THE AUSTRALIAN FIREARMS BUYBACK AND ITS EFFECT ON GUN DEATHS

The 1996-1997 National Firearms Agreement (NFA) in Australia introduced strict gun laws, primarily as a reaction to the mass shooting in Port Arthur, Tasmania, in 1996, where 35 people were killed. Despite the fact that several researchers using the same data have examined the impact of the NFA on firearm deaths, a consensus does not appear to have been reached. In this paper, we reanalyze the same data on firearm deaths used in previous research, using tests for unknown structural breaks as a means to identifying impacts of the NFA. The results of these tests suggest that the NFA did not have any large effects on reducing firearm homicide or suicide rates. (JEL C22, K19)     

The social costs of gun ownership

This paper provides new estimates of the effect of household gun prevalence on homicide rates, and infers the marginal external cost of handgun ownership. The estimates utilize a superior proxy for gun prevalence, the percentage of suicides committed with a gun, which we validate. Using county- and state-level panels for 20 years, we estimate the elasticity of homicide with respect to gun prevalence as between + 0.1 and + 0.3. All of the effect of gun prevalence is on gun homicide rates. Under certain reasonable assumptions, the average annual marginal social cost of household gun ownership is in the range $100 to $1800     

Do downturns cause desperation? The effect of economic conditions on suicide rates in Canada

There is conflicting evidence concerning the impact of macroeconomic conditions on suicide rates. To help resolve this pertinent question, we present evidence using Canadian data. We estimate feasible generalized least squares models of annual gender-specific suicide rates in the working age population (aged 25–64) using data from each of the 10 Canadian provinces over the period 1982 to 2007. We allow for heteroscedasticity across provinces and first-order autocorrelation common to all provinces. We posit that suicide rates in this population are a function of macroeconomic conditions (current and lagged unemployment rates and real per capita GDP) and other determinants that might be correlated with macro conditions, such as physician supply. We find that different factors affect suicide rates across genders and that some of the results are sensitive to the specification of the model we use and the regressors included. Generally, economic conditions affect men more than women; suicide rates are counter-cyclical and a higher supply of psychiatrists in a province is correlated with lower suicide rates.     

THE IMPACT OF GOVERNMENT INVESTMENT ORGANIZATIONS IN MALAYSIA ON THE PERFORMANCE OF THEIR PORTFOLIO COMPANIES

Research into the impact of government ownership on the financial performance of listed companies typically assumes the government to be a monolithic entity and fails to consider that government ownership rights are administered by different types of government organizations. Exploring the financial performance of government controlled listed companies we find that in Malaysia the impact of government ownership varies depending on the type of organization which manages the government's ownership stakes. Taking into account golden Share provisions as well as the presence of senior civil servants and of politicians on boards of Directors, we find that firms controlled by investment organizations under federal government control tend to outperform firms controlled by regional governments’ investment organizations.     

Does crime deter South Africans from self-employment?

The very high crime rate in South African cities is often argued to be the main reason for the country's small share of business ownership and self-employment. This paper revisits this hypothesis. We estimate the effect of crime on business ownership and performance using a matched dataset of census, survey and police data. In contrast to previous studies, which take into account perceived rather than actual crime and often focus on specific geographic areas, we do not find robust evidence that high crime rates have a negative impact on business ownership. Even though our estimate of the effect of crime is statistically significant and negative, it is economically small. Further, we find no evidence for a negative effect of actual crime on sales, profits and investment of informal businesses. This may imply that the low share of business ownership and self-employment in South Africa must have other reasons. These results may also suggest that crime may not be in general a serious threat for small businesses in low and middle-income countries, however, this needs further empirical research.     

Economic uncertainty,ownership structure and small and medium enterprises performance

This paper investigates the effect of economic uncertainty on the performance of small and medium enterprises (SMEs) over the period 2007–2016. This paper also examines the effects of ownership structure on the relation between Economic Uncertainty and firm performance. We find that an increase in economic uncertainty is negatively associated with the performance of SMEs. Our results also reveal that increased economic uncertainty is associated with a lower performance level for state-owned SMEs, whereas foreign-owned SMEs can better mitigate the negative impact of on their performance than domestic-owned firms.     

Multinational firms,acquisitions and job tasks

We revisit the question how inward FDI and multinational ownership affect relative labor demand. Motivated by the recent literature that distinguish between skills and tasks, we argue that the impact of multinational and foreign ownership on the demand for labor is better captured by focusing on job tasks rather than education. We use Swedish matched employer–employee data and find that changes of local firms to both foreign and Swedish multinationals increase the relative demand for non-routine and interactive job tasks in the targeted local firms. Hence, in a high-income country, both inward and outward FDI have a task upgrading impact on local firms. The effect is primarily driven by wage effects leading to increased wage dispersion for workers with different non-routine and interactive task intensity. We also show that the effect is not the same as skill upgrading since dividing employees by educational attainment does not capture changes in the relative labor demand. Hence, our results suggest a new aspect of the labor market consequences of FDI.     

转轨经济中的所有权与竞争:来自中国上市公司的经验证据

本文以国内制造业上市公司为研究对象 ,分析市场竞争和所有权结构对其产出增长率的影响。研究结果表明 ,所有权集中度与公司产出增长率之间存在U形关系 ;激烈的产品市场竞争对公司产出增长率具有正向影响 ,而且这种正向影响只有在股权分散和股权高度集中的企业中才较为显著。因此 ,可以认为市场竞争和所有权结构在强化公司治理方面存在互补关系     

Competition and ownership structure: Substitutes or complements? Evidence from the Warsaw Stock Exchange

In this paper we analyse the impact of product market competition and ownership structure on firm performance. Our results show that product market competition has a positive and significant impact on performance. Concerning the effect of ownership concentration, we find a U–shaped relationship with performance. Firms with relatively dispersed and relatively concentrated ownership have higher productivity growth than firms with an intermediate level of ownership concentration. This correlation between concentration of ownership and productivity growth is not explained by the type of the controlling shareholder. Finally, product market competition and good governance tend to reinforce each other rather than to be substitutes. Competition has no significant effect on performance for the firms with ‘poor’ governance; on the contrary, it has a significant positive effect in the case of firms with ‘good’ corporate governance. JEL classification: D24, G32, L1, P2.     

Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms

We examine the effect of ownership structure on firm performance, for firms listed on Vietnamese stock exchanges, using 2744 firm‐year observations over the period from 2007 to 2012. We find a non‐linear relationship between ownership structure and firm performance. State ownership has a convex relationship with firm performance. This paper finds that firm performance increases beyond 28.67 percent level of state ownership. Foreign ownership has a concave relationship with firm performance. We find that firm performance increases with an increase of foreign ownership up to a level of 43 percent and then decreases. Policy makers should encourage foreign ownership and widely dispersed state ownership in firms, which can help improve firm performance.     

Post-privatization corporate governance and firm performance: The role of private ownership concentration,identity and board composition

We examine and analyze the post-privatization corporate governance of a sample of 52 newly privatized Egyptian firms over a period of 10 years, from 1995 to 2005. We look at the ownership structure that results from privatization and its evolution; the determinants of private ownership concentration; and the impact of private ownership concentration, identity and board composition on firm performance. We find that the state gives up control over time to the private sector, but still controls, on average, more than 35% of these firms. We also document a trend in private ownership concentration over time, mostly to the benefit of foreign investors. Firm size, sales growth, industry affiliation, and timing and method of privatization seem to play a key role in determining private ownership concentration. Ownership concentration and ownership identity, in particular foreign investors, prove to have a positive impact on firm performance, while employee ownership concentration has a negative one. The higher proportion of outside directors and the change in the board composition following privatization have a positive effect on firm performance. These results could have some important policy implications where private ownership by foreign investors seems to add more value to firms, while selling state-owned enterprises (SOEs) to employees is not recommended. Also, the state is highly advised to relinquish control and allow for changes in the board of directors following privatization as changing ownership, per se, might not have a positive impact on firm performance unless it is coupled with a new management style.     

The effects of state and Federal gun control laws on school shootings

School shootings are the highest profile type of murder in the United States. They are also the rarest type of murder. In 2014, there were only 17 firearm murders that were perpetrated in schools and colleges. The purpose of the present study is to determine the relationship between school shootings and state and Federal gun control laws. Using a Poisson, two-way fixed effects model, it was found that assault weapons bans reduced the number of school shooting victims by 54.4%. All other gun control laws (concealed carry laws, private sale background checks and Federal dealer background checks) had no statistically significant effects on school shootings. Although assault weapons bans may reduce the overall number of school shooting victims, the average reduction in murder victims may be less than 10 per year. Hence, it is unclear if gun control is the most appropriate policy to use to reduce the number school shooting victims.     

Ownership structure,governance, and innovation

This paper tests the impact of firms׳ ownership structure on innovation in a context featuring pronounced ownership concentration and conflicts between large and minority shareholders. Using data for 20,000 Italian manufacturers, and accounting for the possible endogeneity of ownership levels, we find that ownership concentration negatively affects innovation, especially by reducing R&D effort. Conflicts between large and minority shareholders appear to be a determinant of this effect. Moreover, risk aversion induced by lack of diversification exacerbates large shareholders׳ reluctance to innovate. Family owners support innovation more than financial institutions, but the benefits of financial institutions increase with their equity stakes.     

Foreign-owned firms around the world: A comparative analysis of wages and employment at the micro-level

This paper provides the first microeconomic cross-country analysis of the effects of foreign ownership on wages, employment and worker turnover rates. Using firm-level and linked worker-firm data, we apply a standardised methodology for three developed (Germany, Portugal, UK) and two emerging economies (Brazil, Indonesia). We find that wage effects are larger in developing countries, and that for each country the largest effect on wages comes from workers who move from domestic to foreign firms. Employment growth after foreign takeover is concentrated in high-skill jobs. In contrast to widespread fears, there is no evidence that wage gains come at the expense of greater job insecurity; separation rates actually fall slightly after takeover. We conclude that the positive effect of foreign ownership on wages is not primarily driven by its impact on incumbent wages, but by its impact on the creation of high-wage jobs.     

The effect of health improvements due to tobacco control on earnings in the United States

There is minimal evidence causally estimating the relationship between tobacco tax policy, population health and earnings. This article uses state tobacco taxes as an instrument for life expectancy to estimate the effect on earnings per capita in a panel of almost 3000 counties in the United States over the period 1970 to 2000. In the first stage of the model, we find that a one dollar increase in state tobacco taxes significantly increases life expectancy between 1.9% and 2.1%. Despite showing that tobacco tax is correlated with higher life expectancy and that, theoretically, improvements in health from reductions in smoking should lead to increased earnings, we find an insignificant impact of the induced gains in life expectancy from tobacco policy on county level earnings per capita over the period 1970 to 2000. The lack of significance is explained through local average treatment effects and the smaller economic impact of certain policies that impact health later in life. These results provide further evidence that the most effective interventions for improving income later in life are policy interventions with a direct impact on the health of younger cohorts rather than older cohorts.     

Discounting telephone service: An examination of participation in the Lifeline Assistance Program using panel data

We examine the Lifeline Assistance Program to consider reasons people forgo a program providing financial benefits. Using panel data we employ a feasible generalized least squares estimation in which the dependent variable is the logit of the Lifeline participation rate. Our unique database incorporates characteristics of the eligible rather than the general population. We find incumbent telecommunications providers’ enrollment efforts are statistically significant, and that home ownership and female head of household are associated with greater participation; being elderly and less educated are associated with less participation. Additionally, we find that an increase in the local phone rate is associated with increased participation. Our findings are important for regulatory policy surrounding the Lifeline program and universal service programs generally.     

Public insurance and child hospitalizations: access and efficiency effects

The 1983-1996 period saw enormous expansions in access to public health insurance for low-income children. We explore the impact of these expansions on child hospitalizations. While greater access to inpatient care may increase hospital utilization, improved efficiency of care for children who are also newly eligible for primary care could lower hospitalization rates. We use a large sample of child discharges from the National Hospital Discharge Survey (NHDS) to assess the net impact of Medicaid expansions on hospitalizations during this period. We find that total hospitalizations increased significantly, with each 10 percentage-point rise in eligibility leading to an 8.4% increase in hospitalizations. Thus, the access effect strongly outweighs any efficiency effect produced by expanded coverage. However, we find some support for an efficiency effect: the increase in hospitalizations for unavoidable conditions is much larger than that for avoidable conditions that are most sensitive to outpatient care. Indeed, the increase in avoidable hospitalizations is less than half that of unavoidable hospitalizations, and it is not statistically significant. We also find that expanded Medicaid eligibility reduced the average length of stay, but increased the utilization of inpatient procedures, so that the net impact on total costs per stay is ambiguous.     

Ownership structure,monitoring, and market value of companies: evidence from an unusual privatization mode

This study analyses the impact of ownership structure and market liquidity on company value. We investigate different aspects of ownership: the risk of political interference, private investors vs. the state acting as influential blockholders, and preferential political treatment of companies. Using a unique dataset of Polish partial privatizations initiated by shares transfers to entities under limited government influence, we find that government divestments can enhance company value, due to reduction in risk of political interference. A potential increase in the liquidity of trades in transferred companies’ shares also boosts their market value. On the other hand, an increased likelihood of the emergence of private blockholders able to expropriate minority shareholders reduces the firm’s market value. Our results support the political view of privatization: governments have objectives different to profit maximization, which leads to suboptimal investment from this point of view and lower market value of companies. We also develop a model to empirically distinguish between different aspects of ownership on company value.     

传承意愿与家族企业国际化：制度环境的调节效应

研究家族企业主的传承意愿对国际化的影响及制度环境对二者关系的调节效应,结果表明:家族所有权传承意愿(即仅意图传承家族所有权)对国际化程度和国际化速度有显著负向影响,家族管理权传承意愿(即仅意图传承家族管理权)对国际化程度和国际化速度有显著正向影响,家族所有权与管理权同时传承意愿(即意图同时传承家族所有权与管理权)对国际化速度有显著正向影响;随着制度环境的改善,家族所有权传承意愿对国际化速度的负向影响减小,家族管理权传承意愿对国际化程度和国际化速度的正向影响减小,家族所有权与管理权同时传承意愿对国际化速度的正向影响减小。     

The impact of private vs. public ownership on the level and structure of employment

We examine the effects of private vs. public ownership on the level and structure of employment using uncommonly rich data on the population of Portuguese firms from 1991 to 2009. We find that private ownership is associated with sizeable job losses. This occurs whether we consider privatizations or nationalizations, and the relationship tends to be stronger in the presence of foreign capital. We also find some evidence that private ownership is associated with higher skill utilization, particularly following privatizations and when foreign investment is present. The estimated job losses associated with private ownership are consistent with a theory in which the shift in ownership increases the degree of profit orientation and leads to lower job security.