家族企业创业者与职业经理冲突研究

在家族企业中，创业者和职业经理人目标的不一致导致双方产生冲突。这种冲突源于应得权利分配，而外部经理市场的健全程度、国家信用市场健康程度以及企业发展阶段等外部因素则影响到双方对现有应得权利分配比例的满意程度，并进而影响到双方冲突的程度和烈度。     

Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns

Crowdfunding plays an important role as an alternative funding source for technology ventures. No earlier studies particularly investigated the importance of social interactions during such crowdfunding campaigns. Hence, we particularly take the interaction between the project owner and the community as well as among community members into account. We empirically investigated potential success factors for crowdfunding projects of entrepreneurs on the base of 430 projects from the German crowdfunding platform Visionbakery. Our results show that social interaction during a crowdfunding campaign indeed increases the likelihood of its success. As comments from crowd members on particular projects might be positive or negative and can also provide additional argumentation or raise questions, comments can cause a dialog among crowd members. This shows that herding might not only be related to the number of contributors but also to their shared attributes and perceptions. Our discussion of theoretical and managerial implications closes with recommendations for future research on this evolving topic.     

从"能力"角度研究产业集群的综述

能力是一种隐含知识,马歇尔的产业集群分析方法实际上是基于能力的方法.产业集群是一个能力体系,产业集群的能力来自于具有不同诀窍的企业、机构之间的相互作用.通过分析,指出从能力的角度可以对产业集群的许多现象进行更好的解释.     

A panel cointegration approach to the investment-saving correlation

This paper augments the empirical literature concerning the Feldstein-Horioka puzzle using non-stationary panel data. Recently developed tests for panel cointegration and panel unit root tests are employed. We find substantial evidence to support the hypothesis of no cointegration in this panel, implying a high degree of international capital mobility. Our results suggest that tests for cointegration in panel data provides a better methodological focus than the magnitude of saving-retention coefficients. First version received: August 1999/Final version accepted: December 2000     

A Contribution to the Theory of Welfare Accounting

A kind of unified theory is proposed as a dynamic generalization of the standard consumer-surplus methodology for evaluating welfare changes. The unified theory allows rigorous dynamic welfare comparisons to be inferred between any two economic situations—from just knowing current incomes and observing a short-run market demand schedule. Essentially, the change in present discounted future utility is exactly captured by the formula: difference in current income plus consumer surplus . This well-known formula is thereby shown to cover a far wider class of welfare comparisons than is customarily treated in the textbook static case.     

A Barrier to the Diffusion of Tacit Knowledge

The paper examines the impact of skill transfer on economic growth. Even if there are the benefits of backwardness and the ability to absorb them, the South may not exploit them, because the skilled workers in the North are not willing to come to the South owing to their high opportunity cost. It is shown that if the South's relative income is low, the South cannot offer high wages to attract skilled workers from the North, and stays in the low rank. But if its relative income is high enough, exploiting the benefits of backwardness, it attains high growth and converges to a relatively higher position. This prediction is consistent with the evidence that the world distribution of relative income has two peaks. The study also shows that an increase in human capital in the North increases the minimum requirement for human capital in the South to soar.     

一项对经济增长实证研究的贡献

本文检验了索洛模型是否与生活水平的国别变化相一致,提出了一个既包括人力资本积累也包括物质资本积累的扩展的索洛模型,很好地解释了跨国数据.该模型大约解释了人均收入国别变化的80%,支持模型预测的是物质资本积累、人力资本积累和人口增长的影响估计.本文也检验了索洛模型关于生活水平趋同的结论,即是否穷国趋向于比富国增长得快.检验表明,在保持人口增长和资本积累速度不变的情况下,各国会以扩展的索洛模型所预测的速度趋同.     

A guide to the computation of stationarity tests

In this paper we compare ways of computing stationarity tests. We show that whereas some of the procedures recommended lead to inconsistency of the tests, it is still possible to compute a test with good properties in finite sample in terms of empirical size and power. The guidance suggested in the paper is illustrated by testing for the purchasing power parity hypothesis in some developed countries.

A New Solution to the Random Assignment Problem

A random assignment is ordinally efficient if it is not stochastically dominated with respect to individual preferences over sure objects. Ordinal efficiency implies (is implied by) ex post (ex ante) efficiency. A simple algorithm characterizes ordinally efficient assignments: our solution, probabilistic serial (PS), is a central element within their set. Random priority (RP) orders agents from the uniform distribution, then lets them choose successively their best remaining object. RP is ex post, but not always ordinally, efficient. PS is envy-free, RP is not; RP is strategy-proof, PS is not. Ordinal efficiency, Strategyproofness, and equal treatment of equals are incompatible. Journal of Economic Literature Classification Numbers: C78, D61, D63.     

A macroeconomic approach to the income-tax work-effort relationship

In this paper, we analyse the dynamic relationship between hours worked per employee (per self-employed) and marginal income tax-rate shocks in terms of both a comparative-dynamics model and a stochastic general equilibrium econometric model. The econometric model is estimated for Germany, UK and USA over the post-1960 period using the GMM estimation technique. Estimates in both models show that increases in the marginal income-tax rate exert negative effects on hours worked by both employees and the self-employed, but the response of the employees who are subject to tax withholding is stronger than the response of the self-employed.     

A structural model of the transition to agriculture

I develop a model of the transition to agriculture that can be estimated using cross-cultural data on the incidence of agriculture. The model allows for endogenous growth effects in which population density and technological sophistication are symbiotically related, and also allows for technological spillovers from centers of civilization. The model describes conditions under which population density and technological sophistication are likely to cause a switch to agriculture. Results suggest that endogenous growth affects are absent among hunter gatherers, but that technological spillovers are important in generating a switch to agriculture, and in generating technological change. Technology appears to diffuse more slowly along the north-south axis than along the east-west axis. Among agricultural peoples, endogenous growth effects appear to be present and important—a society that is 10% more technologically sophisticated has a population density about 5% larger, and a society with a 10% higher population density is on average 5% more technologically sophisticated. Hunter-gatherer population density appears to be independent of technology, but elastic with respect to environmental factors such as rainfall and habitat diversity.      

"农改超"--提升业态的有益尝试

势在必行的改革 市场的发展决定了业态的变革。农贸市场不仅足消费者的菜蓝子、米袋子,还足改革开放以来衡量居民生活的一把尺子。然而,随着经济发展和居民生活质量的提高,消费者对市场建设提出了更高的要求,农贸市场的发展面临着激烈的市场竞争,出现举步维艰的困境。主要问题是: (1)外资零售业的大举入侵带来     

A flexible approach to estimate the equity premium

In this article, we estimate the risk aversion for households accounting for their lifetime consumption risk. Households take into account the overall lifetime uninsured consumption risk when optimizing their resources, which based on micro data varies across households. Thus, representing households’ consumption by merging cross-sectional micro data into the single Euler equation (the common approach for estimating risk aversion based on consumption-based asset pricing theory) may be too rough an approximation, leading to biased results with respect to risk aversion. Our results suggest that consumption-based asset pricing models that were rejected in several studies do in fact fit the data when we account for households’ lifetime consumption risk. This finding also has implications for long-run aggregate consumption-based asset pricing models.