Digging Deep to Compete: Vertical Integration,Product Market Competition and Prices

This article establishes a causal effect of product market competition on vertical integration. I exploit a hitherto unexplored natural experiment in the U.S. coal mining industry and a unique mine‐level organizational data set. Following an exogenous increase in product market competition, the incidence of vertical integration fell by 33% within the treatment group relative to the counterfactual. I find novel evidence that transition to the lower degree of vertical integration is driven by competition's reducing market prices by 32% which decreased the incentive to conduct vertical mergers. I discuss several possible interpretations of these changes.     

以质量求生存 靠质量闯市场 视超越为目标 凭实力创辉煌

全面、系统地阐述了长庆石油勘探局的质量管理工作，即：建立和完善质量管理规章制度；作宣贯和质量体系认证；加强施工过程质量控制；实施产品质量的网络动态管理；实施品牌战略；实行用户质量回访质量。并就如何进一步开展质量管理工作进行了探讨。     

Internet Search Behavior,Liquidity and Prices in the Housing Market

We employ detailed internet search data to examine price and liquidity dynamics of the Dutch housing market. We show that the number of clicks on properties listed online proxies demand and the number of listed properties proxies supply. From this internet search behavior, we create a market tightness indicator and we find that this indicator Granger causes changes in both house prices and housing market liquidity. The results of a panel VAR suggest that a demand shock results in a temporary increase in liquidity and a permanent increase in prices in urban areas. This is in accordance with search and matching models.     

X-Inefficiency,Competition and Market Information

Whether competition forces firms toward efficient behaviour is an open question. We consider a duopoly with firms run by managers and affected by adverse selection on costs. In contrast to recent literature, we point out that, to have a genuine effect on firm X-inefficiency, competition must change managerial incentives. By introducing the availability of some signal on the rivals' behaviour we show that, if costs are correlated, the contractual use of that signal can render private managerial information uninfluential. This result stresses the informational role of the market and suggests scope for future work.     

全面质量管理是参与技术市场竞争的前提和有力保证

为油田的勘探开发提供技术服务是西北地质研究所最重要的工作之一。自中国石油天然气股份有限公司成立以来 ,随着企业机制的转变 ,石油勘探开发技术市场的竞争显得异常激烈 ,往往是一个项目有 7、8家单位参与竞标 ,而夺标的关键在于技术水平和服务质量 ,各路高手都使出了浑身的解数 ,在技术市场的竞争我所一度处于非常被动的局面 ,连续五次招标失利 ,不仅在经济上损失惨重 ,信誉也受到影响。所有这些都迫使我们冷静地思考 ,作出决断。通过痛苦的反思之后我们提出了全面质量管理是走出困境的最佳方法的思路。通过责任的分解 ,让每个人肩上都…     

Forecasting Prices and Excess Returns in the Housing Market

The paper uses quarterly indexes of existing single-family home prices estimated with microdata on properties that sold more than once to estimate excess returns to investment in owner-occupied housing. Housing prices and excess returns are estimated over the period 1970:1 to 1986:3 for Atlanta, Chicago, Dallas, San Francisco. Using time-series cross-section regressions we test for the forecastability of prices and excess returns using a number of independent variables. Price changes in one year tend to continue for more than one year in the same direction. The ratio of construction costs to price, changes in adult population and increases in real per capita income all are positively related to excess returns or price changes over the subsequent year. The results add weight to the argument that the market for single-family homes is inefficient.     

Competition in the Korean Internet Portal Market: Network Effects, Profit, and Market Efficiency

Internet portals serve as platforms for coordinating advertisements, content, and user markets. We model portal structure with South Korean market data to explain network effects and other competition factors. We also analyze network effects on profit and market efficiency. The results indicate a negative network effect from banner advertisements in the user market, which is countered by a network effect from content provision. In the advertising market, the network effect from user demand is positively identified, which explains profit making through increased user visits. Furthermore, we show that network effects due to market concentration result in increases in consumer surplus.     

Competition in a Dynamic Auction Market: Identification,Structural Estimation,and Market Efficiency

The model incorporates an infinite series of auctions for identical items (or close substitutes) ordered over time and bidders with unit demand. The participants of each auction are drawn from a dynamic pool, with losing bidders remaining in the pool of potential bidders. The number of bidders in each auction is unobservable. Risk‐neutral, forward‐looking bidders submit bids below valuation. A novel identification and estimation strategy is used to estimate the valuation distribution from an order statistic of the bids. The model is used to evaluate the efficiency of online auctions for a 60GB Apple iPod Video, compared to a perfect‐competition benchmark.     

Real Estate Brokers, Nonprice Competition and the Housing Market

Given a fixed commission rate and easy entry, economic profits must be competed away on some nonprice margin in the real estate brokerage market. This paper focuses on nonprice competition in the level or quality of services offered buyers and sellers in the market, examining the equilibrium adjustment process, comparative static predictions and efficiency implications. In contrast with earlier studies focusing on wasteful advertising, this paper demonstrates that higher commission rates can either increase or decrease deadweight loss, depending upon how broker services affect buyer and seller transaction costs.     

审计市场中的合并、产业专用化投资和价格竞争

本文从产业组织的角度，分析了审计市场的合并、产业专用化和价格竞争等竞争行为，并进一步探讨了这些行为对审计质量和社会福利的影响。本文认为，审计质量的信号传递机制推动了产业中的合并行为，而审计产业的专用化投资行为在于策略性地阻止进入。由于审计产品的异质性、信任品特性以及强大的买方谈判能力使得审计市场存在激烈的价格竞争，而合并和产业专用化投资有助于事务所降低成本。因而，审计市场的竞争提高了社会福利。     

Partnerships, Profit Sharing, and Quality Competition in the Medical Profession

This paper contains a theoretical model of medicalpartnerships with individual quantity and qualitychoice. The firm selects price, the number ofpartners and profit sharing. The firm encouragesinter-firm quality competition and discouragesintra-firm quality competition through differentialprofit sharing. An empirical model using data from anationwide survey of medical practices supports thetheoretical results. Further, empirical resultssupport the view that time per visit can be used as aproxy index for quality in the primary carephysician market.     

Product Market Competition,Executive Compensation,and CEO Family Ties

Review of Industrial Organization - This paper analyzes the interaction between product market competition and family ties on the structure of CEO pay, in a panel of publicly listed family firms....     

Real Estate Investments,Product Market Competition and Stock Returns

By limiting operating flexibility, real estate investments are found to increase firm risk, thus expected returns. This study introduces product market competition as a critical determinant of the relation between real estate investments and stock returns. As part of capacity strategies, these investments are generally associated with increased market power and lower cash flow volatility in oligopolistic industries. I present a simple model of oligopolistic competition showing a negative relation between real estate holdings and firm beta, and empirically confirm this prediction. Controlling for product market competition enhances identification of the endogenous relation between real estate investments and stock returns.     

软包装市场的全球性竞争

据有关资料,全球消费品的软包装市场高达300亿美元。随着消费品生产的全球化,包装基材供应的国际化已经不再是新概念。但包装加工集团的全球化相对而言仍是一个全新的现象。     

近期国内成品油价格走势分析

8月份，为了贯彻落实国务院关于整顿市场秩序的规定和国家经贸委提出的推动成品油价格到位的指示精神，石油与石化两大集团在保持低原油加工量的同时，继续开展联手推价工作；南海休渔期的结束和秋收季节的即将来临，导致农业、渔业用油量增加，国内柴油市场出现复苏迹象；加之市场人士推测国家即将出台有利于提高油品价格的成品油定价新机制，这些因素共同促使国内成品油市场好转。至下旬，大部分地区执行价格已基本上推到位，销量亦有不同程度的增加。从区域差异看，东北、西北大部分地区到位情况较好，销售平稳，华北、华东、中原、西南等地价格波动较大；从品种方面看，柴油普遍好于汽油。     

发电市场寡头竞争综述

讨论了寡头市场中常用的三个模型(Bertrand、Cournot和供应函数模型)在发电市场中的应用,而且比较系统地综述了寡头竞争理论与方法中的一些基本问题和研究状况,评述了相关文献,从几个方面提出寡头竞争理论研究的发展趋势.分析了各模型的特点及存在的问题,指出它们应用的局限性.     

Integrating Africa by Competition and Market Policy

Review of Industrial Organization - Africa has the African Continental Free Trade Area (AfCFTA). The agreement will lower tariffs and facilitate internal market trade on the continent, and policy...     

Forecasting the Discounts of Market Prices from Appraised Values for Real Estate Limited Partnerships

A vexing problem for the appraisal industry has been estimating an appropriate discount for the value of real estate limited partnerships (RELPs) relative to their appraised value. This research develops a linear regression model that explains over 80% of the cross-sectional variation in discounts across 60 RELPs using characteristics of each partnership. Among a holdout sample of 41 RELPs, the model provides forecasts of discounts that are superior to assuming no discount or applying a mean discount to all partnerships. Discounts are greatest for RELPs with low current yields, low leverage and high trading ranges for their market prices.     

当前炼焦煤市场行情及未来走势分析

分析了当前我国炼焦煤市场行情以及影响未来炼焦煤需求的影响因素,综合分析得出山西省煤炭产业政策是影响我国炼焦煤供应的关键因素,对我国炼焦煤进口格局与前景进行了展望。     

Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices

In attempting to explain why housing prices, rents and urban land prices vary so dramatically between U.S. metropolitan areas, a simple model of a metropolitan housing market is presented identifying three interrelated submarkets. Estimating equations for rent, housing prices and urban land prices are identified and estimated using two-stage least squares. The empirical results provide strong support for the theoretical model concerning how these three submarkets interact. The results also suggest that household income and construction costs are the most important factors causing housing prices, rents and land prices to vary between metropolitan areas.