共查询到20条相似文献，搜索用时 0 毫秒
1.
Alasdair Brown 《Southern economic journal》2012,79(2):388-398
We study UK horse racing for signs of conflict between horse owners (principals) and trainers (agents). Trainers often prepare their own horses for races in addition to having outsiders' horses in their care. Utilizing betting market data to infer the expected performance of a horse, we find that owner–trainer horses outperform outsider–trainer horses, indicating that this principal–agent relationship is characterized by agent shirking. If the owner holds a large proportion of the horses in the trainer's stable, the shirking effect may be mitigated but not eradicated. In a separate result, we find that outsider–trainer horses are more inconsistent than their owner–trainer peers. As inconsistency is a sign of betting market manipulation, this suggests that the agent in this setting extracts a second, informational rent from the principal. 相似文献
2.
Daniel G. Arce 《Southern economic journal》2011,77(4):843-855
This article examines recent claims about the necessity of integrity in agency relationships by putting agents with preferences that reflect integrity in an evolutionary competition with opportunistic agents. Corporate culture is modeled through a process of assortative matching between principal and agent types (via industry or group effects). This leads to a characterization of corporate governance where integrity is linked with value creation. 相似文献
3.
We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked by relative performance as measured by short‐term paper returns. Those who rank highly attract a larger share of new fund inflows. In an environment in which prices are typically close to intrinsic value, the effect of these incentives is mild. However, in an environment in which markets are prone to bubble, mispricing is greatly exacerbated by relative performance incentives and becomes even more pronounced with experience. 相似文献
4.
Michael R. Ward 《Southern economic journal》2016,82(4):1247-1265
Video games are an increasingly popular leisure activity. As many best‐selling games contain hyper‐realistic violence, many researchers and policymakers have hypothesized that violent games cause violent behaviors. Laboratory experiments have found evidence suggesting that violent video games increase aggression. Before drawing policy conclusions about the effect of violent games on actual behavior, these experimental studies should be subjected to tests of external validity. Our study uses a quasi‐experimental methodology to identify the short‐run and medium‐run effects of violent game sales on violent crime using time variation in retail unit sales data of the top 30 selling video games and violent criminal offenses from both the Uniform Crime Report and the National Incident‐Based Reporting System from 2005 to 2011. We find no evidence of an increase in crime associated with video games and perhaps a decrease. 相似文献
5.
Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official target rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal communication channels in a generalized autoregressive conditional heteroskedasticity model framework, we provide comprehensive evidence on the effects of U.S. monetary policy on 17 emerging equity market returns over the period 1998–2009. We find, first, that both monetary policy actions and communications have a significant impact on market returns. Second, target rate change surprises are an important driver of emerging market returns. However, informal communications—particularly when taking into account their higher frequency—have a larger (cumulative) influence on returns than do target rate surprises. Third, during the recent financial crisis, central bank communication played an even more pronounced role. Finally, American emerging markets react more to communications than do non‐American markets. 相似文献
6.
The disposition effect describes the tendency of investors to sell assets that have increased in value since purchase, and hold those that have not. We analyze the introduction of betting market “Cash‐Outs,” which provide a continual update—and therefore increase the salience—of bettors' paper profits/losses on each bet. We find that the introduction of Cash‐Out increased the disposition effect in this market, as punters sold their profitable bets with greater frequency than before. We do not, however, find that the disposition effect has any impact on asset prices, either before or after this intervention. 相似文献
7.
Daniel G. Arce 《Southern economic journal》2014,80(4):938-947
The experience curve is a tool for forecasting future decreases in average cost as a function of cumulative output/volume. The extent of an experience effect has profound implications for both pricing strategy and the focus on market share as a managerial objective. At the same time, the underlying sources of the experience effect are not well understood. This article demonstrates that, as commonly measured, experience effects are aggregated with the effects of increasing returns to scale. This implies that standard experience curve estimates are misspecified because they suffer from an omitted variable bias. Strategic implications of the experience‐scale link are discussed. 相似文献
8.
Bill M. Woodland 《Southern economic journal》2015,82(1):38-54
Sports and racetrack betting markets have been investigated by researchers for more than 50 years. Many authors have argued that the observed biases and inefficiencies in these markets are a consequence of bettors incorrectly assessing the objective probabilities that favorites or underdogs will win. This article is the first examination of the National Football League season wins total over/under betting market where the designations of favorite and longshot do not apply. The market is found to be highly inefficient, providing several opportunities for profitable wagering. We believe these inefficiencies are a consequence of the representativeness heuristic. Most significantly, there is evidence that bettors, when considering teams with strong records in the previous season, overreact to historical performance and fail to recognize the statistical phenomenon of regression to the mean. 相似文献
9.
Uniform customer‐class pricing can do much of the work of congestion‐based or time‐of‐day pricing in communication or wireless networks. A monopolist exploits differences in the stochastic characteristics of demands. If demands are correlated and the firm faces a capacity constraint, then it can set prices to reduce the variability of aggregate demand, thereby reducing the probability of excess demand and the associated service quality deterioration. Demands that covary negatively with aggregate demand are valuable to the firm in much the same way that securities that covary negatively with the market are valuable in a stock portfolio. Customer classes that exhibit low covariance with aggregate demand realize lower optimal prices. Optimal capacity is also affected by these covariances. As long as demands are not perfectly positively correlated, expected costs of joint production are less than expected costs of serving demands separately. 相似文献
10.
fiona tregenna 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2008,76(S2):S175-S204
This study examines the linkages between the manufacturing and services sectors, and between each of them and the rest of the domestic economy, based on analysis of input-output tables and employment trends. This reveals that manufacturing is particularly important as a source of demand for the services sector as well as the rest of the economy through its strong backward linkages, which suggests that in this respect a decline in manufacturing could negatively affect future growth. Services are especially important in terms of employment creation, both direct and indirect. 相似文献
11.
This article examines the interlocking directorates' structure of prominent Argentine business groups at the end of the import substitution period (1970–72), identifying corporate relations among and between business groups and the largest companies, during a period characterised by high institutional and macroeconomic instability. Applying social network analysis, it seeks to clarify how business groups can contribute to the cohesion of a corporate network structure, through their ability to create links among firms not only within their boundaries but also external to them. The article contributes to both corporate network and business groups' literature, highlighting a role of business groups that extant literature has failed to identify as relevant. 相似文献
12.
Tickets to sporting events are highly differentiated—seat location, date and time of the game, and home‐team and opponent qualities make each ticket unique. Preferences also differ nontrivially across fans, all of which make the supplier's pricing problem complex. We examine strategies employed by Southeastern Conference (SEC) universities in pricing their football tickets and evaluate their effectiveness in extracting surplus from fans. We use hedonic analysis of data collected from online secondary market transactions to construct a synthetic season ticket, which we compare to prices actually charged by university athletic departments. We also compare quality premiums charged by universities for better seats with market evaluations of those quality differences. 相似文献
13.
We analyze the price impact of sentimental bettor preferences within a bookmaker betting market. A theoretical model demonstrates that, under reasonable assumptions about the nature of demand in a market with strong competition, the bookmaker will offer lower prices for bets with comparatively stronger demand. Using a sample of more than 16,000 English soccer matches we find evidence that more favorable odds are extended to bets on more popular clubs and that this effect is amplified on weekends when sentimental bettors face lower opportunity costs to wager. Our findings help to explain why the market for sports gambling operates as a hybrid structure with bookmakers able to attract a considerable share of the betting volume, although identical contracts are traded on exchange markets at lower costs: the organizational design of a quote‐driven market enables the dealer to take advantage of sentimental bettor preferences. 相似文献
14.
This article investigates how job security impacts risky decision making. In a theoretical model, we show how risk‐taking can be affected by job security. Agents with moderate job security become more risk averse as their job security increases. Conversely, agents with very high (or low) job security act in a more risk neutral manner. We test these predictions using data on head coaching decisions from the National Football League, finding that job security has a negative and statistically significant effect on risk‐taking. 相似文献
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16.
Various socio‐demographic characteristics determine credit card ownership. Based on a hurdle‐count data model, the decision on card ownership is separated into two parts: whether to own one, and if so, how many cards to hold. Results indicate that age, race, education, income, number of loan commitments, household size and current account ownership have clear influences on the probability of ownership and quantity of card holdings. Common perception that easy access to credit via credit cards makes multiple card holdings enticing is not validated as results show that easy access to credit was not a significant driver of the number of cards owned. Card ownership and quantity of card holdings have implications for market competition among credit card issuers. 相似文献
17.
SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of ?71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of providing a level playing field for investors. Theories from financial economics can explain the markets' poor performance in the absence of regulatory and legal institutions, but they cannot easily explain why issuers were able to raise capital in such a setting. 相似文献
18.
Much of the recent empirical literature examining the New Economic Geography has focused on how access to markets impacts wages. In this article, we consider an alternative aspect of the theory by examining how access to markets affects industry growth. We develop a model relating the growth of two key measures of market size—market access and supplier access—to growth in industry employment and the real value of industry shipments. We estimate the model using data on U.S. manufacturing industries between 1984 and 1996. We find strong evidence to suggest that access to markets positively affects industry growth. 相似文献
19.
Jipeng Zhang 《Southern economic journal》2016,82(4):1349-1373
We revisit the effect of traders' experience on price bubbles by introducing either one‐third or two‐thirds steady inflow of new traders in each of four consecutive experimental asset markets. We find that bubbles are still reduced in the treatments with a steady inflow of new traders, but at a slower pace compared to the baseline treatment in which new traders are only introduced in the last market. Our analysis of individual trading behavior shows that the slower abatement of bubbles in the inflow treatments can be attributed mainly to the inexperienced traders who make more mistakes than experienced traders. 相似文献
20.
Theoretical models of group lending assume that all group members are identical in terms of their effect on repayment performance. In practice, however, this may not be true. We use a unique data set obtained from a survey of 160 borrowing groups in Jordan to investigate the impact of joint liability, screening and monitoring activities, and social ties of the group leader and other group members on repayment performance as measured by the intensity of default using a negative binomial II model. Our results suggest that the joint liability and screening activities of the leader are more strongly related to repayment performance than the same variables for the rest of the group members. Social ties of all members have a significant effect on repayment, while monitoring activities have no effect. 相似文献