Market Structure after Horizontal Mergers: Evidence from the Banking Industry

Antitrust agencies use measures of market structure to evaluate the likely competitive effects of proposed mergers, but little is known about how measures of market structure change over time, particularly after consummation of mergers and acquisitions. This paper analyzes the changes in market structure 3 and 5 years after mergers in the US banking industry. Our analysis suggests that concentration decreases and the number of banks increases in banking markets where mergers resulted in high concentration levels. In markets where the level of concentration changed by a relatively large amount, our findings are more ambiguous, as the level of concentration decreases, but no effect is found on the number of competitors.     

多元资本结构在中国企业的实证研究

随着资本概念的多元化,相对于企业组织和市场配置方式而言,网络化配置更适应于现代经济生活中的资本概念。资本的网络化配置产生了资本网络系统,并使得资本结构从一元结构的优化转变为多元结构的优化。本文分析了各资本要素之间的因果关系,并利用结构化方程进行了实证检验。其结论有:财务资本对于人力资本存在投资转化作用;智力资本三要素之间存在着相互转化作用;财务资本和智力资本共同耦合创造企业价值。     

Rents and Quasi Rents in the Wage Structure: Evidence from Hostile Takeovers

We test whether industry-related variation in wage premium and slopes of wage profiles reflects payments of rents or quasi rents, taking our cue from the wealth-transfer hypothesis, which argues that hostile takeovers target such rents. If these wage structure characteristics reflect extramarginal payments, then hostile takeover attempts that sought to transfer wealth from workers to shareholders should have targeted firms with the highest wage premia or the steepest wage profiles. We find that the likelihood of being a hostile takeover target between 1979 and 1989 was generally unrelated to these industry-related characteristics of the wage structure.     

The Structure of the Permanent Job Wage Premium: Evidence from Europe

Using individual longitudinal European Community Household Panel data for thirteen countries during 1995–2001 and fixed‐effects models, I find for men, the permanent job wage premium is higher for younger workers and those who were noncitizens or foreign born; for women, the premium is higher for young workers, short‐tenure workers, and those who were noncitizens or foreign born. Thus, the gain to permanent employment is higher for those with less experience in the domestic labor market.     

税收政策对保障性住房供给的影响分析

在我国保障性住房有效供给严重不足、政府决心加大保障性住房建设的情况下,对保障性住房供给方式以及税收政策的影响进行了分析与研究。根据住房过滤与梯度消费理论,完善性地构建了保障性住房多层次供给模型。并以这个模型作为税收政策对保障性住房作用的契入点,分析了现有的税收政策对各种保障性住房供给的影响,提出了对保障性住房供给方税收政策改革的合理化建议。     

Capital Structure Theory: Evidence from European Property Companies' Capital Offerings

This study examines the stock price reactions on announcements of both equity and debt offerings by European property companies. The unique setting in which corporate tax rates vary between different countries enables us to test established theories in the field of capital structure. In accordance with theory, we find a negative price reaction on equity offering announcements, which is less severe for low-tax countries and positive price reactions on the announcements of debt offerings. Besides tax arguments, we also test alternative explanations by analyzing variations in stock reactions based on differences in the relative size of the issue, the pre-offer leverage, the underlying property types, and operational performance. The results show that corporate taxation, issue size, and operational performance are significant explanatory factors in the negative price reactions.     

The Structure of the Wage Gap for Temporary Workers: Evidence from Australian Panel Data

This study uses panel data for Australia to estimate the wage differential between workers in temporary jobs and workers in permanent jobs. It is the first study to use unconditional quantile regression methods in combination with fixed effects to examine how this gap varies over the entire wage distribution. While the wages of fixed‐term contract workers are found to be similar to those of permanent workers, low‐paid casual workers experience a wage penalty and high‐paid casual workers a wage premium compared to their permanent counterparts. Temporary agency workers also usually receive a wage premium, which is particularly large for the most well paid.     

Introduction: Deregulation and Reform of Housing and Housing Finance Markets: Recent Lessons from Western and Central Europe

Recent years have seen the emergence of substantial scholarly research devoted to cross-national comparisons of real estate markets and financial institutions. In part, these analyses evaluate real estate market efficiency and the distributional outcomes associated with diverse institutions and economies. Further, these analyses draw from the experience of different markets and institutions in a normative sense, so as to help facilitate the development of appropriate real estate market mechanisms and policy in emerging market economies.     

The Effect of Housing Market Disequilibrium on the Supply of Labor: Evidence from Poland, 1989–1990*

This paper examines the effect of housing market disequilibrium on the supply of labor. Earlier studies suggested that housing market disequilibria affected other markets through altered consumption patterns (Podkaminer 1982 , 1988 ) or because housing shortages restricted labor mobility (Mayo and Stein 1988 ). This paper examines the disincentive to supply labor which arises from housing market disequilibrium. The disequilibrium is measured by four variables. One is a measure of density, while the others are based upon the number of persons in official housing queues. Each of the variables is negative and significant in the two-stage least squares estimates of labor supply. Estimates disaggregated by skill-class are also presented. Housing market disequilibrium has the greatest impact on the labor supply of the least skilled.     

Entry and Prices: Evidence from the Supermarket Sector

The purpose of this paper is to investigate the effect on prices of the entry of a large supermarket into a given location. We use a panel with data from fifteen cities in Chile for the period 1998:I–2004:IV. We correct for the potential simultaneity problem derived from the fact that entry can be a response to price differentials. We find that the entry of a hypermarket to a given city reduces relative prices in that local market by 7–11%. Most interestingly, we also find that part of this effect takes place the year before the supermarket actually opens for business.      

Housing and the Economy: Popular Myths

This paper identifies and tries to clarify the effects of a number of changes in the system of delivering mortgage credit and housing subsidies. First, we examine the trends in housing and mortgage market data and policy. This review highlights the perceived relationships of these sectors to the rest of the economy. We then focus on and develop the relationship between four issues that have been fundamental stumbling blocks to the development of effective policy. The issues are: (1) homeownership affordability, (2) measures of housing needs, (3) the costs of cycles in housing production, and (4) the effects of federal mortgage credit programs.     

Return Migration: Theory and Empirical Evidence from the UK

In this article, we discuss forms of migration that are non‐permanent. We focus on temporary migrations where the decision to return is taken by the immigrant. These migrations are likely to be frequent, and we provide some evidence for the UK. We then develop a simple model that rationalizes the decision of a migrant to return to his/her home country, despite a persistently higher wage in the host country. We consider three motives for a temporary migration: (i) differences in relative prices between host and home country, (ii) complementarities between consumption and the location where consumption takes place, and (iii) the possibility of accumulating human capital abroad, which enhances the immigrant's earnings potential back home. For the last return motive, we discuss extensions that allow for immigrant heterogeneity, and develop implications for selective in‐ and out‐migration.     

非常规天然气财税激励政策：美国的经验与借鉴

在非常规天然气产业发展初期,美国政府对非常规天然气开发实施了包括价格激励和税收抵免在内的财税激励政策。这些政策增加了非常规天然气开发的经济效益,调动了生产商的积极性,促进了非常规天然气钻井活动和技术进步,对促进美国非常规天然气的发展起到了关键作用。财税优惠政策是政府在产业发展初期引导行业投资的重要手段。我国非常规天然气开发正处于起步期,急需相关政策和措施的支持与引导,有必要借鉴美国的做法,对非常规天然气进行定义和分类,制定相对统一的财税优惠政策。财税优惠的力度应该建立在对资源、技术和效益的分析基础之上,且优惠政策应该设置有效期和中止条件。     

资本结构和所得税税负关系实证研究

资本结构在企业的经营发展中非常重要，研究上市公司资本结构与所得税税负的关系有着重大的现实意义。本文分别采用区间分析和回归分析，对资本结构与所得税税负的关系进行实证研究．说明资产负债率在60％-80％的区间．不仅是激进经营负债区间，也是实际税负最高的区间；上市公司资产负债率、流动比率与所得税税负存在正相关关系，长期比率与所得税税负的关系没能通过检验。进而，本文对资本结构和所得税税负关系现实情况的形成原因从某些方面进行了进一步分析。     

International Diversification and Performance: Evidence from Singapore

This study focuses on how international diversification affects a firm in terms of multiple performance measures (accounting-based, market-based, and intangible value creation). The study is unique as it uses segment data made available only recently, which enables the examination of both product and international diversification with performance. The period studied coincided with Singapore firms performance during the Asian Financial Crisis. In contrast to previous studies on Singapore, our results show that product diversification is negatively correlated to all measures of performance, while international market diversification is positively correlated. We attribute the difference to the time period which covers both upswings and downturns of the economy, unlike previous studies which considered only the former. Other control measures were incorporated; firm size is highly significant in explaining all measures of performance but not so for firm age, leverage, risk and industry. For top managers, we suggest that regardless of economic climate, the dominant diversification strategy is to take a focused approach to product diversification, but a broad approach to international diversification.Dr. Er and Dr. Kwok are assistant professors in the Department of Finance & Accounting, National University of Singapore (NUS). Mr Lin recently graduated with a B.B.A. honours (1st class) degree from NUS.     

Profit Sharing and Productivity: Further Evidence from the Chemicals Industry

Profit sharing potentially augments productivity by affecting motivational variables that promote group norms favoring effort. A factor augmentation model of production is developed to measure the impact of profit sharing on productivity using a test industry in U.S. manufacturing. The model is applied using alternative exogenous and endogenous specifications for the profit-sharing incentive variable. The results are consistent with those obtained in other recent studies and suggest that profit sharing results in improvements in productivity.     

Why Strikes Occur: Evidence from the Capital Markets

New and existing empirical evidence regarding the stock market reaction to strikes is used to test the validity of three strike theories. A review of the existing capital market evidence reveals the need for information regarding the intraindustry announcement effects of strikes against manufacturing firms. This need is filled by applying event-study methodology, in a manner consistent with earlier studies, to a sample of strikes during the period 1982–1999. This new evidence, combined with that of previous studies, consistently supports the validity of Hick's theory that strikes are the result of bargaining errors, misperceptions of bargaining goals, or discrepancies between the expectations of union leaders and the rank and file.     

Corporate Headquarters Relocation: Evidence from the Capital Markets

This paper assesses the stock market reaction to announcements of corporate headquarters relocations and examines financial and geographical factors related to wealth effects and factors that influence the decision to relocate corporate headquarters. The results indicate that announcements of relocations are associated with significant positive stock price effects. On average, the stock price of relocating firms increases by 1.29% during the two-day period around the announcement. Abnormal returns are positively related to the availability of labor and negatively related to the cost of living in the new location and the change in employment levels. A logit analysis indicates that the probability of a firm relocating is partially determined by the firm size and the rental expenses/sales ratio. The results also indicate that firm size, the employment/asset ratio levels, and listing in the NYSE/AMEX affect the decision to relocate to a Fortune-ranked city. Finally, firms relocating to Fortune -ranked cities are characterized by a high level of insider ownership relative to firms moving to non-ranked cities.