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Antonello D'Alessandro Giulio Fella Leonardo Melosi 《International Economic Review》2019,60(3):1413-1432
Using a Bayesian structural vector autoregression analysis, we document that an increase in government purchases raises private consumption, the real wage, and total factor productivity (TFP) while reducing inflation. These three facts are hard to reconcile with both neoclassical and New Keynesian models. We extend a standard New Keynesian model to allow for skill accumulation through past work experience. An increase in government spending increases hours and induces skill accumulation and higher measured TFP and real wages in subsequent periods. Future marginal costs fall lowering expected inflation and, through the monetary policy rule, the real interest rate. Consumption increases as a result. 相似文献
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Filippo Vitolla Nicola Raimo Michele Rubino Antonello Garzoni 《Business Strategy and the Environment》2019,28(8):1558-1571
Integrated reporting (IR) is a new corporate‐reporting system that aims to represent the firm's value creation in the short, medium, and long term. In contrast to other disclosure systems focusing on non‐financial dimensions, including social and environmental aspects, IR is characterized by information connectivity. In recent years, integrated reporting has received increasing interest, both academic and professional. However, report quality is still a critical aspect of IR. Although several studies investigate IR, few focus on quality and its determinants. This study aims to fill this gap by investigating the impact of national culture, an external determinant, from a stakeholder theory perspective. The results show that IR quality is related to five dimensions of Hofstede—power distance, individualism, masculinity, and indulgence negatively and uncertainty avoidance positively. This study contributes to the relevant literature by analysing an additional factor that influences the quality of corporate reports, namely, national culture. This is the first study that investigates national culture as a determinant of integrated‐reporting quality. 相似文献
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This paper focuses on multinational companies' creation of linkageswith local firms in the electronics industry. Evidence is drawnfrom a novel data-set, covering international operations ofthe top European and US electronics companies, over the period1984–95. Econometric tests are provided to highlight howfirms' multinational experience, measured by the extent of theirpresence in foreign countries, affects cooperative agreements,as opposed to licensing and foreign direct investments. It ishighlighted that multinationals' subsidiary accumulation hasa positive and significant impact on collaborative linkageswith local firms. This contrasts with the transaction cost viewunderlying most market-entry literature, but is consistent witha dynamic efficiency perspective which emphasises the role oflinkages in learning and knowledge accumulation and exploitation. 相似文献
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Candida Bussoli Claudio Giannotti Francesca Marino Antonello Maruotti 《European Financial Management》2023,29(1):327-348
This paper aims to prove whether financial rationing condition leads European enterprises to increase trade debt during the period 2008–2016 and whether companies offering deferred payments to customers obtain trade debt from suppliers. The work contributes to the existing literature by finding new empirical evidence on the substitution and matching hypotheses in times of crises, measuring the specific rationing conditions for businesses and distinguishing large, medium, small and micro-sized companies. The results revealed that, in times of crisis, medium, small and micro firms, highly likely to be constrained, employ trade credit more extensively, as those granting deferred payment terms. 相似文献
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There are doubts regarding the empirical benefits of forecast aggregation. Theoretical research clearly supports forecast aggregation but conflicting results exist in the empirical literature. We search the literature for empirical regularities. One important issue often cited is estimation error and papers which are unsupportive of forecast aggregation often have short spans of data. A second empirical regularity is that researchers frequently use a relatively small number of disaggregates. Our work finds that the greatest benefits to aggregation are realised when a large number of disaggregates are used. This is a natural consequence of the theoretical results. A second critical issue in forecast aggregation is model selection. We suggest a simple guide to model choice based on the empirical properties of the data. In this regard, the extent of comovements between the constituent series determines model choice. 相似文献
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Using dynamic panel data econometric techniques, we analyzethe price structure of sequential auctions of modern and contemporary art that took place inItaly during the period 1983–1996. Contrary to previous empirical studies, we do not find anyafternoon effect, or decline of auction prices relative to estimated values. Taking intoconsideration the structure of the auctions and the dynamic nature of price determination, we proposean interpretation of the empirical results that encompasses previous contributions. 相似文献
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Quality & Quantity - The Servqual model (Parasuraman et al. in J Mark 49(4):41–50, 1985; J Retail 64:12–40, 1988) involves a set of five dimensions ranked as the most important for... 相似文献
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Nominal wage adjustment is modelled as resulting from bargaining between a risk‐neutral firm and a risk‐averse worker, in an environment where the rate of inflation is a random variable. Risk aversion makes for endogenous indexation arrangements, which deliver partial indexation as they exploit imperfect inflation indices; moreover, risk aversion generates a positive correlation between indexation and inflation variance. The model suggests a distinction between complete versus incomplete inflation adjustment, on the one hand, and perfect versus imperfect adjustment, on the other. 相似文献
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Exploiting and creating knowledge through customer–supplier relationships: lessons from a case study
Through an in-depth analysis of a customer–supplier relationship in the information technology market, we illustrate the complexities of vertical coordination processes. We focus on the strategic and organizational criteria that suppliers and customers must design in order to favour interaction between their heterogeneous competencies. In the examined case, the supplier provides general purpose knowledge to be utilized and enriched through the contact with, and fertilization by, application abilities available at the customer level. 相似文献