limit, although truthful bidding yields profits very close to those of equilibrium play. We experimentally confirm several of our predictions by examining bidding behavior of subjects in an actual marketplace, auctioning dozens of sportscards using both uniform‐price and Vickrey auction formats.     

COUNSELING AND MONITORING OF UNEMPLOYED WORKERS: THEORY AND EVIDENCE FROM A CONTROLLED SOCIAL EXPERIMENT*

We investigate the effect of counseling and monitoring on the individual transition rate to employment. We theoretically analyze these policies in a job search model with two search channels and endogenous search effort. In the empirical analysis we use unique administrative and survey data concerning a social experiment with full randomization and compliance. The results do not provide evidence that counseling and monitoring affect the exit rate to work. Monitoring causes a shift from informal to formal job search. We combine our empirical results with the results from our theoretical analysis and the existing empirical literature, to establish a comprehensive analysis of the effectiveness of these policies.     

内部控制在增发融资中的作用：中国的证据*

本文基于中国特有的融资环境,考察内部控制在增发融资中的作用以及受到政府监管的影响。本文对于2008—2011年提出增发申请的上市公司进行研究发现,由于公开增发比定向增发受到的监管更加严格,选择公开增发申请的公司偏少,但是其内部控制质量普遍高于选择定向增发申请的公司。然而,高质量的内部控制并没有提高公开增发申请的证监会审核通过率,而是提高了定向增发申请的审核通过率。并且,在增发申请方式的选择上,内部控制质量高的公司倾向于选择公开增发的方式。最后,高质量的内部控制提高了定向增发后的经营业绩。这表明,尽管受到政府监管的差异化影响,内部控制在公司增发融资中仍然扮演着积极的作用。     

农地市场对耕地零碎化的影响-理论与来自苏浙鲁的经验

农地市场可能是矫正耕地零碎化的一个工具。但是,由于存在较高的交易费用,农户自发交易耕地对耕地零碎化的影响可能是不显著的。此时,村集体介入农地市场可能降低交易费用,促进土地集中和规模经营,从而降低耕地零碎化程度。本文利用2000年苏浙鲁1083个农户的调查数据对以上假说进行了验证。     

农地市场对耕地零碎化的影响-理论与来自苏浙鲁的经验

农地市场可能是矫正耕地零碎化的一个工具.但是,由于存在较高的交易费用,农户自发交易耕地对耕地零碎化的影响可能是不显著的.此时,村集体介入农地市场可能降低交易费用,促进土地集中和规模经营,从而降低耕地零碎化程度.该文利用2000年苏浙鲁1083个农户的调查数据对以上假说进行了验证.     

MARKET EFFICIENCY: EVIDENCE FROM A NO-BUBBLE ASSET MARKET EXPERIMENT

Abstract.  We report the results of an experiment that demonstrates that market experience is not necessary to eliminate bubbles in the type of asset markets studied in Smith et al . (1988) . We introduce a pre-market phase in which subjects experience a dividend flow themselves by literally observing and receiving dividends for 12 periods. The robust bubble–crash phenomenon never occurs in our experiment. Our results provide strong evidence that so long as a majority of the subjects have full understanding of the structure of the dividend, market efficiency can be ensured.     

ON THE RELEVANCE AND COMPOSITION OF GIFTS WITHIN THE FIRM: EVIDENCE FROM FIELD EXPERIMENTS*

We investigate the economic relevance and the composition of gifts within a firm where output is contractible. We develop a structural behavioral model that identifies workers’ optimal reaction to monetary gifts received from their employer. We estimate the model using data from two separate field experiments conducted within a tree‐planting firm. We use the estimated structural parameters to generalize beyond the experiment, simulating how workers would react to different gifts on the part of the firm, within different labor market settings. We find that gifts have a role to play within this firm, increasing in importance when the workers’ outside alternatives deteriorate. Profit‐maximizing gifts would increase profits within slack labor markets by up to 10% on average and by up to 17% for certain types of workers.     

THE RELATIVE IMPORTANCE OF EFFORT, ORGANIZATION, AND TECHNOLOGICAL CHANGE IN CHINESE FACTORIES

Production reports from a set of Chinese factories reveal very rapid productivity growth from 1980 to 1991. To understand the underlying factors, the effects of work effort and labor organization are separated from the productivity estimates. Data analysis reveals that these two effects jointly explain most of the measured productivity growth during this period. This result suggests that (1) very substantial productivity growth can be realized for economies in the take-off stage even without substantial pure technological advancement, and (2) in reforming the Chinese state factories, there will have to be a more difficult second stage to confront their technological backwardness.     

A NEW METHOD FOR THE ESTIMATION OF CAPACITY UTILIZATION: THEORY AND EMPIRICAL EVIDENCE FROM 14 EU COUNTRIES

In this paper, we develop a new and at the same time simple method of obtaining a measure of the rate of capacity utilization (CU) which makes use of the structural vector autoregression (SVAR) system of equation estimating technique with long‐run restrictions. The measure of CU that we derive for each of 14 EU countries replicates to a great extent the European Commission's Directorate General for Economic and Financial Affairs (ECFIN) measure. On closer examination we find that the in‐sample explanatory content with respect to the inflation rate of the SVAR measure exceeds more often than not that of the ECFIN's measure; however, the out‐of‐sample forecasting performance of the two models is approximately equivalent.     

外资溢出对中国私营企业生产率的异质性影响-来自普查数据的证据

本文利用第一次全国经济普查的企业微观数据研究中国私营企业生产率的异质性对吸收外资溢出的影响。我们发现:(1)企业层面外资份额及其控股与否对企业生产率的积极影响随生产率水平递增;(2)私营企业存在着吸收外资水平溢出和后向溢出的生产率"门槛"效应,即吸收能力的差别;(3)下游外资控股企业的溢出促进了上游大部分私营企业的生产率,而非外资控股的合资企业则对上游生产率较低的私营企业有负的净效应。私营企业面临的外资竞争格局正从各方面形成,而私营部门内部生产能力分化也日渐明显。     

THE IMPACT OF EXPORTING AND FOREIGN DIRECT INVESTMENT ON PRODUCT INNOVATION: EVIDENCE FROM CHINESE MANUFACTURERS

To understand the drivers of product innovation at the firm level, I compare the effects of foreign direct investment (FDI) and exporting on product innovation using a rich firm‐level database of manufacturing and industrial enterprises. The article focuses on product innovation, as it is vital to economic development. Estimates from linear regressions and propensity score matching tests show that learning‐by‐exporting is a stronger predictor of product innovation. Firms that receive foreign investment also tend to engage in more product innovation, but not at the same level as the firms that export. Additional tests confirm that as they start and stop exporting, firms change their patterns of investment in the drivers of product innovation—fixed capital and research. (JEL D22, F14, F23, L25, O31)     

新贸易理论、比较利益理论及其经验研究的新成果:文献综述

此文择要评述否定贸易理论四大命题(比较利益说、要素价格均等说、斯托尔珀-萨缪尔森定理、罗宾辛斯基定理)的理论研究和经验证据,以及最新的内生比较优势理论和区别分工网络效应和规模经济的新贸易理论.大量的理论研究成果证明,上述四大命题不可能是一般规律,它们只在非常不现实的假定条件、特别的模型和特定参数值范围内成立,而相关的经验证据也推翻了这四大命题.但是,交易效率改进会使更多的分工正网络效应被利用的理论,却是有着相当广泛适用性的规律.     

CLASS TRACKS AND EDUCATION OUTCOMES: EVIDENCE FROM A CHINESE UNIVERSITY

This article investigates the effect of being assigned to different class tracks on education outcomes in higher education. We use administrative data from a Chinese university where students are assigned to two tracks of English education. Students in the high achieving track enjoy exposure to better peers, but receive less instruction time before taking a national English test. A regression discontinuity design establishes evidence that being assigned to the high achieving track has a negligible effect. Our analysis shows that the null impact is due to the offsetting effects of instruction time and peers. (JEL I21, I23)     

THE HIDDEN COST OF BARGAINING: EVIDENCE FROM A CHEATING-PRONE MARKETPLACE

It is widely believed that successful bargaining helps consumers increase their surplus. We present evidence from a field experiment showing that bargaining over price reduces buyer surplus in a marketplace where sellers cheat on the weight whose value may more than offset the price discount. Our results show that bargaining entails hidden costs since sellers cheat significantly more when buyers bargain than not and they cheat significantly more when bargaining succeeds than fails. Overall bargaining reduces buyer surplus than not bargaining. Our result is relevant for credence goods markets where bargaining over prices may induce sellers to “undertreat” more.     

DEMOCRACY AND ECONOMIC REFORM: THEORY AND SOME EVIDENCE FROM THE RUSSIAN CASE

The paper examines theoretical issues concerning the relationship between political democracy and economic reform and builds on the empirical material from the recent experience of Russia. The process of transition to democracy is shown to have started spontaneously due to the situation of power stalemate among pressure groups that came to control the communist system in the years preceding its ultimate collapse. The unrestrained control by those groups is shown to be the reason behind the continued economic collapse, while gradual build-up of the democratic system can in the long run act in the direction of improving the chances for a successful economic reform.     

THE DETERMINANTS OF PRICE IN ONLINE AUCTIONS: MORE EVIDENCE FROM QUANTILE REGRESSION

This study explores how seller reputations affect auction prices and concludes that earlier findings may be biased due to the misspecification of seller reputation. This paper contributes to the literature by offering significant empirical evidence using Taiwanese internet auction data. Our study reveals that the influence of seller reputations on auction prices is significant, irrespective of the assumptions of linear or non‐linear relationships with price. However, failure to consider the non‐linear setting of seller reputation leads us to underestimate the impact of reputation when the seller's reputation score is low, but overestimates it when the seller's reputation becomes high. Using quantile regression, this study finds evidence of considerable differences in their impact on auction prices that are dependent on the distribution of price levels.     

EXAMINING THE OBSTACLES TO BROADENING PARTICIPATION IN COMPUTING: EVIDENCE FROM A SURVEY OF PROFESSIONAL WORKERS

This article describes the results of a survey of professional workers that was designed to explore the underlying reasons for the widely documented underrepresentation of women in information technology (IT) jobs. Our analysis suggests that it is different occupational personalities between men and women rather than the demanding nature of IT work that is largely responsible for the relatively few women in IT occupations. We discuss the implications these results have for policies that are designed to create greater gender equity in the rapidly growing IT industries. ( JEL J08, J24, J70)