Queensland State Impact and Projection Model: The Household Sector

The Queensland Impact and Projection model is an integrated input–output econometric model of the Queensland economy. Its purpose is to complement a conventional input–output model for analyzing economic impacts at the state level. This paper provides an overview of some of the methods used to model the household sector in an input–output framework, before describing the approach taken in the Queensland model. Some results which support the empirical performance of the model are also provided. It is demonstrated that the integrated model is a viable alternative and improvement on the conventional input–output model. The results are consistent with the static input–output model and conform to expectations about how the economy responds in real impact situations.     

Political, Ideological and Economic Determinants of Abortion Position: An Empirical Analysis of Stale Legislatures and Governors

A bstract . The Supreme Court's decisions in the 1989 Webster and 1992 Casey cases shifted the focus of abortion legislation from the federal to the state level. In light of this shift, the factors that affect the position taken by state level office holders on abortion is examined using state level data. Results of a probit analysis show that a governor's position on abortion is significantly influenced by the governor's ideology as well as the abortion demand of his or her constituency. Similar probit analyses for state senates and stale houses shows that a constituency's abortion demand as well as factors representing the constituency's demand for access to legal abortion services significantly affect the position both legislative bodies take on abortion. Policy maker's ideology is found to play a significant role in shaping state senates' position on abortion, but not the positions of state houses'. This last result is consistent with the proposition that policy makers who have a narrow constituency, such as state house members, have less freedom to make decisions based on their own ideology and are more beholden to the views of their constituency, all else equal.     

Testing Steady‐State Restrictions of Linear Rational Expectations Models when Data are Highly Persistent*

Steady‐state restrictions are commonly imposed on highly persistent variables to achieve stationarity prior to confronting rational expectations models with data. However, the resulting steady‐state deviations are often surprisingly persistent indicating that some aspects of the underlying theory may be empirically problematic. This paper discusses how to formulate steady‐state restrictions in rational expectations models with latent forcing variables and test their validity using cointegration techniques. The approach is illustrated by testing steady‐state restrictions for alternative specifications of the New Keynesian model and shown to be able to discriminate between different assumptions on the sources of the permanent shocks.     

The Determinants and Consequences of Abandoned Takeovers

Takeover activity has attracted a great deal of academic attention over the past three decades. Much of this interest has focused on the study of completed takeovers with a particular interest in seeking to understand the impact of takeover activity on the wealth of both shareholders in acquired and bidding firms. Unlike their completed counterparts, abandoned takeovers have received relatively little academic attention. This is surprising since a significant proportion of takeover bids are unsuccessful. This paper seeks to address the imbalance by providing a comprehensive survey of the takeover failure literature. The paper focuses on two aspects of the literature: First, we discuss and review the factors likely to influence takeover outcome. Second, we examine the consequences of takeover abandonment from the perspective of targets and bidders. We also identify a number of areas where future research may seek to improve further our understanding of the causes and consequences of takeover abandonment.     

The Meaning and Determinants of Skills Shortages

In this paper we use establishment-level data to examine what managers mean when they report having skills shortages. We find that the concept of a skills shortage is not always the same as a hard-to-fill vacancy despite the latter being used by many authors who have considered the economic consequences of skills shortages. It seems that, while employers appear not to have any problems for themselves in interpreting questions on ‘skills shortages’, we cannot rely on them being perceived in a uniform way by all employers. Indeed, many employers stress that, amongst both their existing workforce and job applicants, there appear to be important shortfalls in motivational and attitudinal skills, leading us to believe that social skills are an important part of the skills said to be in shortage. Our findings point to two main conclusions for future research. First, studies that investigate the causes and effects of ‘skill shortages’ need to pay greater attention to their definition and measurement. Secondly, in future research on establishments and their skill formation practices, further steps could be taken to gain clarification either directly or indirectly from respondents as to the experiences they choose to classify as a skills shortage.     

行为金融学视角下投资套利者面临的成本限制与风险

随着金融市场上各种投资套利者出现套利等异常现象的累积,模型和实际的背离使得传统金融理论的理性分析范式陷入了尴尬境地,行为金融学理论悄然兴起。阐述了行为金融学的产生,研究了行为金融对投资套利者面临的成本、限制与风险的影响,最后探讨了行为金融学视角下对投资套利者的启示。     

The Demand for Abortion by Unmarried Teenagers

A bstract A demand model was developed and applied to a nationally representative sample of unmarried, pregnant teenagers drawn from the National Longitudinal Surveys in order to identify the economic determinants of abortion Measures of the opportunity costs of pregnancy were found to play a major role in the individual's decision to give birth or to abort Economic variables in the analysis included predicted wages , local area unemployment rates, other family income, poverty status, and school enrollment status Other factors found to be significant were age, ethnicity , and religiosity In general, young women in favorable economic circumstances were substantially more likely than others to abort a pregnancy     

国有制条件下土地税费对划拨土地开发时机的影响

本文讨论国有制条件下土地税费对划拨土地开发时机的影响。分析结果表明,现行土地税费标准过多地分享了在划拨土地开发或出售后产生的土地收益,因而延缓了划拨土地的开发或出售时机。如果提高开发或出售前的税收,降低开发或出售后的税费将有助于促进划拨土地再开发,增进划拨土地配置效率并加快城市更新速度。研究同时表明,在国有制条件下,政府规定的划拨土地开发或者出售后的使用年限如果过短将延缓土地的开发。     

信贷合约内部机理及关键影响因素研究

以信号理论、信息不对称理论、关系型信贷理论以及债务代理成本理论等信贷合约相关理论为基础,围绕信贷合约的内生变量利率、担保和期限三者之间的相互关系以及影响信贷合约的关键外生变量,提出了若干核心理论假设;在考虑信贷合约要素利率、担保和期限内生性的情况下建立了结构方程模型,同时对结构方程模型解的识别进行了验证,并对结构方程模型进行了理论求解。     

住房交易约束与农户习惯形成

本文分析了现行农村住房制度对农户习惯偏好的影响。利用2000~2008年中国29个省区市的农村住户调查数据得到的估计结果表明,住房交易约束是中国农户习惯形成的重要原因,但不是唯一原因。由于不能通过市场进行交易、不能作为抵押物而获得贷款,中国农户的住房资产不仅未能产生显著的财富效应,反而降低了农户的短期边际消费倾向。     

Impact of Green Innovation on Labor Productivity and its Determinants: an Analysis of the Korean Manufacturing Industry

Due to worsening environmental conditions around the globe, firms have been investing a great deal of money in green technologies as a way of coping with the environmental crisis. This paper uses a unique data set based on the Korea Innovation Survey to examine the impact of green innovation on labor productivity, and the determinants of environmental activities in 2010. The empirical results show that green innovation intended for both firm and customer benefits has a positive effect on labor productivity. This finding means that firms need to implement firm‐oriented green innovation as well as customer‐oriented green innovation in order to increase their performance. Our findings also show that there are significant differences in aggregate green innovations depending on different firm sizes and industries. Specifically, large firms implement environmental activities more than small ones, and pollution‐intensive industries tend to invest more in activities related to environmental technology. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

环境约束下的经济增长效率及其影响因素

本文在考虑了环境因素的前提下,使用三种不同的模型,探讨了中国工业行业的增长效率及其影响因素,得到了以下较为稳健的结论:中国工业行业增长的综合效率较低,其改善还存在着较大空间;不同行业间经济增长效率的差距较大,其中通信设备计算机及电子设备制造业、仪器仪表及文化办公用机械制造业的综合效率提高较快,近些年来已处于完全有效的前沿生产面上;市场化水平、外商直接投资、自主研发都对工业增长的综合效率起到了积极作用;而市场竞争、引进技术经费和技术改造没有达到应有的效果,反而对综合效率的提高起了负面影响.     

居住与就业空间关系的决定机理和影响因素——对北京市通勤时间和通勤流量的实证研究

在中国城市增长和空间重构的过程中,"居住-就业"空间关系逐渐由"职住合一"向"职住分离"演变.基于城市空间结构及区住选择的经典理论和最近的理论创新,结合中国城市的制度环境特点,建立了对通勤时间影响因素进行分析的理论框架,并利用北京市的两套就业者微观样本实证研究了各种制度因素和市场因素(分为就业机会、公共服务设施和住房机会三大类)对通勤时间和通勤流量的影响机理.研究发现:相关理论能够较好地解释北京市的"居住-就业"空间关系.工作机会、住房机会和城市公共服务设施的空间布局是影响"居住-就业"空间关系和通勤时间的三个重要因素.同时中国城市中特有的历史路径依赖性和制度转型特点.增加了"居住一就业"空闻关系的复杂性.论文认为,应致力于减少对劳动力自由选址的制度性约束,在促进产业用地充分集聚的同时,调整公共服务设施的空间布局,改变其过度集中于城市中心的现状,同时在交通便捷的区位提供符合当地劳动力住房需求的住房供给.     

The Determinants of Trade Credit in Transition Countries

The paper investigates the determinants of trade credit in transition countries. Traditional theories of trade credit extension suggest that both financial and commercial motives may induce non-financial companies to assume a role of financial intermediation. Furthermore, specific conditions of financing for companies in transition countries may reserve to trade credit an important role in financial structure. We test the determinants of accounts receivable and accounts payable on a sample of about 9300 companies from nine Central and Eastern European Countries. Results suggest that both financial and commercial motives explain the credit behaviour of firms. However, we do not find generalised patterns in the use of trade credit among all transition countries.     

The Determinants of Price Adjustments in Retail Supermarkets

This paper examines the determinants of price adjustment decisions by supermarkets to increase or decrease prices for 11 different food categories and evaluates the characteristics of these firms that influence these decisions. We use a unique dataset to analyze firm variables and industry variables and their impact on price adjustment in supermarket stores. The study contributes to the price adjustment literature by identifying determinants of price behavior by stores and product category. We find that the rationale for increasing prices differs from that for decreasing prices, retailers make different adjustment decisions based on product category, and market‐level controls have little impact. Copyright © 2015 John Wiley & Sons, Ltd.     

Restrictions on outward portfolio investment and domestic equity markets

Governments sometimes impose restrictions on local investors which effectively prevent them from purchasing overseas equities. Reasons for doing this, from the government's point of view, would include increasing the availability of risk capital to local companies and lowering its costs. The paper analyses this argument in terms of modern portfolio theory. It is shown that, under certain circumstances, domestic equities and overseas equities may be complements rather than substitutes. In this case the effect of the restrictions would be to lower prices on the domestic stock exchange and to raise the cost of risk capital to local companies. Indications are given of the circumstances in which this effect is likely to occur. Policy makers who are not aware of the risk-spreading motives which underly much international portfolio investment in equities are likely to overstimate the benefits to local industry from forcing local equity investors to keep their funds at home.