共查询到20条相似文献,搜索用时 46 毫秒
1.
Wolfgang Lechthaler 《Empirica》2009,36(3):331-350
By allowing firms to invest in their workers’ human capital, this paper extends the traditional analysis of firing costs with
respect to two points, both of them positive in terms of welfare. On the one hand, firing restrictions reduce turnover, thereby
enhancing incentives to provide training. On the other hand, training gives firms the opportunity to lower the costs of firing
restrictions since well-trained workers are less likely to be fired. In this way the negative effects of firing costs on firm
profitability and workers’ job-finding rates are reduced.
相似文献
Wolfgang LechthalerEmail: |
2.
We present a two-sector endogenous growth model with human and physical capital accumulation to analyze the long-run relationship
between population growth and real per capita income growth. Formal education and investment in physical capital are assumed
to be two separate components of human capital production. Along the balanced growth path equilibrium, population change may
have a positive, negative, or else neutral effect on economic growth depending on whether physical and human capital are complementary/substitutes
for each other in the formation of new human capital and on their degree of complementarity.
相似文献
Davide La TorreEmail: |
3.
This paper investigates the determinants of the survival, between 2001 and 2004, of 622 small firms in England. Seventy one
percent of these firms were less than 5 years old in 2001. Prior work by industrial economists has primarily focussed upon
factors such as profitability and exit barriers. In contrast, this paper adopts a more managerial approach by examining whether
the human capital of the business owner and organisational variables explain survival and non-survival. Our results suggest
the founder’s education and bank finance promote firm survival. Firms which compete on price, or report being financially
constrained at start-up, are much less likely to survive.
相似文献
George SaridakisEmail: |
4.
Władysław Welfe 《International Advances in Economic Research》2008,14(2):167-180
Development of “new economies” leading to economies mostly based on knowledge implies the construction of new long-term macroeconometric
models. They should incorporate the impacts of new technologies being endogenized, as well as human capital. The paper discusses
several issues related to the extension of the notion of production function. They cover first of all the measurement and
explanation of total factor productivity (TFP), the role of domestic and foreign R&D expenditures, as well as educational
expenditures. The discussion is extended to include proposals to construct new submodels explaining the sections of research
and education and also the ICT industries.
相似文献
Władysław WelfeEmail: |
5.
In this paper, we empirically assess the importance of regional and sector-specific determinants of industry dynamics. To
this aim we test three hypotheses (originally proposed by Shapiro and Khemani (1987, Int J Indust Organ 5:15–26)) for the
relationship between the entry and exit of firms: independence, symmetry and simultaneity. Estimates from a panel data system
of equations seem to confirm the simultaneity hypothesis for Spain, i.e. we find evidence of a displacement (replacement)
effect between the gross rate of entry (exit) and the gross rate of exit (entry). Also, our results show that, irrespective
of the hypothesis we use, both sectorial and regional variables affect entry and exit.
相似文献
M. ManjónEmail: |
6.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
7.
Micro-heterogeneity and aggregate productivity development in the German manufacturing sector 总被引:1,自引:1,他引:0
A decomposition of aggregate productivity growth of German manufacturing firms that pertain to 11 different industries at
a roughly two-digit level observed over the period 1981–1998 is performed. Productivity is measured by a nonparametric frontier
function approach. The decompositions of productivity allow for an explanation of the aggregate outcomes by the quantification
of the effect of structural change and the contributions of entering and exiting firms. Our results show that these forces
drive aggregate productivity to a considerable extent. Remarkably, the large productivity improvements after the German reunification
are mainly driven by structural change.
相似文献
Jens J. KrügerEmail: |
8.
The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate
of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled
by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows
a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in
outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.
相似文献
Gian Luca ClementiEmail: URL: http://pages.stern.nyu.edu/~gclement |
9.
This paper uses a human capital earnings equation to quantify administrative corruption in the public sector. Regression analyses
are conducted based on information from surveys administered to public officials in Albania. After accounting for officials’
characteristics, e.g., schooling, experience, gender, type of agency, and public and private sectors’ features, we deduce
that the administrative corruption was on average 2.6× the officials’ current salary in Albania, which is equivalent to 16.7%
of the country’s GDP.
相似文献
Omer GokcekusEmail: |
10.
Kersten Kellermann 《Empirica》2008,35(2):129-143
The paper contributes to the discussion of fiscal competition with infrastructure goods. We explicitly focus on the costs
of providing public infrastructure capital that appear in the public budget as investment. Thus we analyse the problem in
a dynamic framework. Public infrastructure is considered as a marginal product complement to private capital. A central result
of the model is that the fact that public capital is a complement to private capital, so that an increase in the supply of
public capital ceteris paribus improves the marginal productivity of private capital, cannot be used as an argument to support a source tax. The so-called
indirect productivity effect on private capital induced by public inputs does not justify the taxation of mobile capital.
Rather, the efficiency of a source tax on mobile capital income depends on the question of whether or not the public input
generates a factor rent to private capital.
相似文献
Kersten KellermannEmail: |
11.
Johann Burgstaller 《Empirica》2009,36(3):229-244
This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied
concerning the aggregate factors that help to explain the time-series variation in both the numbers of and proceeds from initial
public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues,
but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low
cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and
economic terms. The proceeds from IPOs, rather than funds raised by firms already listed, are used to finance subsequent investment.
相似文献
Johann BurgstallerEmail: |
12.
Persefoni V. Tsaliki 《International Review of Economics》2008,55(4):363-371
A systemic element of prevailing economic growth and development is the massive introduction of machinery into the production
process. The introduction of new technologies became decidedly a debated issue in economic analysis because of the dual character
of technology, which simultaneously creates and destroys employment, advances and deteriorates labor skills. This paper attempts
to introduce the relative issues and to assess the extent to which the introduction of machinery into the labor process improves
human capital or simplifies labor skills and forms a stream of unskillful laborers.
相似文献
Persefoni V. TsalikiEmail: |
13.
The purpose of the paper is to examine formally the fundamental implication that technical inefficiency (TI) is related to firm exit. Traditional stochastic frontier models allow for the measurement of TI but do not allow for a direct effect of TI on exit. We propose a model which allows for such effects and consists of a stochastic frontier model, and an additional equation that describes the probability of exit as a function of covariates and TI. Since TI is unobserved, econometric complications arise, and obtaining consistent estimates is non-trivial due to the presence of integrals in the likelihood function. We propose and implement maximum likelihood estimation one step, employing data for 3,404 manufacturing firms in Greece. We find significant positive effects from TI on the probability of exit. We also propose and provide measures of TI that respect the fact that unobserved TI affects the probability of exit and compare them to TI measures from the traditional stochastic frontier model.
相似文献
Theodore A. PapadogonasEmail: |
14.
Dimitris K. Christopoulos 《Empirica》2007,34(3):273-280
This short paper explores the relationship between investment and saving rates in a sample of 13 OECD countries over the period
1885–1992. To this end, I employ panel cointegration tests based on the maximum likelihood approach developed by Johansen
(J Economic Dynamics Control 12:231–254, 1988) instead of conventional panel cointegration residual based tests, in order to draw sharper conclusions. Using estimation
techniques appropriate for heterogeneous panels I find a low degree of capital mobility for the sub-periods 1921–1992 and
1950–1992. The findings overwhelmingly support the hypothesis of perfect capital mobility in the short run.
相似文献
Dimitris K. ChristopoulosEmail: |
15.
The family has not been exempt from the multiple and rapidly occurring changes in the world today, particularly in market
economies. The number of marriages has declined, age at first marriage has risen, the number of divorces has risen sharply,
the fertility rate has declined, and the division of labor within families has changed, not always in ways that might be expected.
This paper subjects these developments to a market process analysis, drawing on the voluminous work occurring in family economics.
The Austrian theory of capital, with its emphasis on capital heterogeneity, is relevant. We place particular emphasis on the
importance of the structure of human capital within marriage and how investments in such human capital have been affected
by the uncertainty that these changes have produced. We also examine investments in marriage-specific human capital and in
general human capital (particularly as they relate to childcare). This is then related to the incidence of divorce and the
causes and spoils from divorce. The advent of no-fault divorce seems to have been seminal in this regard. We end with a brief
glance at the future.
相似文献
Peter LewinEmail: |
16.
Determinants of firm survival: a duration analysis using the generalized gamma distribution 总被引:2,自引:0,他引:2
We use parametric duration analysis to study the survival of Austrian firms. We find that hazard rates in both manufacturing
and services initially increase, reach a peak after the first year of operation and then decrease with age. The maximum hazard
rate is higher in services. We also find differences in hazard rates among different types of manufacturing industries distinguished
by the nature of their sunk costs, their reliance on human resources and inputs from external services. Finally, we find that
larger initial size and higher market growth, and at the same time lower net entry and declining market concentration prolong
the life of an entrant.
相似文献
Michael PenederEmail: |
17.
Kinga Mazur 《International Advances in Economic Research》2007,13(4):495-514
The main objective of this paper is to investigate which of the two competing capital structure theories – the pecking order
of financing choices or the traditional static trade-off model – better describes the financing decisions in Polish companies
traded on the Warsaw Stock Exchange (WSE). The data come from financial statements of the companies and cover a 5-year period,
2000–2004. First, a correlation is run in order to separate a set of significant factors influencing the capital structure
from the list of the following independent variables: assets structure, profitability, growth opportunities, liquidity, firm
size, product uniqueness, earnings volatility, non-debt tax shields, dividend policy, and the effective tax rate. Next, in
order to test the relationship between capital structure and its potential determinants, multiple regression is run. The evidence
generally suggests the relevance of the pecking order hypothesis in explaining the financing choices of Polish firms.
相似文献
Kinga MazurEmail: |
18.
George C. Bitros 《The Review of Austrian Economics》2008,21(4):301-328
This paper centers on the structure of capital and the useful lives of its components by considering an economy with two representative
firms, one producing a necessity and another producing a luxury. This difference determines their reinvestment opportunities.
Therefore, while the one applies replacement, the other adopts scrapping. However, as these capital policies lead to different
service lives, the analysis confronts the issues raised by Miller (Review of Income and Wealth 29:284–296, 1982, Review of Income and Wealth 36:67–82, 1990) and deals with them by drawing on Haavelmo’s (A study in the theory of investment, Chicago: The University of Chicago Press, 1960) suggestions regarding the aggregation of capital. Among other findings, it turns out that the simulation results are highly
robust, thus demonstrating that real-world implications may be even stronger than strictly suggested by the model.
相似文献
George C. BitrosEmail: |
19.
Art Carden 《The Review of Austrian Economics》2009,22(1):1-19
Ludwig von Mises argued that capital goods were “conservative elements” that constrain future production decisions. Similarly,
social capital and institutions also constrain future production decisions. These insights are applied to the institutional
transformation of the post-Reconstruction American South. It is argued that the structure of social capital that developed
in the South was inappropriate to the formal institutions that emerged as a result of the Civil War and Reconstruction. The
tensions between institutions and social capital are examined in the context of racist lynching.
相似文献
Art CardenEmail: |