共查询到20条相似文献,搜索用时 15 毫秒
1.
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 |
2.
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: |
3.
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: |
4.
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: |
5.
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: |
6.
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: |
7.
Debora Di Gioacchino 《Empirica》2008,35(2):145-164
This paper presents a simple model of a non-competitive market with demand uncertainty in which firms can choose their technology
of production. Technology is characterised by two parameters: capacity and flexibility. The first has a strong commitment
value while flexibility is needed to face uncertainty. Lack of competition requires active regulation to ensure that the price
is not set at excessive level. When choosing their technology, firms take into account not only the effects of this choice
on the opponent(s) but also the effect on the regulated price. In this framework, and because of regulation, firms have an
incentive to strategically manipulate their cost (cost padding). This causes monopoly regulation aiming at improving allocative
efficiency to be ineffective. In fact, by “tying its hand” to a low level of capacity, the monopolistic firm is able to get
round the constraint imposed by the regulator. Increasing the number of firms in the market may restore regulation effectiveness.
The reason is that if demand is sufficiently volatile, then firms strategically choose flexible techniques and this effect
dominates over the incentive to manipulate costs in order to escape regulation. In this case, regulation is effective precisely
because cost padding is hampered by firms’ non-cooperative behaviour.
相似文献
Debora Di GioacchinoEmail: |
8.
Patrick F. E. Beschorner 《Empirica》2008,35(3):233-240
Patent breadth and length have been discussed extensively in innovation literature. In this article, I analyze the optimal
degree of novelty of patent protection and its tradeoff with patent length. In the context of subsequent innovations each
innovation builds on the previous one. The degree of novelty necessary for a non-infringing patent is crucial for the firms’
incentive to innovate. One of the findings is that a monopolist’s optimal degree of novelty is lesser than would be socially
desirable. Furthermore, there exists a finite optimal patent length. Competitors introducing an improved technology cause
uncertainty which may be compensated by extending patent length.
相似文献
Patrick F. E. BeschornerEmail: |
9.
This paper develops a theoretical framework which can be used to examine policy implications from the learning-by-exporting
hypothesis. This work builds on previous theoretical literature by introducing a credit constraint. When credit is available,
the analysis suggests that supporting a learning sector via an export subsidy is not necessarily advised to improve social
welfare. The learning sector’s goods may be over-produced (relative to another non-tradable sector goods) when consumers can
borrow freely for their consumption. If the learning sector’s goods are over-produced, social welfare will be improved via
a tax on production.
相似文献
Akinori TomoharaEmail: |
10.
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: |
11.
Neil Rankin 《Portuguese Economic Journal》2007,6(3):133-150
We show that when a model of the macroeconomy is based on imperfect, rather than perfect, competition, this may increase the
problem of how to model agents’ expectations. We provide a simple example using an overlapping-generations economy with the
potential for unemployment. Under certain assumptions about how consumers migrate between locations between the first and
second periods of their lives, this extra issue regarding expectations arises. Imperfect competition may increase agents’
forecasting difficulties because they have to forecast not only future equilibrium prices, but also future out-of-equilibrium
prices, and by definition the latter are never actually observed.
相似文献
Neil RankinEmail: |
12.
A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management
succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance
based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This
paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data
set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.
相似文献
Per-Olof BjuggrenEmail: |
13.
This paper investigates the effect of labour characteristics on the decision to adopt new technologies. As a potential endogeneity
problem might arise, we implement estimation techniques that control for endogenous covariates. The results suggest that the
share of skilled employees has a significant positive impact on the likelihood of adoption, providing an additional and interesting
insight in understanding technology adoption. We also find that firms’ nationality does not matter to the adoption process.
The transfer of technology due to foreign investment may not be a widespread phenomenon, casting doubts on the standard internalization
theory of foreign direct investment.
相似文献
Ana Paula FariaEmail: |
14.
WaQar I. Ghani Samuel H. Szewczyk Tayyeb Shabbir 《International Advances in Economic Research》2007,13(2):123-138
We use the chain of events from the fall of the Berlin Wall to the reunification of Germany to examine how capital market
participants respond to momentous and unprecedented events. Our examination measures the impact of these events on analysts’
forecasts for the earnings of West German firms. Our results show a significant decrease in analysts’ ability to accurately
forecast earnings. Contrary to the public’s euphoria, the sense of the market was generally negative about the implications
of unification for West German firms. This negative sentiment was spread across most of the broad sectors, but within those
sectors the results were significantly positive for select groups of industries. It appears that, in the face of this extraordinary
event, financial analysts were detached from the emotions it engendered and were discriminating in their assessment of its
impact.
相似文献
WaQar I. GhaniEmail: |
15.
María de-los-Ángeles Gil-Estallo Fernando Giner-de-la- Fuente Carles Gríful-Miquela 《International Advances in Economic Research》2009,15(2):207-225
In this paper, the authors focus on the influence of corporate social responsibility (CSR) upon business profitability. In
order to be capable of working with homogeneous data, the authors’ starting point is to use the criteria defined by PricewaterhouseCoopers’
work on the subject, and published by the Spanish journal Actualidad Económica. In this work, an index was created which assigns between one and five points to the companies depending on the importance
given by them to CSR. The CSR measurement published by the Observatorio de la RSE will also be considered. In order to measure companies’ profitability, this paper will take into account their return on
equity (ROE) and return on assets (ROA) of 2005 and 2006. The authors’ purpose is to demonstrate that the relationship between
CSR and business profitability is neutral.
相似文献
Carles Gríful-MiquelaEmail: |
16.
Cost-Benefit Analysis (CBA) is typically portrayed as a technique for promoting efficiency in government. We don’t deny that
CBA can be used in this manner, but instead focus on a different property of CBA, namely, its evolution from scholarly musings
into a framing institution within which budgetary processes operate. The evolution of CBA into institutional status, moreover,
shows the value of bringing a polyarchical perspective to bear on fiscal organization, wherein budgetary outcomes emerge through
structured interaction among participants. CBA is a product of interaction within a political ecology, as distinct from being
the product of some person’s optimizing choice.
相似文献
Richard E. WagnerEmail: |
17.
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: |
18.
This paper sets up an efficiency wage model which combines goal-attainment theory and the expectancy-valence approach. Taking
account of the psychological work motivation, we find that the aspiration for goal attainment may be a substitute for unemployment
as an instigator of work motivation in full employment. In addition, since raising the firm’s goal has a diverse impact on
the high and low need-for-achievement workers, a higher goal-setting does not appear capable of increasing worker effort within
firms. This finding reconciles the conflicting experimental results in industrial psychology literature.
相似文献
Chia-Ying LiuEmail: |
19.
Using a dynamic panel data model with serial correlation in the error term, the purpose of this paper is to examine if Gibrat’s
Law can be rejected for the services sector as it has been for manufacturing. The aim of this paper is also to improve the
understanding of the empirical determinants of firm growth by extending the literature to include a new variable related to
foreign participation. In addition, and based on recent developments in the growth of firms, our analysis also includes the
role of the financial structure. The sample used is an unbalanced panel data set that includes all size classes, including
the smallest surviving firms, from the Portuguese service sector over the period from 1995 to 2001. Applying the GMM-system
estimator our findings suggest that Gibrat’s Law is rejected for the services firms. In addition, the results also indicate
that firm growth is mainly explained by firm size and age. These results have significant policy implications.
相似文献
Blandina OliveiraEmail: |
20.
This paper is organized as follows: first, we show that the reference to the notion of group selection is coherent with the
other parts of Hayek’s thought. Second, we develop the idea that recent works in terms of the emergence and evolution of social
norms corroborate in part Hayek’s theses in this domain. Finally, we put to the fore some drawbacks in Hayek’s approach and
propose means to solve them.
相似文献
Pierre GarrousteEmail: |