Applied econometrics rankings: 1989–1995

This paper ranks academic institutions by publication activity in applied econometrics over the period 1989–1995. Fourteen leading international journals that publish applied econometrics articles are used to provide the database. The rankings are based on standardized page counts of articles published in these journals over the stated period. A ‘Hall of Fame’ is developed listing the top 100 individual producers of applied econometrics in the fourteen journals considered. To control for quality differences among the applied journals, separate rankings are provided both for institutions and for individuals according to econometrics publications by journal. Copyright © 1999 John Wiley & Sons, Ltd.     

Employees' entrepreneurial contributions to firms in Russia, 1995–2004

This article examines how employee self‐reported entrepreneurial contributions evolved in firms operating in Russia in 1995–2004 and whether changes can be explained by Akerlof's theory of implicit gift exchange in labour contracts. We find that these contributions were indeed influenced by wage premia and shifting work norms, declining by about a half during the period and with a particularly marked fall in contributions by manual workers. The trend was found among foreign‐owned, private Russian‐owned and state‐owned companies. Akerlof's model therefore helps explain Russian workers' changing behaviour.     

Making Distribution Markets: Market‐Wide Institutions in French and American Bicycle Distribution, 1865–1914

Scholars usually analyze market‐making within specific parameters. Market sociologists analyze institutions primarily between competitors; global value chain scholars study institutional innovation along exchange sequences; and varieties of capitalism scholars examine national institutional frameworks. I analyze how entrepreneurs and trade associations used “market‐wide” institutions such as exhibitions and publications in French and American bicycle distribution systems between 1865 and 1914 to improve exchange efficiencies and to influence other market actors and the markets' environments. I argue that market‐makers adjusted these institutions to market conditions, and also to national institutional frameworks. The findings present opportunities for further research in competition and exchange institutions.     

The fiscal and monetary response to COVID‐19: What the Great Depression has – and hasn't – taught us

Although some regard the New Deal of the 1930s as exemplifying an aggressive fiscal and monetary response to a severe economic crisis, the US fiscal and monetary policy responses to the COVID‐19 crisis have actually been far more substantial – and, so far, much more effective in reviving aggregate spending. Although many fear that these responses, and the large‐scale increase in bank reserves especially, must eventually cause unwanted inflation, the concurrent sharp decline in money's velocity has thus far more than offset any inflationary effects of money growth, while forward bond prices reflect a general belief that inflation will remain below 2 per cent for at least another decade. Notwithstanding the growth of the Fed's balance sheet, Fed authorities can always check inflation by sufficiently raising the interest return on bank reserves. Nonetheless, recent developments have heightened the risk of ‘fiscal dominance’ of monetary policy at some point in the future.     

A quantitative and qualitative analysis of sexual harassment claims 1995–2005

This article explores the organisational and legal context in which parties involved in claims relating to sexual harassment operate, and presents an analysis of the population of sexual harassment cases heard by Employment Tribunals between 1995 and 2005.     

Interregional inequalities in Israel, 1948–1995: divergence or convergence?

A model is proposed which explains the spatial distribution of different income groups in terms of the relation between the cost of living in a particular geographic area and the income of its inhabitants. The applicability of this model to spatial inequalities in Israel is investigated, using data from five subsequent censuses of population and housing. The analysis indicates that changes in the spatial variation of various indicators of development do not follow a uniform pattern: the extent of interregional disparity differs with the indicator selected for measuring it. Furthermore, whereas development in the central part of Israel has tended to become more uniform over time, the country's peripheral regions have become more polarized. Several strategies are proposed for reducing the extent of interregional disparities.     

Increasing Returns and the Growth of Industries in the EU Regions: Paradoxes and Conundrums

Abstract

Verdoorn's law is estimated in a spatial econometric framework for individual manufacturing industries using EU regional data. Estimates of encompassing returns to scale are large, but other explanatory variables, including measures of industrial specialization and diversity, tend to be insignificant. The method of normalization with either output or input growth as the regressor matters, and the use of an instrumental variable approach does not resolve this problem. As in other studies, the static-dynamic Verdoorn law paradox exists. A theoretical argument is made, however, that the dynamic Verdoorn law is the correct specification and this is confirmed empirically.

Rendements croissants et croissance des industries dans les régions de l'UE: paradoxes et énigmes

Résumé La loi de Verdoorn est estimée dans un cadre conceptuel économétrique spatial pour les industries de fabrication individuelles en utilisant des données régionales de l'UE. Les estimations des rendements croissants à l’échelle, englobant, sont importantes, mais d'autres variables explicatives, comprenant des mesures de spécialisation et de diversité industrielles, ont tendance à être insignifiantes. La méthode de normalisation utilisant comme variable indépendante soit la croissance d'entrée soit celle de sortie importe, et l'utilisation d'une approche IV ne résout pas ce problème. Comme dans d'autres études, le paradoxe statique-dynamique de la loi de Verdoorn est présent. Cependant, dans un argument théorique, nous avançons que la loi de Verdoorn dynamique est la spécification correcte, ce qui est confirmé empiriquement.

Aumento de las ganancias y crecimiento de la industria en las regiones de la UE: paradojas y acertijos

Résumén Se estima la Ley de Verdoorn en un marco econométrico espacial para empresas manufactureras individuales usando los datos regionales de la UE. Las estimaciones para las ganancias englobadas a escala son grandes, pero otras variables explicativas, incluyendo las medidas de especialización y diversidad industrial, tienden a ser insignificantes. Importa el método de normalización ya sea usando crecimiento de ganancias o entradas como regressor, y el uso de un enfoque IV no resuelve este problema. Al igual que en otros estudios existe la paradoja estática-dinámica de la ley de Verdoorn. Sin embargo, se argumenta teóricamente que la dinámica ley de Verdoorn es la especificación correcta y esto se confirma empíricamente.

     

Hard‐branding the cultural city – from Prado to Prada

The industrial ‘Event City’, host to World Fair, sporting, cultural and ceremonial mega‐event, has been transformed in its late‐capitalist form into the ‘City as Event’– from the all year round festival city to the ubiquitous ‘Cities of Culture’. These self‐styled culture cities now look to the contemporary art museum and cultural district to provide a cosmopolitan edge to their promotional icons and associations, with Art now acknowledged as an ‘industry’. Cities worldwide, irrespective of their indigenous culture and heritage (e.g. Guggenheim Bilbao, Rio et al.), are thus emulating the brand reinforcement witnessed in leisure and entertainment products and themed experiences, which themselves have entered the retail environment as prime urban consumption spaces. The paper critiques this evolution of the city of culture and the branded art facility in terms of their form and function, arguing that form has followed regional funding, and that culture‐led regeneration and place‐making now mirrors the product branding of Nike and Sony, vying with them for consumer and political attention through the use of star architecture and retail strategies that belie their public good/realm and cultural distinctions. The cost of these flagships and cultural strategies, the paper concludes, is borne in terms of cultural diversity and production versus consumption and mediation; in community cultural activity and amenity; and by those who do not have a stake in the gentrification process which attaches to these globalized grands projets La ‘Ville de l'industrie de l'événement’ (accueillant Exposition universelle ou méga‐événement sportif, culturel ou commémoratif) est devenue sous sa dernière forme capitaliste la ‘Ville‐Evénement’– de la ville festivalière toute l'année, aux ‘Villes culturelles’ ubiquistes. Ces prétendues villes de culture comptent désormais sur le musée d'art contemporain et le quartier culturel pour fournir un atout cosmopolite à leurs associations et icônes promotionnelles, l'Art étant maintenant reconnu comme une ‘industrie’. A travers le monde, quels que soient leurs culture et héritage locaux (ex.: Guggenheim Bilbao, Rio et autres), des villes sont donc en train d'imiter la consolidation de marque appliquée aux produits de loisirs et réalisations thématiques, lesquels ont pénétré la sphère du commerce de détail comme principal espace de consommation urbain. L'article critique cette évolution de la ville culturelle et du lieu artistique ‘étiqueté’, dans la forme et la fonction, affirmant que la forme a suivi le financement régional, et que la régénération ou la fabrication de lieux par la culture reflète la stratégie de marque des produits Nike et Sony; en effet, ils rivalisent avec eux pour attirer consommateurs et politiques, en utilisant une architecture vedette et des stratégies de distribution qui désavouent leurs distinctions culturelles et leur domaine ou bien public. Pour conclure, ces produits vedettes et stratégies culturelles ont un coût en termes de diversié et production culturelles (opposées à consommation et intervention), en charme et activité culturelle de la communauté, coût payé par ceux qui n'ont pas part au processus d'embourgeoisement associéà ces ‘grands projets’ internationaux.     

Part‐Time Work,Fixed‐Term Contracts,and the Returns to Experience

Using data from Spanish Social Security records, we investigate the returns to experience for female workers in different flexible work arrangements. Our model consists of four random‐effects equations simultaneously estimated using Markov Chain Monte Carlo techniques. We find a large negative wage effect of working part‐time (PT), which differs by motherhood status and contract type. We also find that working PT involves lower returns to experience than standard full‐time employment and thus a substantial negative wage effect accumulates over time for those employed PT. Finally, our simulations reveal that working PT also raises the probability of working under a fixed‐term contract.     

Shifts in the Demand and Supply of Skills in the OECD: A Single‐Index Model with a Continuous Distribution of Skills*

This paper proposes a one‐dimensional index for the gap between the demand and supply of skills; this index can be estimated based on the labour market performance of groups defined with characteristics (e.g. education) that are only imperfectly correlated with labour market skills. Using data from five European countries and the US, we find that the relative demand for skills has increased more than the relative supply in the US and UK during the 1980s but not in other European countries. However, the gap between relative demand and supply increased in Italy and the Netherlands from the early 1990s.     

Hostile–vs.–white‐knight bidders

We examine the hypothesis that white knights enter control contests to spend free cash flow instead of paying it out to shareholders. Tobin's q is used to measure management's inclination to invest in negative NPV investments. We find that historically, white knights have over‐invested and their acquisition of the target is one more negative NPV investment. Alternatively, hostile bidders’ past investment decisions have increased shareholder wealth. Furthermore, white knights’ returns upon the announcement of their bid have a significant negative relationship with free cash flow, implying that their bid reveals information about white knights management's investment decisions. Copyright © 1999 John Wiley & Sons, Ltd.     

Improving Leadership Skills in Physicians: A 6‐Month Retrospective Study

The complex medical environment of today calls for physicians to have an array of leadership skills in addition to a thorough knowledge of their specific practice areas. The American College of Obstetrics and Gynecologists (ACOG) Robert C. Cefalo National Leadership Institute is a 3.5‐day intensive leadership development course targeted to physician leaders. A group of 37 physicians completed the ACOG National Leadership Institute in spring of 2013. At course completion and 6‐month postcourse, participants were asked to complete a retrospective pre‐ and posttest of perceived skill levels in 10 targeted competency areas. Course completion and 6‐month postcourse scores indicated statistically significant improvements in scores on all 10 competency areas, which was supported by a Wilcoxon signed‐rank test of median score difference. Qualitative data gathered at the 6‐month postcourse survey provide examples of how participants had applied their skills. The data presented in the current study suggested that intensive, “short‐burst,” experiential leadership training is an effective approach for leadership skills development in physicians.     

Measuring the impact of work reorganization on firm performance: evidence from French manufacturing, 1995–1999

In this paper, we apply the method of selective matching to estimate the causal effect of organizational changes on employment, stock of capital, value added, and factor productivity. Derived from a panel of 2404 French manufacturing firms in 1997, our estimates show that work reorganization improves firm performance overall through a more efficient use of labor and capital, without requiring any increase in the factors of production.     

Making inferences about the polarization,welfare and poverty of nations: a study of 101 countries 1970–1995

Stochastic Dominance techniques are adapted and employed to study the extent and progress of Polarization, Welfare and Poverty of 101 nations over the period 1970–1995. The adaptations provide methods of comparing mass relocation by evaluating various degrees of right and left separation between distributions. The results reveal that, whilst welfare increased and then diminished and poverty diminished and then increased, polarization between rich and poor countries continued unabated throughout the period emphasizing the distinction between polarization and inequality. Copyright © 2004 John Wiley & Sons, Ltd.     

Participatory democracy and political opportunism: municipal experience in Italy and Spain (1960–93)

The relationship between local scale and participatory democracy is one of the main issues of normative theory of democracy. This article tries to show that the development of this model of democracy also depends on institutional factors. In his political opportunism hypothesis the author proposes that local governments have to develop adaptive strategies to make electoral victory compatible with offers of opportunities of participation: on the one hand, because the parties have to make government or opposition action compatible between local and central political levels; on the other, because the supply of participation presupposes the redistribution of power among local interest groups and the possibility of imposing limits over local government actions. To test this hypothesis, the author analyses data on citizen participation among Italian and Spanish local governments by qualitative comparative analysis (QCA). In conclusion, the author argues that political opportunism could limit local democratization and new urban governance initiatives. La relation entre échelle locale et démocratie participative constitue l'une des grandes questions de la théorie normative de la démocratie. L'auteur tente de montrer que l'élaboration de ce modèle de démocratie dépend aussi de facteurs institutionnels. Dans son hypothèse d'opportunisme politique, il propose que les gouvernements locaux mettent au point des stratégies adaptatives afin de rendre toute victoire électorale compatible avec les possibilités de participation offertes, d'un côté parce que les parties doivent rendre compatibles les actions du gouvernement ou de l'opposition entre les niveaux politiques local et central, de l'autre parce qu'une participation potentielle présuppose la redistribution du pouvoir entre groupes d'intérêt locaux et la capacité d'imposer des limites aux actions gouvernementales locales. Cette hypothèse est testée par l'analyse de données sur la participation des citoyens dans les gouvernements locaux italiens et espagnols via une analyse comparative qualitative. La conclusion déduit qu'un opportunisme politique pourrait entraver des initiatives de démocratisation locale et de gouvernance urbaine originale.