Cross-listing in the home market after going public in the U.S.

This study analyzes the impact of cross-listing on the abnormal returns of a unique sample of 34 Israeli stocks that went public in the U.S. and then cross-listed in their home market, Tel Aviv Stock Exchange (TASE). The behavior of abnormal returns around cross-listing date implies that cross-listing in TASE is an effective mechanism in reducing market segmentation between the U.S. and the Israeli capital markets. Risk assessment following cross-listing suggests a decline in the risk exposure, which further supports a higher degree of integration between the two markets due to cross-listing.     

The effects of major U.S. domestic airline code sharing and profit sharing rule

This paper presents a structural model of code sharing among major U.S. domestic airlines and estimates a profit‐sharing rule. The profit‐sharing rule between partner firms in code sharing is estimated at 0.92, which suggests that the operating carrier acquires around 92% of profits from a round‐trip, and the marketing carrier retains 8% as a commission fee. Meanwhile, the economies of code sharing reduces marginal cost, and firms are able to price at higher markups. This implies that demand increases and consumers have larger surplus if code sharing creates new products.     

U.S. Strategic Trade Policy and the Competitiveness of the U.S. Construction Industry in Developing Country Markets

SUMMARY

U.S. government trade policy increasingly reflects “strategic trade” beliefs that, because competition in markets is imperfect, governments can act strategically to affect trade flows and enhance national welfare. The U.S. National Export Strategy targets the infrastructure sector in twelve developing countries as a strategic opportunity for U.S. construction firms. This paper examines whether U.S. government export promotion initiatives effectively implement strategic trade policy by providing appropriate support to these firms in that target market. It concludes that, within limits, they do.     

Sentiment and the U.S. business cycle

Psychological factors are commonly believed to play a role on cyclical economic fluctuations, but they are typically omitted from state-of-the-art macroeconomic models.This paper introduces “sentiment” in a medium-scale DSGE model of the U.S. economy and tests the empirical contribution of sentiment shocks to business cycle fluctuations.The assumption of rational expectations is relaxed. The paper exploits, instead, observed data on expectations in the estimation. The observed expectations are assumed to be formed from a near-rational learning model. Agents are endowed with a perceived law of motion that resembles the model solution under rational expectations, but they lack knowledge about the solution’s reduced-form coefficients. They attempt to learn those coefficients over time using available time series at each point in the sample and updating their beliefs through constant-gain learning. In each period, however, they may form expectations that fall above or below those implied by the learning model. These deviations capture excesses of optimism and pessimism, which can be quite persistent and which are defined as sentiment in the model. Different sentiment shocks are identified in the empirical analysis: waves of undue optimism and pessimism may refer to expected future consumption, future investment, or future inflationary pressures.The results show that exogenous variations in sentiment are responsible for a sizable (above forty percent) portion of historical U.S. business cycle fluctuations. Sentiment shocks related to investment decisions, which evoke Keynes’ animal spirits, play the largest role. When the model is estimated imposing the rational expectations hypothesis, instead, the role of structural investment-specific and neutral technology shocks significantly expands to capture the omitted contribution of sentiment.     

美国城市郊区化与都市区发展

一、美国城市化扩散与都市区的形成　　 1 美国城市郊区化过程美国从 19世纪末到 2 0世纪初开始城市郊区化过程 ,这一阶段多为富人对较高生活质量的追求而在通勤铁路线上出现“卧城”或称“乡村别墅区”。在2 0世纪 2 0～ 30年代 ,纽约、芝加哥等大城市郊区城镇人口开始超过市中心人口 ,但总体来说这一时期的城市人口超出郊区人口。二战后由于汽车与高速公路的发展推动了“大众郊区化” ,联邦政府和地方政府投入巨资兴建高速公路 ,至 2 0世纪 6 0年代高速公路网已深入乡间 ,中间阶级和高收入的蓝领工人纷纷涌入郊区。从 194 0年到 1970年 ,…     

Value Added and Corporate Control in the U.S.

This paper examines the ability of value added to assess the differences between target firms and their industries and to explain target firms' abnormal returns during the takeover period. In a sample of 234 completed takeovers over the period 1977 to 1989, takeover targets have lower value added to total assets ratios than other firms in their industries in the year preceding the year in which the takeover is completed. Target firm abnormal returns observed during the takeover period are positively related to the difference between target Firm and average industry value added to total assets. This suggests that while acquired firms are on average underperformers, acquiring firms value the access to, and possibly the ability to redistribute, the resources of target firms.     

U.S. productivity in agriculture and R&D

This paper examines the impact of R&D on multifactor productivity in the U.S. agricultural sector over the 1910–1990 period. We use the Bennet–Bowley indicator to measure agricultural productivity based on a multiple output-multiple input technology. We demonstrate the relationship between the price dependent Bennet–Bowley indicator and the Luenberger productivity indicator which is constructed from directional distance functions without requiring price information. These performance measures are dual to the profit function which arguably makes them especially useful in the agricultural setting. We employ time-series techniques to investigate the effect of R&D on the pattern of productivity growth. We find that we cannot reject the presence of a cointegrating relationship between the two series and that productivity growth in the U.S. agriculture responds positively to R&D expenditure with a lag of between four and ten periods.

美国是如何管理城市的

为了学习和借鉴美国大城市管理的经验 ,由市委研究室、市市政管委、市国土资源和房屋管理局等课题参与单位组成的北京市城市管理考察团 ,从2 0 0 1年 9月 4日至 9月 1 4日 ,先后对美国首都华盛顿、纽约、旧金山、洛杉矶等主要城市进行访问考察 ,与华盛顿市政府、美国住房和城市发展部、斯坦福研究中心、乔治梅森大学公共政策院、世界银行东亚及太平洋地区城市发展部、洛杉矶市政府城市规划局等单位的政府官员和专家学者 ,就城市管理理论研究和实践探索领域的有关内容开展交流 ,取得了预期效果。　　一、美国城市管理的一些成功做法　　通过…     

International trade and the U.S. wage structure

Politicians are concerned about the effects of increased foreign trade on U.S. workers. Data from 1978 to 1987 are used to appraise the impact of foreign trade on U.S. manufacturing wages. The results indicate that wages are positively associated with a sector’s level of international comparative advantage. However, this follows from other characteristics aside from the net trade balance. These characteristics may include rent sharing or international technological convergence. Imports and exports also influence wages, where this impact varies with the industry’s unionization. Regardless, the results suggest that greater trade is not a major cause of the decline in U.S. real wages.