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1.
Price-setting behavior of Austrian firms 总被引:1,自引:1,他引:0
This paper explores nominal rigidities by investigating price-setting behavior of Austrian firms based on survey evidence.
Distinguishing between two stages of price setting—first the price reviewing phase and second the price changing phase—our
results suggest that the main obstacles to price flexibility lie on the second stage. Our main result is that firms postpone
price adjustments, because they are afraid to antagonize customers with frequent price changes. Thus, customer relationships
- especially those with consumers—are a major source of price stickiness in the Austrian economy.
相似文献
Josef Baumgartner (Corresponding author)Email: |
2.
In many differentiated product industries, both traditional and “new economy” activities, vertically integrated firms also
supply inputs to apparent rivals in the downstream business. This generates heterogeneity between low- and high-sunk cost
suppliers with implications for entry and competitive conduct. The web hosting market is typical with primary suppliers operating
alongside resellers who rent server space from them. We explore the impact of competition in US hosting using a unique dataset
covering 15,000 packages offered by 3,500 firms. The results suggest price is sensitive to competitor clustering in quality
space; an outcome consistent with easy entry for resellers with ultra-low fixed costs.
相似文献
Steve ThompsonEmail: |
3.
Measuring environmental efficiency of industry: a case study of thermal power generation in India 总被引:2,自引:0,他引:2
M. N. Murty Surender Kumar Kishore K. Dhavala 《Environmental and Resource Economics》2007,38(1):31-50
Technical and environmental efficiency of some coal-fired thermal power plants in India is estimated using a methodology that
accounts for firm’s efforts to increase the production of good output and reduce pollution with the given resources and technology.
The methodology used is directional output distance function. Estimates of firm-specific shadow prices of pollutants (bad
outputs), and elasticity of substitution between good and bad outputs are also obtained. The technical and environmental inefficiency
of a representative firm is estimated as 0.06 implying that the thermal power generating industry in Andhra Pradesh state
of India could increase production of electricity by 6/ while decreasing generation of pollution by 6%. This result shows
that there are incentives or win–win opportunities for the firms to voluntarily comply with the environmental regulation.
It is found that there is a significant variation in marginal cost of pollution abatement or shadow prices of bad outputs
across the firms and an increasing marginal cost of pollution abatement with respect to pollution reduction by the firms.
This result calls for the use of economic instruments like pollution taxes instead of command and control regulation used
currently in India to reduce air pollution.
相似文献
M. N. MurtyEmail: |
4.
The present paper aims at examining the role of variety in the ski manufacturing industry and its relevance in firms’ price
setting strategies. In particular, it intends to investigate and to empirically test three hypotheses concerning the relations
between: product quality and prices; variety in technical characteristics and prices; variety in service characteristics and
prices. Our empirical investigation finds that prices are positively affected by product quality and positively affected by
variety in service characteristics. This means that a high degree of product variety allows firms to charge a premium price
on consumers, who are able to find the product that best meets their needs and are therefore willing to pay a higher price.
By contrast, variety in technical characteristics negatively impacts prices. In a context where a dominant design has emerged
and new varieties are not radically different from each other, the gains in economies of scale and scope outweigh the costs
of the increased flexibility in the equipment required to produce variety.
相似文献
Marco GuerzoniEmail: |
5.
Maria Rosa Borges 《International Advances in Economic Research》2007,13(1):65-80
This paper analyzes the initial public offering (IPO) underpricing phenomenon in Portugal. We show that the ‘hot issue’ market
of 1987, coinciding with a speculative bubble in the stock market, is well explained by investor sentiment theories and that
the issuing firms seized a ‘window of opportunity’ provided by excessive demand to offer and list their shares. In IPOs prior
to the 1987 crash, underpricing is very high while there is a strong reversion to fundamentals in the long run. In the period
1988–2004, we find lower IPO underpricing and overall no evidence of long-run underperformance of IPO firms. Bookbuilding
IPOs are more underpriced than other price setting systems IPOs, and firms with seasoned public offerings show abnormal returns
in the long run.
相似文献
Maria Rosa BorgesEmail: |
6.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
7.
This paper investigates the determinants of the survival, between 2001 and 2004, of 622 small firms in England. Seventy one
percent of these firms were less than 5 years old in 2001. Prior work by industrial economists has primarily focussed upon
factors such as profitability and exit barriers. In contrast, this paper adopts a more managerial approach by examining whether
the human capital of the business owner and organisational variables explain survival and non-survival. Our results suggest
the founder’s education and bank finance promote firm survival. Firms which compete on price, or report being financially
constrained at start-up, are much less likely to survive.
相似文献
George SaridakisEmail: |
8.
Christian Müller 《Empirical Economics》2006,31(3):755-776
This paper investigates how firms’ market power affects the price level. Based on a small macro-model it is shown empirically that firms have structural markup pricing power and take advantage of favourable business cycle fluctuations. To this aim, a multivariate time series model with double integrated variables is estimated. Thereby a model-based business cycle indicator can be derived. Its information content is confronted with survey data giving rise to what is going to be called semantic cross validation approach.
相似文献
Christian MüllerEmail: Phone: +41-44-6324624Fax: +41-44-6321218 |
9.
Samir M. El-Gazzar Philip M. Finn Charles Tang 《International Advances in Economic Research》2009,15(1):88-101
This paper examines the valuation effects of earnings and two nonearnings-based measurements (book values and operating cash
flow) on security prices of airline companies under two different market structures: regulated and deregulated. The literature
lacks empirical evidence in examining the relative importance of earnings and nonearnings accounting-based measurements in
regulated and deregulated markets, especially in the airlines industry. We compare coefficient estimates of regressing stock
prices on earnings, book value, and cash flow from operations of airline companies during regulated and deregulated times.
A control sample of manufacturing companies is also used for supporting inferences from the airline sample’s findings. In
a typical regulated market, using cost recovery plus an adequate rate of return on assets, security prices are highly aligned
with nonearnings measurements such as the book value. In the airline industry, regulation took the form of guaranteed routes
and subsidies to service rural areas, giving rise to a differential effect of both earnings and nonearnings measurements.
Under deregulation, airline firms operate in highly competitive markets with large airline firms enjoying the benefits of
economy of scale and service diversification. Thus, the asset capitalization (book value), cash flow, and operational efficiencies
(earnings) would be major indicators in the market assessment of the firm’s future profitability and security price. This
paper finds that nonearnings measures have higher explanatory power of security prices in regulated times for the airline
firms. In deregulated times, although earnings have a stronger relationship with prices, nonearnings measures continued to
influence stock price levels, reflecting airline specific economics.
相似文献
Samir M. El-GazzarEmail: |
10.
Gianpaolo Rossini 《International Review of Economics》2008,55(3):229-242
We go through the decision to vertically integrate or its opposite, outsource, in an uncertain environment. We consider two
different market strategies, price setting and quantity setting and two different vertical relationships: an (imperfectly)
competitive one following Stackelberg mode and a more cooperative one with bargaining. In the first scenario, with certainty,
price and quantity settings are alike, while with uncertainty the ranking changes. If a bargaining framework is adopted instead,
quantity setting under uncertainty leads to an asymmetric distribution of realized gains along the vertical chain. Price setting
turns out to be more equitable for firms and preferable even by consumers.
相似文献
Gianpaolo RossiniEmail: |
11.
Germán Coloma 《Empirical Economics》2006,31(3):587-599
This paper presents a version of the proportionally calibrated almost ideal demand system (PCAIDS) model, useful for merger simulations, which can be econometrically estimated using price data for two firms in a market. PCAIDS is therefore seen as a set of restrictions to be imposed in an econometric estimation, and not only as a pure calibration method. The proposed model is applied to a database of the Argentine gasoline market, and its results are compared to the ones obtained with other alternative specifications.
相似文献
Germán ColomaEmail: |
12.
Recycling and extending product-life: an evolutionary modelling 总被引:1,自引:1,他引:0
Eric Brouillat 《Journal of Evolutionary Economics》2009,19(3):437-461
This paper presents a model-based analysis of firms’ economic incentives to extend product life and market recyclable products.
We address this problem by developing an evolutionary simulation model to describe the behavior of business firms as interacting
with consumers and recyclers. Market structure, business firms’ R&D strategies and consumers’ preferences are found to have
an important influence here. The simulation results show that improvement in recycling is necessary but not sufficient to
solve the issue of increase in waste. Recycling will need to be backed up with an extension in product-life to face such an
unwanted increase. Adopting such a strategy could be positive for firms and for the environment because it could lead to high
economic performance, both in terms of profits and market share, and to high environmental performance, both in terms of product
recyclability and product lifetime. Our results suggest introducing regulation policies aimed at encouraging firms to invest
in developing green products, i.e. those which are easily recyclable and which have a long lifetime, and getting consumers
to buy them. It would also seem crucial to lend support to innovation outlay for such firms and to favor their seeking to
improve product performance.
相似文献
Eric BrouillatEmail: |
13.
Wolfgang Lechthaler 《Empirica》2009,36(3):331-350
By allowing firms to invest in their workers’ human capital, this paper extends the traditional analysis of firing costs with
respect to two points, both of them positive in terms of welfare. On the one hand, firing restrictions reduce turnover, thereby
enhancing incentives to provide training. On the other hand, training gives firms the opportunity to lower the costs of firing
restrictions since well-trained workers are less likely to be fired. In this way the negative effects of firing costs on firm
profitability and workers’ job-finding rates are reduced.
相似文献
Wolfgang LechthalerEmail: |
14.
Johan Willner 《Empirica》2008,35(5):449-464
This contribution analyses a market with an upstream bottleneck monopoly and a downstream activity that may either be vertically
integrated or separated. Separation always reduces the consumer surplus, and the total surplus unless there are large cost
reductions. Downstream competition from a public or private network monopoly would crowd out other firms, also when public
ownership is associated with more modest objectives than welfare-maximisation. A market is therefore less likely to remain
a mixed oligopoly than without vertical relations. However, private firms would survive in a moderately welfare-improving
mixed oligopoly with cross-subsidisation and access charges equal to marginal costs.
相似文献
Johan WillnerEmail: |
15.
Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk? 总被引:1,自引:0,他引:1
When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce
an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine
price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest,
using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to
a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough
profit levels.
相似文献
Carlo Scarpa (Corresponding author)Email: |
16.
This paper explores the implications of trade liberalization by extending the intra-industry trade framework à la Fung and
Maechler (J Int Trade Econ Dev 16(1):53–69, 2007) to the case of sequential move and taking the mode of firms’ competition
into consideration as well. It is shown that the existing results obtained for the case of simultaneous price competition
are robust in quantity competition and sequential move cases. Moreover, it studies the likelihood that the environmental effects
of trade liberalization occur.
相似文献
Lihong ZhaoEmail: |
17.
Josefina L. Murillo-Luna Concepción Garcés-Ayerbe Pilar Rivera-Torres 《International Advances in Economic Research》2007,13(1):35-46
The aim of this paper is to analyze the determinants of the strategic environmental behavior of firms and, more specifically,
the external and internal barriers that limit and sometimes even prevent the environmental adaptation. The analysis focuses
on a sample of industrial firms that have at least three workers and that are located in Aragón, a region situated in the
northeast of Spain. In order to achieve this objective, first the theoretical literature on the topic is reviewed. Subsequently,
from the firms which were sampled, the existence of an underlying structure among the totality of barriers is studied. Finally,
this structure is analyzed in order to determine if it has any influence on the degree of proactivity of the firm’s environmental
strategy.
相似文献
Pilar Rivera-TorresEmail: |
18.
Micro-heterogeneity and aggregate productivity development in the German manufacturing sector 总被引:1,自引:1,他引:0
A decomposition of aggregate productivity growth of German manufacturing firms that pertain to 11 different industries at
a roughly two-digit level observed over the period 1981–1998 is performed. Productivity is measured by a nonparametric frontier
function approach. The decompositions of productivity allow for an explanation of the aggregate outcomes by the quantification
of the effect of structural change and the contributions of entering and exiting firms. Our results show that these forces
drive aggregate productivity to a considerable extent. Remarkably, the large productivity improvements after the German reunification
are mainly driven by structural change.
相似文献
Jens J. KrügerEmail: |
19.
The current paper presents a model in which public R&D stock is included as a quasi-fixed input in a variable cost function. Its price affects the long run desired level, while its shadow price indicates whether under (over) investment occurs in the short run. Two alternative R&D prices and, thus, two different long-run desired levels, are defined. One concerns the private (farmer) perspective, in which farmers express demand under the assumption of costless R&D. The other considers the societal point of view, in which the objective is the optimal public R&D supply conditioned on its cost. Application of the above model to the Italian agricultural context (1960–1995) suggests a significant difference between these private and social desired R&D levels. The latter are, on average, closer to the observed values, though over-investment has emerged since the mid-eighties.
相似文献
Roberto EspostiEmail: |
20.
Johann Burgstaller 《Empirica》2009,36(3):229-244
This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied
concerning the aggregate factors that help to explain the time-series variation in both the numbers of and proceeds from initial
public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues,
but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low
cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and
economic terms. The proceeds from IPOs, rather than funds raised by firms already listed, are used to finance subsequent investment.
相似文献
Johann BurgstallerEmail: |