A league of their own: services exporters – a developing country perspective

This paper provides a firm-level portrait of services exporters along with goods exporters in a developing country. Current findings of firm-level services trade literature suggest that the stylized facts of goods trade apply to services trade as well for a set of developed countries. This paper investigates if similar results hold for a developing country, Turkey, for the period 2003–2008. Most results lend support to the evidence found in the previous literature. However, the analysis of Turkish data shows that firms that export both goods and services are larger than those exporting goods or services only while multinationals that sell only goods are bigger than multinationals exporting both goods and services or those exporting only services.     

Where are the airlines headed? Implications of airline industry structure and change for consumers

The airline industry is undergoing unprecedented change. This paper explores the consumer impacts of recent airline industry change, in the context of its oligopoly market structure and current industry environment. Economic and noneconomic events, increasing competition from low‐fare carriers, technological developments, and changes in industry practices are transforming consumer travel and interaction with airlines. Consumers can anticipate more direct flights, increased price transparency, and increased fees and time cost of security.     

The Feldstein–Horioka puzzle in Latin American and Caribbean countries: a panel cointegration analysis

In this paper, the recently developed panel unit root and the Pedroni cointegration tests are applied to empirically examine the validity of the Feldstein–Horioka puzzle (F–H puzzle) for a heterogeneous panel of 14 Latin American and five Caribbean countries over the period, 1960–2002. The findings indicate that in these countries, the long-run solvency condition is maintained. Finally, employing the Pedroni panel group FM-OLS estimator (2000, 2001), it is found that the statistically significant estimated savings-retention coefficient for the panel is relatively small indicating that the F–H Puzzle is not valid and thus implying the prevalence of a moderate degree of capital mobility.

Analysis of the social policy parameters by forecasting indicators of social sector financing

The paper continues the publication started in our journal (2007, no. 1) of the forecasts made in the integrated system “Population, Incomes, Consumption” developed by the Central Economics and Mathematics Institute of the Russian Academy of Sciences. The forecasts cover indicators of social sector financing at different level: macro-level, by population groups, and by family type. The paper shows that expansion of the statistical base and its updating after the population census in 2002 have lead toserious changes in the forecast of the major social policy parameters. Their detailed analysis and conclusions are presented.     

Institutional problems of introducing innovations

The article considers the problems of the transition from the stage of making innovation decisions during the implementation of fundamental research and the exploratory studies for the practical development, creation, and introduction of innovations. It is noted that many of the accumulated problems were inherited from the Soviet times and that some emerged after the disintegration of sectoral research. It is proposed to use the experience of developed countries (Japan, South Korea) in addressing these issues with allowance for the specifics of the Russian applied sector. The suggested approach is called the “two-way innovation transition” where, on the one hand, the key role is assigned to management companies, which are set up as public-private partnerships and on the basis of chain organization provide the implementation of innovation projects and support the setting up of small innovation businesses, and, on the other hand, the promotion of a state-funded wide network of engineering centers oriented to the application of licenses and patents, including foreign ones, as well as to the maintenance of the imported technical facilities, equipment, and technologies.     

水体中有机污染综合指标的快速监测方法进展

水体的有机污染综合指标主要有COD,BOD和TOC,研发以上指标的快速测定方法具有十分重要的现实意义。介绍了COD,BOD和TOC等指标的快速监测方法的进展。     

The Sarbanes-Oxley Act and CEO tenure,turnover, and risk aversion

Using a sample of CEO turnover from 1999 to 2005, we find that CEOs become significantly more risk averse following the passage of the Sarbanes-Oxley Act, SOX. Their increased risk aversion may serve as an explanation for why CEO tenure is not significantly shortened and forced CEO turnover is not more likely post-SOX, as we document in this paper. In addition, we provide evidence that financial restatements have some effects on CEO tenure and the probability of forced CEO turnover. This may be due to intensified monitoring activities by the board and the financial press in the post-SOX era, but we cannot contribute all of it to SOX. In some occasions, SOX seems to weaken the effect of board monitoring on CEO tenure and the effect of firm performance on CEO risk aversion. Though the increased monitoring level post-SOX contribute to the increased CEO risk aversion, little impact is found from the SOX-mandated accuracy and transparency of financial reporting.     

Sensitivities for Bermudan options by regression methods

In this article, we propose several pathwise and finite difference-based methods for calculating sensitivities of Bermudan options using regression methods and Monte Carlo simulation. These methods rely on conditional probabilistic representations that allow, in combination with a regression approach, for efficient simultaneous computation of sensitivities at many initial positions. Assuming that the price of a Bermudan option can be evaluated sufficiently accurate, we develop a method for constructing deltas based on least squares. We finally propose a testing procedure for assessing the performance of the developed methods and give a numerical illustration.     

Managerial Views of Corporate Impacts and Dependencies on Ecosystem Services: A Case of International and Domestic Forestry Companies in China

A line of research is emerging investigating the private sector impacts and dependencies on critical biodiversity and ecosystem services, and related business risks and opportunities. While the ecosystem services narrative is being forwarded globally as a key paradigm for promoting business sustainability, there is scarce knowledge of how these issues are considered at managerial level. This study thus investigates managerial views of corporate sustainability after the ecosystem services concept. We analyse interviews conducted with 20 managers from domestic and international forestry companies operating with a plantation-based business model in China. Content analysis was employed to analyse the data, with a focus on four key areas: (1) interviewee familiarity with the ecosystem services concept; (2) their views of corporate dependencies and impacts on ecosystem services; (3) related business risks and opportunities; and (4) viability of existing instruments and practices that can be employed in detecting and addressing business impacts and dependencies on ecosystem services. Through an inductive approach to the empirical findings, we refined a framework that holds operational value for developing company response strategies to ecosystem services impact/dependence assessment, ensuring that all issues are addressed comprehensively, and that related risks and opportunities are properly acknowledged.