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Contrary to conventional wisdom, this article argues that trade liberalization may facilitate collusion and reduce welfare. With the help of a duopoly model in which firms interact repeatedly in multiple markets, we first show that, if trade costs (i.e., tariffs/transport costs) and discount factors are not too high, efficient cartel agreements necessitate the cross‐hauling of goods, as that entails lower deviation incentives. In this setting, we then demonstrate that reciprocal trade liberalization always raises total output when trade costs are within a range whose lower bound exceeds a threshold level, but may reduce total output (and thus be pro‐collusive) when trade costs are below that threshold level. 相似文献
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《Journal of Financial Economics》2005,76(3):627-665
When a homeowner uses an agent to sell his property, he may have less information than his agent and be disadvantaged in price setting and negotiating. This study examines whether the percentage commission structure in real estate brokerage creates agency problems. We investigate whether agents are able to use their information advantage to either sell their own property faster or for a higher price than their clients’ properties. The empirical results confirm our theoretical predictions of agency problems, as we find that agent-owned houses sell no faster than client-owned houses, but they do sell at a price premium of approximately 4.5%. 相似文献
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Trade credit: theories and evidence 总被引:46,自引:0,他引:46
Firms may be financed by their suppliers rather than by financialinstitutions. There are many theories of trade credit, but fewcomprehensive empirical tests. This article attempts to fillthe gap. We focus on small firms whose access to capital marketsmay be limited and find evidence suggesting that firms use moretrade credit when credit from financial institutions is unavailable.Suppliers lend to constrained firms because they have a comparativeadvantage in getting information about buyers, they can liquidateassets more efficiently, and they have an implicit equity stakein the firms. Finally, firms with better access to credit offermore trade credit. 相似文献
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Burke Qing L. Eaton Tim V. Wang Mengying 《Review of Quantitative Finance and Accounting》2019,53(3):811-844
Review of Quantitative Finance and Accounting - This study examines the impact of import competition, an underexplored but integral component of trade liberalization, on conditional accounting... 相似文献
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Exchange rate exposure among European firms: evidence from France, Germany and the UK 总被引:1,自引:0,他引:1
We investigate the pre-Euro exposure to exchange rate changes of large firms in the UK, France and Germany. We find that the exchange rate sensitivity is considerably stronger than previously thought. In all three countries, firms typically gain value when their local currency depreciates against the US dollar, yet most UK firms lose value when sterling depreciates against the European currency unit. We also document the existence of an intriguing intervalling effect in the measurement of exchange rate exposure, which suggests that share prices might exhibit a delayed response to information, and prevents us from making robust generalizations concerning other exchange rate sensitivities. 相似文献
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In this study, we address the ongoing debate as to whether the competition among the world's major exchanges through simplified disclosure requirements is justified. Companies from across the globe have a choice of cross-listing shares as either American or Global Depositary Receipts (ADRs and GDRs, respectively). The former are primarily listed on the US exchanges – NYSE, NASDAQ and AMEX – whereas the latter are issued into non-US markets such as the London Stock Exchange (LSE). The GDRs listed on the LSE are subject to simplified disclosure requirements compared to their exchange-listed ADR peers that have to meet more stringent compliance standards. Proponents of the ‘light touch’ approach argue that firms cross-listing as GDRs are not subject to the higher reporting costs faced by ADRs yet still face similar valuation benefits. Those who challenge this approach argue that simplified disclosure requirements set by the LSE will ultimately be recognised by the market as ineffective, diverting traders from investing in GDRs. This study provides evidence that supports the LSE's ‘light touch’ approach and shows that the benefits of information risk reduction for ADRs and GDRs are comparable. The explanation for this finding is that the two avenues through which information asymmetry is expected to be resolved after cross-listing – disclosure and analysts – are substitutive and make equally important contribution to information risk reduction, eventually leading to similar cost of capital decline for ADRs and GDRs. 相似文献
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We discuss the effects of managed care on the structure of the health care delivery system, focusing on managed-care-induced consolidation among health care providers. We empirically investigate the relationship between HMO market share and mammography providers. We find evidence of consolidation: increases in HMO activity are associated with reductions in the number of mammography providers and with increases in the number of services produced by remaining providers. We also find that increases in HMO market share are associated with reductions in costs for mammography and with increases in waiting times for appointments, but not with worse health outcomes. 相似文献
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International Tax and Public Finance - This study aims to extend the study of property tax competition to a highly fragmented local context. Applying the tax competition theory to the property tax,... 相似文献
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We examine the relation between futures trade duration and profitability, volatility, and volume. The duration of unprofitable trades is longer than that for profitable trades across the day, which is evidence of the disposition effect. Our analysis of profitable and unprofitable trades shows strong intraday volume patterns. Greater proportions of profitable trades are offset at the open and close. During high‐volume periods dealers may use a semi‐fundamental informational advantage, based on their access to order flow signals. Dealers may be able to execute costly inventory‐reducing trades at the end of the day, when their informational advantage is perhaps greatest. 相似文献
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The aim of this study is to examine the existence of herding behavior in the cryptocurrency market under uncertainty by employing cross-sectional absolute deviation (CSAD) of returns, ordinary least squares (OLS), generalized autoregressive conditional heteroscedasticity (GARCH) methods and Time-Varying Markov-Switching (TV-MS) model for both overall sample and sub-periods which was determined based on the results of Quandt-Andrews and Bai-Perron breakpoint tests. We utilized the daily data of the 14 leading cryptocurrencies in terms of closing price, market cap and transaction volume. We also used dummy variables to analyze whether or not an asymmetric behavior occurred during the "up and down" market periods. Our results for the overall sample refer to an anti-herding behavior in each model. However, the results of the TV-MS model for the 3rd sub-period (2/28/2017−1/16/2018) imply the existence of a herding behavior in the low volatility regime, an anti-herding behavior occurred during the high volatility regime and the effect of uncertainty was significant on the anti-herding behavior. Finally, our results suggest that there was no significant asymmetric behavior during the "up and down" market periods. 相似文献
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This study examines the relative importance of various forms of capital in financing investments by Korean firms. Our results from the seemingly unrelated regression (SUR) method indicate that, unlike U.S. firms, Korean firms rely substantially on cash holdings to finance investments. These results also suggest that Korean firms use long‐term debt more actively than equity issuance to finance investments. Subgroup analyses show that large firms and Chaebol‐affiliated firms use more long‐term debt but less equity issuance than comparison firms do, suggesting that debt capacity allows firms to reduce the use of equity issuance. However, there is little evidence that financing decisions are driven by information asymmetry. The results from the quantile regression (QR) method suggest that Korean firms tend to use debt capital more than they do equity capital at low and medium levels of investments, while their reliance on equity capital increases at high levels of investments. 相似文献
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Using a large-scale, firm-level dataset from 68 emerging economies for the period of 2002–2006 compiled by the World Bank, we find that legal systems have a positive and significant impact on the provision of trade credit. This result is robust to the inclusion of conventional controls used in the literature, to alternate specifications that address endogeneity and measurement error problems, and to different measures of trade credit and legal systems. Legal systems have a larger impact on trade credit for firms with overdraft facilities than for those without overdraft facilities, and the impact of legal systems on trade credit is significant in more developed countries but not in less developed countries. 相似文献
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JEAN‐NOËL BARROT 《The Journal of Finance》2016,71(5):1975-2016
Long payment terms are a strong impediment to the entry and survival of liquidity‐constrained firms. To test this idea and its implications, I consider the effect of a reform restricting the trade credit supply of French trucking firms. In a difference‐in‐differences setting, I find that trucking firms' corporate default probability decreases by 25% following the restriction. The effect is persistent, concentrated among liquidity‐constrained firms, and not offset by a decrease in profits. The restriction also triggers an increase in the entry of small trucking firms. 相似文献
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Pavcnik Nina; Blom Andreas; Goldberg Pinelopi; Schady Norbert 《World Bank Economic Review》2004,18(3):319-344
Industry affiliation provides an important channel through whichtrade liberalization can affect worker earnings and wage inequalitybetween skilled and unskilled workers. This empirical studyof the impact of the 198894 trade liberalization in Brazilon the industry wage structure suggests that although industryaffiliation is an important component of worker earnings, thestructure of industry wage premiums is relatively stable overtime. There is no statistical association between changes inindustry wage premiums and changes in trade policy or betweenindustry-specific skill premiums to university graduates andtrade policy. Thus trade liberalization in Brazil did not significantlycontribute to increased wage inequality between skilled andunskilled workers through changes in industry wage premiums.The difference between these results and those obtained forother countries (such as Colombia and Mexico) provides fruitfulground for studying the conditions under which trade reformsdo not have an adverse effect on industry wage differentials. 相似文献
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Using an ‘incomplete information’ model, we explore the role of social learning in the global portfolio choices of stock market investors. When partially informed followers attempt to estimate true domestic (home) mean returns, they likely acquire private domestic signals from partially informed leaders. However, the calibration results indicate the existence of home bias when partially informed agents have poor quality information. Partially informed agents are prone to a learning bias; they overreact to new domestic information due to overconfidence in their domestic private signals, but they demonstrate a conservative response to new information in foreign markets. Links between the private signals of partially informed agents may lead to correlated foreign investment strategies among such agents through social learning. We suggest the acquisition of private signals, along with the dissemination of information, affect international portfolio decision rules and are determinants of the phenomenon of home bias. 相似文献
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Despite the significant increase in the number of women in accounting research over past decades, the percentage of female full professors in accounting is still low. One of the problems may relate to the research area(s) they choose to specialize in. Is the relatively slow promotion of women due to their decision to concentrate in ‘nonmainstream’ fields of research? In this study, we collect data on 1,042 male and female accounting academics. Using the research interests declared on each academic web page, we find that accounting researchers show no significant gender differences in their choice of research fields. Hence, we conclude that the underpromotion of women cannot be attributed to their choice of ‘nonmainstream’ fields. 相似文献
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In many countries, pharmacies receive high regulated markups and are protected from competition through geographic entry restrictions. We develop an empirical entry model for pharmacies and physicians with two features: entry restrictions and strategic complementarities. We find that the entry restrictions have directly reduced the number of pharmacies by more than 50%, and also indirectly reduced the number of physicians by about 7%. A removal of the entry restrictions, combined with a reduction in the regulated markups, would generate a large shift in rents to consumers, without reducing the availability of pharmacies. The public interest motivation for the current regime therefore has no empirical support. 相似文献