Becoming a green entrepreneur: An advanced entrepreneurial cognition model based on a practiced-based approach

International Entrepreneurship and Management Journal - This paper examines how entrepreneurs develop the intention to make their venture green, even when “being green” doesn’t...     

Random encounters and information diffusion about product quality

This paper explores how social interactions among consumers shape markets. In a two-country model, consumers meet and exchange information about the quality of the goods. As information spreads, demand evolves, affecting the prices and quantities manufactured by profit-maximizing firms. We show that market prices with informational frictions reach the duopoly price with full information at the limit. However, this convergence can take different paths depending on the size asymmetry between countries. In particular, when the country producing the low-quality good is relatively large, the single market does not immediately turn into a duopoly and can be temporarily trapped in a situation of price instability where no Nash equilibrium in pure (but only in mixed) strategies exists and prices can fluctuate between their monopoly and duopoly levels. It follows that the classical price-reducing effects of international trade may take longer to appear. In view of an intense globalization process, understanding how social meetings affect market outcomes is critical for understanding the performance of international economic integration.     

How convergent are rice export prices in the international market?

This study revisits the issue of long-term price convergence of rice export prices for India, Pakistan, Thailand, Uruguay, the United States, and Vietnam using a two-stage pairwise unit root testing approach. To deduce evidence or lack of proof of convergence in price series, we also examine convergence using sigma and beta convergence specified in both unconditional and conditional frameworks. The methodology used is driven by the need to address three key concerns: (i) the likelihood of finding stationary price differentials, (ii) the magnitude of these differentials, and (iii) their speed of adjustment. To evaluate these concerns, we use monthly data for 18 price series drawn from these six countries from September 2011 to February 2021. The evidence points to a lack of international convergence. This gives rise to the possibility that a shield from a general downward export price trend is already in place for some exporters. Furthermore, we find that the likelihood of convergence is greater between pairs of price series that are characterized as high quality or having the same country of origin or having similar market share. Evidence also suggests that a converged pairing is more likely to have a smaller price differential if both price series are for low-quality rice.     

Responsible care

The following is excerpted from a speech given at the International Conference on Chemical Process Safety Management held in Toronto, Canada, May 15, through 18, 1990.     

Correction to: When are committees of Condorcet winners Condorcet winning committees?

Review of Economic Design -     

CEO mobility and corporate payouts

We examine how chief executive officer (CEO) mobility affects corporate payouts. We exploit US state courts’ staggered adoption of the inevitable disclosure doctrine (IDD) to obtain exogenous variation in mobility. We report several findings. First, we find that firms in IDD-adopting states increase dividend payouts, whereas the effect of IDD on share repurchases is insignificant relative to firms not in IDD-adopting states. Second, the increase in dividends is concentrated on firms run by CEOs having high ability. Third, CEOs increasing dividends are less likely to be forced to leave their jobs. Fourth, the increase in dividends is concentrated on firms run by early-career CEOs rather than retiring CEOs. Last, CEOs increasing dividends receive more favorable shareholders’ say on pay votes for higher pay. Our evidence supports the notion that restricted mobility induces CEOs to choose a dividend policy that enhances their positions with their shareholders.     

CEO cultural background and corporate cash holdings

This paper examines whether the cultural background of chief executive officers (CEOs) affects corporate cash holdings. Using UK data from 2000 to 2018, we find that CEOs with a cultural background that emphasises power distance and uncertainty avoidance are positively associated with corporate cash holdings, while CEOs with a cultural background that emphasises masculinity are negatively associated with corporate cash holdings. Our results are robust to various robustness tests. Further analyses show that the impact is more pronounced when power is concentrated among top executives, when the CEOs have a degree of discretion in pursuing their own goals, and when information asymmetry is high.     

When are committees of Condorcet winners Condorcet winning committees?

Review of Economic Design - We consider seat-posted (or designated-seat) committee elections, where disjoint sets of candidates compete for each seat. We assume that each voter has a collection of...