The determinants of variations in exit rates

A conceptual model of the determinants of exit across spatial areas is presented and empirically tested. The relative merits of two different methods of calculating exit rates are discussed, and results compared. In the empirical estimation, entry is found to be the dominant determinant of exit. However, other factors also have a systematic effect: among these are local income, the rate of change of unemployment, relevant managerial skills, and population density. Making allowance for variations in industrial structure across areas has some effect on the results, but does not eliminate the effect of variables other than entry.     

The MDGs and exit time: the case of the Philippines

This article evaluates whether the Philippines will be able to halve the incidence of poverty between 1990 and 2015. Using the concept of exit time and household‐level data, we find that the Philippines as a whole will not be able to comply with Target 1 of the Millennium Development Goals (MDGs), although 15 of its provinces will be able to do so. These provinces are closer to Manila, characterized by higher per capita expenditure growth rates, and had lower incidence of poverty in 1988. This suggests the importance of policies to mitigate the regional disparity in achieving the MDGs.     

Beyond the need to boast: Cost concealment incentives and exit in Cournot oligopoly

This paper studies the incentives for production cost disclosure in an asymmetric Cournot oligopoly. Whereas the efficient firm (consumers) prefers information sharing (concealment) when the firms choose accommodating strategies in the product market, the firm (consumers) may prefer information concealment (sharing) when it can exclude its competitors from the market. Hence, the rankings of expected profit and consumer surplus can be reversed if exit of the inefficient firms is possible. Although the efficient firm has stronger incentives to share information when it shares strategically, there remain cases in which the firm conceals information in equilibrium to induce exit.     

Moral distress: recognizing it to retain nurses

Faced with the challenges in today's acute care environment, 15% of the nurses in one study reported resigning a position due to experiencing moral distress. Moral distress is the physical or emotional suffering that is experienced when constraints (internal or external) prevent one from following the course of action that one believes is right. With more responsibility than authority, nurses often lack the autonomy to do what they feel should be done. Nurses often seem unaware of moral distress experience in themselves. Feelings labeled as stress, burnout, emotional exhaustion, and job dissatisfaction may actually be symptomatic of moral distress. An organizational commitment to addressing the issue of moral distress could reap benefits with greater employee job satisfaction, decreased turnover, and ultimately improved patient care.     

When nurses terminate: the exit interview/questionnaire

Reliable information on termination issues can enhance retention and recruitment efforts. Blank nursing exit questionnaire/interview forms from 49 hospitals were analyzed. A sample exit questionnaire and recommendations for the collection of data regarding the departing nurse are provided.     

Revolving doors: entrepreneurial survival and exit

The high turbulence of new entrepreneurial ventures that are rapidly selected out at the fringe of the firm population has been emphasized using the ??revolving doors?? metaphor. However, well-planned exit strategies can be the root of entrepreneurial success and a mechanism to transfer novelty to established firms. The aim of this Special Issue is to highlight the multiple aspects of exit as part of the entrepreneurial process.     

Conceptual Displacement: From the Natural to the Social

This paper distinguishes between epistemological naturalism, which it supports, and ontological naturalism, which it opposes. It sketches the emergence of anti-naturalist social theory among nineteenth-century African-American intellectuals and its refinement by twentieth-century feminists. These movements challenged ontological naturalism in the social sciences by substituting social constructionist concepts of race and gender for naturalist ones. Economics awaits a similar liberation. The paper identifies four naturalist concepts—atomism, determinism and biologically determined race and gender differences—as structuring mainstream economic theory. It concludes that ontological naturalism is inconsistent with the application of the epistemology of the natural sciences to the social sciences.     

Firm survival and exit in response to trade liberalization

Abstract.  This paper considers the implications of changing trade barriers for the survival of Canadian manufacturing firms. The findings suggest that Canadian tariff reductions decreased the probability of survival for Canadian firms while declines in American tariffs increased that probability. Combining these effects, two‐thirds of Canadian manufacturing firms saw their probability of survival increase as a result of the tariff reductions mandated by the Canada‐US Free Trade Agreement. However, the vulnerability of a firm to failure as a result of trade liberalization was mitigated by the characteristics of that firm, particularly scale and leverage. JEL classification: F1, L1     

Multinationals and plant exit: Evidence from Chile

This paper investigates three main questions: are affiliates of foreign multinationals more likely to exit than domestic firms? Does the exit probability of multinationals depend on its export orientation?, and Does the presence of multinationals affect the survival of other firms in the economy? Our results show that foreign plants are more likely to exit the economy, controlling for other firm and industry characteristics, only during the late 1990s, a period when the Chilean economy experience a massive slowdown. Our data also suggest that only domestic market oriented multinationals responded to this negative shock by being more “footloose”. We also find that the presence of multinationals has a positive effect on plant survival in the early 1990s. This positive effect, however, is fully captured by productivity, once controlling for TFP in our exit regressions we do not find any further impact of multinational presence on a plant's probability of exit.     

Banking distress in MENA countries and the role of mergers as a strategic policy to resolve distress

This paper studies banking distress in MENA countries and considers the extent to which mergers are used as a solution for resolving individual banking distress. We use a two-level nested logit model to model the interdependence between merger decisions and the distressed state of banks. Both bank-specific variables and macroeconomic variables are deployed to predict banking distress. In line with other recent papers, we challenge the view that specific bank indicators such as CAMEL category and bank size are more significant determinants of banking distress than macroeconomic variables. A comparison of model fits and out-of-sample forecasts indicates that the unordered NL model statistically outperforms a standard logit model by substantial margins. Our empirical study shows that 67% of the distressed banks in our sample are involved in merger transactions and that weak financial status systematically increases the likelihood of a bank being involved in a merger. Distressed state-owned banks are less likely to be a target of a merger transaction. However, global economic conditions do not significantly affect the decision of distressed banks to initiate a merger policy.     

From correlation to dispersion: geometry of the price-value deviation

This paper deals with the problem of measuring the deviation between different vectors of prices. We analyse both conditional and unconditional measures of the price-to-price deviation by using the geometry of least squares as an auxiliary tool. We discuss two fundamental types of measure: the correlation between two different sets of prices, and the dispersion in a set of ratios between pairs of prices. We show that none of these measures can be used to estimate the actual degree of disequilibrium in a real system of prices, due to a problem related to the selection of measurement units.      

Dishonesty: From parents to children

Acts of dishonesty permeate life. Understanding their origins, and what mechanisms help to attenuate such acts is an underexplored area of research. This study takes an economic approach to explore the propensity of individuals to act dishonestly across different contexts. We conduct an experiment that includes both parents and their young children as subjects, exploring the roles of moral cost and scrutiny on dishonest behavior. We find that the highest level of dishonesty occurs in settings where the parent acts alone and the dishonest act benefits the child. In this spirit, there is also an interesting, quite different, effect of children on parents’ behavior: parents act more honestly under the scrutiny of daughters than under the scrutiny of sons. This finding sheds new light on the origins of the widely documented gender differences in cheating behavior observed among adults, where a typical result is that females are more honest than males.     

由"封闭转开放"看封闭式基金的出路

本文首先回顾中国基金业的发展历程,将其分为不规范和规范二大阶段,并将规范后的基金市场发展区分为封闭式基金的发展和开放式基金的发展;其次,对二种基金的特点作了归纳。并针对现实中的“封闭转开放”问题作了实证分析;最后,就封闭基金的发展问题提出了若干建议。     

从均衡走向演化--经济学范式的演进

均衡与演化的思想很早就共生于经济思想史中。自亚当·斯密以来,经济学深受物理学的影响,一直被均衡思想和范式所支配,并由此建立了以均衡分析为核心的经济分析体系;进入20世纪80年代后,演化思想又促使人们在主流经济体系之外发展起来了经济演化理论。本文旨在对均衡和演化这两大截然不同的经济范式的演进进行剖析,从中我们不难看出:从均衡走向演化的范式变迁折射着两种经济思想交锋的历程和对以新古典经济学为代表的主流经济分析模式的超越。     

Entry,exit and productivity growth: Spanish manufacturing during the eighties

This paper analyses the role played by both competitive pressure (increasing imports) and the restructuring of industries through entry and exit in productivity growth of Spanish manufacturing during the eighties, the key period of its accession to the EEC economy. A GMM panel estimation of the determinants of corrected Solow residual for 75 manufacturing during 1979-1990, shows that these forces accounted for 80% of productivity growth, playing an important role the displacement of inefficient firms by competitive entry.JEL Classification: D24, C33We are grateful to S. Bentolila, F. Bourguignon, T. Coelli, J. Dolado, A. de la Fuente, J. García, L. Rodríguez, J. Segura, X. Vives and an anonymous referee for useful comments on previous versions of this paper. All remaining errors are our own.     

Entry into exit: insolvency in English professional football

This study uses a unique database of financial accounts for English football clubs between 1974 and 2010 to examine the process by which firms fail, which in this context means entering insolvency proceedings. From the data it is possible to estimate shocks to demand and productivity and to show that failing firms typically experience a series of negative shocks. This is consistent with the standard IO theory models of exit.     

Partnerships to address social determinants of health

Social determinants and intractable health disparities among different populations rank at the top of challenges for health care leaders. Community-academic partnerships offer a unique blend of resources and skills that may mitigate the consequences of social determinants on the community's health. Nursing leaders should consider seeking partnerships from a variety of sources. Partnering with local academic organizations might be particularly helpful if the program is developed in a manner which is respectful of the community and works for common goals.