The natural resource curse and economic transition

Using cross-country regressions, we examine the relationship between “point-source” resource abundance and economic growth, quality of institutions, investment in human and physical capital, and social welfare (life expectancy and infant mortality) for all countries and for the economies in transition. Contrary to most literature, we find little evidence of a natural resource curse for all countries. Only the “voice and accountability” measure of institutional quality is negatively and significantly affected by oil wealth. In the economies in transition, there is some evidence that natural resource wealth is associated with lower primary school enrollment and life expectancy and higher infant mortality compared to other resource rich countries. Compared to other economies in transition, however, natural resource abundant transitional economies are not significantly worse off with respect to our indicators.     

“资源诅咒”的传导机制及其文化审视

基于我国40个地级资源型城市2000-2009年的面板数据,实证检验了资源型城市的资源诅咒传导机制,并从文化角度进行了阐释。认为制度文化影响下的资本积累不足、人力资本挤出、制造业挤出、技术创新挤出,以及精神文化影响下的人力资本开发障碍、非理性消费、创新精神缺乏等传导机制致使资源型城市出现文化堕距、陷入资源优势陷阱,制约了资源型城市的可持续发展。     

The costs and benefits of a satellite-based system for natural resource management

This paper presents the results of a two-year study commissioned by the Department of Interior to examine the costs and benefits of a remote data acquisition system for natural resource management. Because earlier experience with a number of experimental programs had been so favorable, it was felt that a full analysis should be undertaken. Subsequently, five areas were selected for detailed investigation: agriculture, land use, forestry, water resources, and rangeland. In each instance, the modeling was performed within the framework of a case study. Net benefits were derived from two sources: (1) cost savings at the data acquisition level; and (2) increased economic efficiencies at the operational level. Calculations were done parametrically to account for technological diffusion, uncertainties in implementation, and various assumptions concerning discount rates and cloud cover impacts. The results have shown that a two-satellite system will more than likely pay for itself over the program's planned ten year life.     

Capacity constraints and the winner's curse in multi-unit common value auctions

We explore the role of capacity constraints in establishing efficient pricing in multi-unit common value auctions in a setting relevant to auction-based equity IPOs. The method of inquiry is experimental economics. We find that sufficiently large capacity constraints mitigate the overbidding that plagues single-unit auctions and is one of the most robust laboratory findings. We also uncover a puzzling propensity for most bidders to place a portion of their bids at prices above their signals. This disequilibrium behavior persists with experience and in cases with substantial losses in previous auctions. Our results suggest caution is warranted in promoting auction based IPOs that allow unrestricted access by the non-professional investing public.     

Linking human resource management practices and customer satisfaction on product quality

Although research has addressed relationships between human resource management (HRM) practices and several firm performances, it remains rare for studies to assess the processes that may underlie such relationships. This study aims to investigate the relationships between HRM practices and product quality by hypothesizing a mediating role of organizational commitment. We design a conceptual model and construct hypotheses that are tested using structural equation modeling on data collected from an international sample. The study contributes to the theoretical and empirical development of a model to explain and open the black box between skill-developing HR practices and quality performance.     

Total quality management and human resource systems: an international comparison

This paper takes advantage of a unique international data set to examine the determinants of the adoption and sustainability of total quality management techniques, focusing in particular on the role played by human resource professionals and practices. The data come from a 1991 survey conducted by Ernst and Young and the American Quality Foundation covering the use of TQM tools in the computer, auto, health care and banking industries in Japan, the United States, Canada and Germany.

The research distinguishes between two ways of implementing total quality management – one approach conceptualizes TQM as a relatively limited set of technical engineering changes while the second implements these technical changes as part of a larger transformation of the organization of work. We find support for the second approach in that the number of employees using quality tools and the number of quality tools in use is greater and lasts longer in firms that also have team-based human resource systems for frontline employees, with team structures, suggestion systems, meetings and group rewards. This central finding holds across all countries and industries studied.

We also find that achievement of these changes requires the commitment of organizational stakeholders to incorporate the interests of employees in strategic decision making. Though union presence alone does not predict the adoption or sustainability of these innovations, partnership between management and union does have a positive effect. The level of strategic influence of the human resource department also influences innovation, though in ways that differ across countries and industries.

The findings suggest the value of comparative studies and of research focused at exploring sub-national variation. The findings also suggest the value of a longitudinal study of the sustainability of innovation.     

An analysis of the relationship between total quality management-based human resource management practices and innovation

Innovative management models consider human resources to be a key dimension in the innovation process and its performance. In particular, the knowledge of the people making up the staff and their creativity is fundamental. However, scant study has been made of what specific type of policies and practices in human resource management fosters better knowledge, attitudes and behaviour in the staff that will lead to the best performance in innovation. This paper studies the relationship between the policies and practices of human resource management from the viewpoint of total quality management and performance in innovation. Specifically, it is argued that there is a direct relationship, as well as a possible moderating effect, of strategic orientation towards innovation. An empirical study made of 106 Spanish industrial firms found no evidence of this moderating effect, although it did find evidence of a direct relationship and, in particular, of the positive effects of teamwork on technological innovation.     

School quality and housing prices: Empirical evidence from a natural experiment in Shanghai,China

The endogeneity of education quality and quantity accounts for difficulties in appropriately identifying the causal relationship between education and housing prices. To determine how education quality is capitalized into housing prices, we deal with endogeneity bias by employing a natural experiment occasioned by China’s education reforms. Based on monthly panel data for 52 residential areas in Shanghai, we conducted a natural experiment based on the exogenous designation of specific high-quality schools as Experimental Model Senior High Schools (EMSHS). Our natural experiment proved useful in analyzing how new information affected housing prices in China’s developing housing market. We found evidence that housing prices included allowances for these new EMSHS designations. In general, the presence of an additional EMSHS (of the best quality) per square kilometer increases housing prices by 17.1%. If one additional, previously non-designated high school is designated as EMSHS in a residential area, housing prices will be 6.9% higher.     

A policy proposal for natural resource management in the rainforest of Madre de Dios,Peru: The concession system and land tenure reform

Madre de Dios in south-eastern Peru, like other tropical regions, faces important threats that are resulting in a loss of forest resources. The predominant types of land tenure in the rural zones of Madre de Dios are mining, agricultural and forestry concessions of land given by each Ministry to the settlers. Concessionaires fail to act as owners, because concession contracts do not guarantee secure property rights. Short-term non-sustainable land uses are favored over sustained management practices. The way in which people use the natural resources depends upon the allocation of rights over those resources. Considering communal property as a policy proposal: a system of land tenure which does not facilitate legal titling of the lands occupied by settlers and loggers will continue to hinder the possibility of developing sustainable long-term management strategies. In this article, the main proposal for a policy reform is that the land tenure system of concessions currently employed by the Peruvian government must be replaced with the assignment of legal communal land titles to the settlers' communities (not to isolated individuals) who are currently occupying forest lands in the region. The communal land titles would create an incentive for privately motivated group management of the forests, which could help reverse some of the wasteful and indiscriminate uses of land currently government-owned.     

Individual versus institutional investors and the weekend effect

Since the late 1980’s, considerable research has focused on the behavior of individual versus institutional investors and the potential patterns which may emerge from their trading activities. Miller (1988) and Abraham and Ikenberry (1994) posit that the tendency for negative Monday returns on equity (i.e., the weekend effect) is at least partially explained by the trading behavior of individual investors. Sias and Starks (1995), on the other hand, present empirical evidence showing a dominant role played by institutional traders. This study contributes to the literature by distinguishing between individual versus institutional trading as it relates to the weekend effect. We find that the information-processing hypothesis is consistent with observed institutional trading patterns, thus supporting the results of Sias and Starks (1995). In addition, these results are shown to be robust with respect to market type (i.e., auction and dealer markets).     

Missing quarterly earnings benchmarks, CEO cash compensation and institutional ownership

Research suggests that transient institutions, i.e., institutions with short-term investment horizon,make management focus on short-term earnings goals. This study examines incentive in terms of CEO cash compensation that explains why management concentrates on short-term earnings results when transient institutions hold high levels of ownership. Using quarterly consensus analysts＇ expectations as a proxy for short-term earnings benchmarks, the author finds that CEO cash compensation and the frequency with which management misses quarterly earnings benchmarks in a year （MISSNUMt） are more strongly negatively associated in firms with high transient institutional ownership than in firms with low transient institutional ownership, suggesting that transient institutions strengthen the inverse relation between CEO cash pay and missing short-term earnings benchmarks and hence increase pressure on management in terms of cash pay for short-term results. Moreover, the author shows that change in CEO cash compensation is positively associated with change in transient institutional ownership, consistent with the idea that selling shares by transient institutions influences the boards of portfolio firms in CEO cash compensation decision. This study contributes to the governance literature and is relevant to business managers by providing additional evidence that transient institutions provide less patient capital and may not benefit long-run firm value creation.     

人力资源的确认、计量与收入分配设计

人力资本是稀缺的人力资源,是人力资源当中可参加剩余收入分配的部分.人力资源应该确认为企业的一项资产,人力资产的增加同时确认一项人力负债与一项人力权益的"人力资本"的增加.其中"人力负债"记录未来工资的折现额,而"人力资本"的账面价值反映为"人力资产"价值与"长期应付款"的差额.文章详述了以上有关新增科目的账务记录及账户反映,并创新地提出人力资本的分配对象为经济增加值(EVA).     

Spatial competition,concentration and welfare

This paper gives the general conditions under which the firm's f.o.b. mill price may rise or fall due to spatial separation of buyers and/or spatial entry of rival firms. Several theorems are proposed concerning the fundamental mechanism underlying certain paradoxical implications of two orthodox spatial competition models. A third alternative model of competition set forth elsewhere is reexamined, and is shown to generate the largest market areas for individual firms, the lowest product prices, and the greatest industry supply — the greatest consumer welfare.     

Firms,public good provision and institutional uncertainty: Evidence from Russia

Enterprises in post-socialist and transition economies often participate in providing infrastructure and social services to the surrounding community which in the Russian legal setting should be local authorities’ responsibility. We propose that this bundling of social and infrastructure goods provision with firm's core operations is a fully rational choice in an uncertain institutional environment. A unique survey data suggest that this manifests itself through more reliable infrastructure, stronger employee attachment to the firm and, most interestingly, through better relations with the authorities. Relationship with authorities is a two-way game where the firm gains from the arrangement but on the other faces sanctions if it decided to depart from it. Firm's participation in the arrangement is clearly enhanced by inherited fixed capital assets from the Soviet era.     

Corruption,conflict and the management of natural resources

The documented link between natural resources and civil conflict is not well understood. This paper uses a political economy framework to explore the prevalence of resource-based civil conflict driven by group-level discontent. The theoretical model proposed here offers a policy-based explanation: under conditions related to the quality of governance, discontent about resource management can affect the likelihood of an insurgency. Resource policy arises endogenously as the corrupt government trades-off industry contributions and the cost induced by manifestations of resource-related discontent. The conservation effects of civil unrest are analyzed and government corruption emerges as an important determinant of conflict. The paper also presents some empirical support for the model’s predictions.     

Sharing,gift-giving,and optimal resource use in hunter-gatherer society

Economics of Governance - Hunter-gatherer societies are characterized by decentralized decision making and shared access to resources. Goods are distributed via reciprocal exchange, sharing, and...     

Slack,natural slack,and location covering

This paper presents a goal programming approach to location covering and contrasts the resultant models with other covering formulations. One of the primary differences between the models forwarded in this paper and those of previous studies in the notion of slack and natural slack in the definition of coverage relations. Our approach takes advantage of the latter concept, natural slack, and produces a location covering form which is more flexible in the determination of objective functions than that of other formulations. Furthermore, we show how the goal programming framework adopted herein allows consideration of a wider range of location covering policy issues.