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1.
Ronald I. McKinnon 《Economics of Planning》1992,25(1):97-112
Understanding the system of financial control in the pre-existing régime of classical socialism is a key to understanding what might go wrong in the transition. Accordingly, this paper proceeds in four steps by examining:
In effect, moves to dismantle the apparatus of central planning, decontrol prices, privatize property, and so on need to be supported by a proper sequence of fiscal, monetary and foreign exchange measures-as analyzed more fully in the author's new bookThe Order of Economic Liberalization. In this short essay, a summary outline of such a financial order is provided. 相似文献
(1) | how domestic fiscal and monetary processes complement central planning in the classical socialist economy; |
(2) | why this mechanism for securing domestic financial control under classical socialism tends to break down naturally into inflation when decentralization begins and central planning though direct materials balancing is weakened; |
(3) | how, in a more deliberate transition, domestic tax and monetary arrangements might be better managed to keep the price level stable as prices of individual goods and services are freed; and |
(4) | how, in moving toward free foreign trade, explicit policies governing tariffs and foreign exchange convertibility could best parallel and complement the evolving restraints on money and credit in domestic commerce. |
2.
Robert G. Chambers 《Journal of Productivity Analysis》2008,30(2):107-120
Stochastic productivity indicators are defined, and superlative measures of these indicators are derived. It is shown that,
in the presence of complete markets or a common-expectations equilibrium, differences in the market values of firms are superlative
indicators of cross-sectional productivity differences. Exactness results are used to decompose nonstochastic productivity
indicators into a measure of true productivity change and a measure of ‘luck’. The decomposition is illustrated empirically.
相似文献
Robert G. ChambersEmail: |
3.
We here critique the articles by Dmitruk & Koshevoy (1991, J Econ Theory 55:121–144) and by Bol (1986, J Econ Theory 38:380–385)
by showing how to solve the examples they erected to show the non-existence of functions for evaluating performance efficiencies
in DEA. We also show that functions satisfying these criteria—and other important criteria as well—were already available
prior to the publications of D&K and by Bol and have since been greatly extended to increase the power and scope of DEA.
相似文献
J. ZhuEmail: |
4.
Opening the black box: Finding the source of cost inefficiency 总被引:2,自引:0,他引:2
Santiago Carbó Valverde David B. Humphrey Rafael López del Paso 《Journal of Productivity Analysis》2007,27(3):209-220
Parametric and nonparametric procedures are used to identify the apparent source of cost inefficiency in banking. Inefficiencies
of 20–25% from earlier studies are reduced to 1–5% when, in addition to commonly specified cost function influences, variables
reflecting banks’ external business environment and industry indicators of “productivity” are added. These productivity indicators
explain most of the reduction in bank operating cost over 1992–2001 and was 5 times the reduction in the dispersion of inefficiency.
Inefficiency appears stable over time because it is small relative to industry-wide cost changes occurring concurrently and
because technology dispersion is imperfect.
相似文献
David B. HumphreyEmail: |
5.
This study measures productivity growth on Irish dairy farms over the period 1984–2000. A total factor productivity index
is constructed for the dairy system and is decomposed into technical change, efficiency change, and changes in scale efficiency.
This is achieved by estimating a stochastic output distance function model of the production technology in use on Irish dairy
farms. Overall, productivity on Irish dairy farms grew by 1.2% per annum over the sample period.
相似文献
Alan Matthews (Corresponding author)Email: |
6.
N. R. Vasudeva Murthy 《Journal of Economics and Finance》2009,33(2):176-188
In this paper, the recently developed panel unit root and the Pedroni cointegration tests are applied to empirically examine
the validity of the Feldstein–Horioka puzzle (F–H puzzle) for a heterogeneous panel of 14 Latin American and five Caribbean
countries over the period, 1960–2002. The findings indicate that in these countries, the long-run solvency condition is maintained.
Finally, employing the Pedroni panel group FM-OLS estimator (2000, 2001), it is found that the statistically significant estimated
savings-retention coefficient for the panel is relatively small indicating that the F–H Puzzle is not valid and thus implying
the prevalence of a moderate degree of capital mobility.
相似文献
N. R. Vasudeva MurthyEmail: |
7.
Sources of profit change for Telstra, Australia’s largest telecommunications firm, are examined. A new method allows for changes, in a firm’s profits to be broken down into separate effects due to productivity change, price changes, and growth in the firm’s size. This in turn allows us to calculate the distribution of the benefits of productivity improvements between consumers, labor, and shareholders. The results show that around half the benefits from Telstra’s productivity improvements from 1984 to 1994 were passed on to consumers in the form of real price reductions.
相似文献
Kevin J. FoxEmail: |
8.
This paper considers the measurement of performance in public service provision in an international context by examining outcome-based
measures for the education sector. It first sets out the measurement issues in general terms. The paper then applies these
methods to comparing the UK experience with that in the US over the period 1979–2002. The results show higher labour productivity
growth in the UK education sector than in the US over this time period, so that the UK eliminated the productivity gap with
the US by the end of the Century.
相似文献
Mary O’MahonyEmail: |
9.
This study makes an attempt to understand some of the reasons why some nascent firms make the transition to new operational
firms (a process called “firm emergence”) while others do not. Because of liabilities-of-newness, nascent firms face the daunting
task of acquiring legitimacy from their immediate audience in order to emerge as new operational firm. This study claims and
finds empirical evidence that through certain legitimating behaviors nascent firms can acquire legitimacy from their immediate
audience and thus succeed in becoming new operational firms. The study will put forward more general propositions for future
testing, and will draw implications for practitioners and entrepreneurship scholars.
相似文献
Erno TornikoskiEmail: |
10.
Dennis Halcoussis Anton D. Lowenberg G. Michael Phillips 《Journal of Economics and Finance》2009,33(3):324-329
Many observers argued that Barack Obama’s candidacy in the U.S. presidential election of 2008 benefited from the financial
crisis and recessionary economic conditions which voters blamed on the Republican administration. However, an empirical examination
of stock price and public opinion data indicates that improvements in Obama’s electoral prospects led stock price declines
and that gains by Obama were more likely to be followed by falling stock prices than by rising prices. This evidence suggests
that the poor performance of the stock market in the days leading up to Obama’s victory was partly caused by, rather than
causing, Obama’s success.
相似文献
G. Michael Phillips (Corresponding author)Email: |
11.
Productivity and efficiency of state-owned enterprises in China 总被引:1,自引:0,他引:1
Feng-Cheng Fu Chu-Ping C. Vijverberg Yong-Sheng Chen 《Journal of Productivity Analysis》2008,29(3):249-259
The purpose of this paper is to evaluate the variations in SOE efficiency and productivity from the perspectives of macroeconomic
fluctuations and systematic reform in China during 1986–2003. We use Data Envelopment Analysis to measure SOE efficiency.
Subsequently, we use the Malmquist Index of Productivity change to measure productivity growth. The empirical results show
that SOE efficiency and productivity exhibited obvious improvements during periods of strong systematic reform and a prosperous
economy. The systematic reform after 1998 had a clear-cut impact on SOE performance.
相似文献
Chu-Ping C. VijverbergEmail: |
12.
James V. Koch 《Journal of Economics and Finance》2008,32(4):368-379
Fifty years ago, Richard Musgrave put forward the notion of a “merit good”—one that despite its virtue would be undersupplied
and under consumed in a free market economy driven by traditional notions of consumer sovereignty. Higher education is considered
by many to be a merit good because they believe it generates highly desirable spin-off effects. If higher education has been
a merit good, then that status appears to be disappearing. Declining state funding for higher education, increasing tuition
rates and highly successful fund-raising by independent institutions have diminished public flagship universities, at least
relatively. Consequently, their rankings have declined.
相似文献
James V. KochEmail: |
13.
The impact of desirability and feasibility on entrepreneurial intentions: A structural equation model 总被引:2,自引:1,他引:1
Maribel Guerrero Josep Rialp David Urbano 《The International Entrepreneurship and Management Journal》2008,4(1):35-50
There is general agreement that attitudes towards entrepreneurship are determinant factors to decide to be an entrepreneur.
In this context, this research is focused on analyzing the relationship between desirability and feasibility on university
student’s intentions to create a new firm in Catalonia. A structural equation model supported by Krueger & Brazeal’s Model
was tested with different groups of students. The main results reveal most of university students consider desirable to create
a new firm, although the perception of feasibility is not positive. Also, there is a statistical significant and positively
relationship between credibility and the intention to create a new firm.
相似文献
David Urbano (Corresponding author)Email: |
14.
Richard W. Hurd 《Employee Responsibilities and Rights Journal》2006,18(3):207-214
The 1981 PATCO strike stands out as a symbol of union decline. The penchant to stigmatize PATCO detracts from important aspects of the union’s unorthodox strategy. Preparations for 1981 negotiations were coordinated by rank-and-file activists who referred to themselves as ‘choir boys’. An extensive mobilization network cultivated by the ‘choir boys’ contributed to cohesiveness and in effect democratized PATCO. The union’s effectiveness in building internal solidarity was its most notable accomplishment. Twenty-first-century labor-movement revitalization will require not only strong, creative leadership but also rank-and-file mobilization in the mold of PATCO’s ‘choir boy’ system. It is this type of grassroots activism that has the potential to promote an internal culture of militant action which can serve as the foundation for union growth.
相似文献
Richard W. HurdEmail: Phone: +1-607-2552765 |
15.
Leonard L. Lundstrum 《Journal of Economics and Finance》2009,33(2):161-175
The relationship between managerial share ownership and the firm’s change in leverage around a security issuance is examined.
We find that entrenched managers are not more likely to issue equity, however they do affect lower leverage by choosing debt
issuances which are smaller and equity issuances that are larger than those chosen by managers that are not entrenched. The
magnitude of the decline in leverage that occurs from before the issuance to after the issuance is positively related to managerial
share ownership. In addition, this relationship is confined to only the “entrenchment” range of managerial share ownership.
The market reacts negatively to an issuance announcement when managerial share ownership is high.
相似文献
Leonard L. LundstrumEmail: |
16.
Dag Fjeld Edvardsen Finn R. Førsund Sverre A. C. Kittelsen 《Journal of Productivity Analysis》2008,29(3):201-210
A method is presented for classifying strongly efficient units in DEA as interior or exterior, and as self-evaluators or active
peers. The exterior strongly efficient units are found by running the enveloping procedure “from below”. There is no firm
production-function evidence of the efficiency of exterior self-evaluators. Interior self-evaluators are more likely to have
active peers as neighbours in more directions and may therefore represent technology. When performing a second stage regression
analysis of efficiency scores, exterior self-evaluators should be removed. The proportion of exterior active peers also provides
information on whether the variable specification is supported by the data.
相似文献
Sverre A. C. KittelsenEmail: |
17.
Niels Bosma André van Stel Kashifa Suddle 《The International Entrepreneurship and Management Journal》2008,4(2):129-146
This paper investigates to what extent determinants of the rate of independent start-ups and the rate of new subsidiaries
are different. Using a regional database for the Netherlands over the period 1988–2002, we investigate the impact of two types
of agglomeration effects, localization and urbanization, while controlling for a range of economic variables. We find urbanization
economies to be particularly important for the creation of new subsidiaries while localization economies are more important
for the creation of independent new ventures. Finally, the effect of agglomeration variables is found to be stronger for manufacturing
industries compared to services industries.
相似文献
Kashifa SuddleEmail: |
18.
In this paper we develop a test of infinite order degree stochastic dominance based on the use of the empirical Laplace transform
function. Two applications are considered. One uses the income data of Anderson (Econometrica 64:1183–1193, 1996) and derives results consistent with his. In the other application we examine the dominance between the U.S. and U.K. stock
markets. Using data on the S&P 500 and the FTALL-Share we show that the U.S. displays infinite order degree stochastic dominance
of the U.K.
相似文献
Stephen SatchellEmail: |
19.
This paper proposes a flexible time-varying stochastic frontier model. Similarly to Lee and Schmidt [1993, In: Fried H, Lovell
CAK, Schmidt S (eds) The measurement of productive efficiency: techniques and applications. Oxford University Press, Oxford],
we assume that individual firms’ technical inefficiencies vary over time. However, the model, which we call the “multiple
time-varying individual effects” model, is more general in that it allows multiple factors determining firm-specific time-varying
technical inefficiencies. This allows the temporal pattern of inefficiency to vary over firms. The number of such factors
can be consistently estimated. The model is applied to data on Indonesian rice farms, and the changes in the efficiency rankings
of farms over time demonstrate the model’s flexibility.
相似文献
Young H. LeeEmail: |
20.
Specialized managerial expertise, coupled with the threat of non-renewal should improve efficiency in firms that opt for contract
management arrangements. To examine this we apply a generalized version of tests for expense preference behavior to U.S. hospitals
in the 1990s. Extending prior literature, we create a quasi-experimental design for a comparison of adopters and non-adopters
of contracts using propensity score methods. We generate the distribution of ‘expense preference’ parameters for all contract
adopters in both the pre- and post-adoption states, and for a matched control group of non-adopters over the same period.
Our results show that contract adoption leads to reduced expense preference behavior, but that this result depends critically
on the input being examined.
相似文献
Kathleen CareyEmail: |