The Impact of the 9/11 Events on the American and French Stock Markets

Markets reacted strongly to the World Trade Center attacks both in Europe and in the United States. The extent of this crisis was difficult to assess at the time, underlining the need for a specific tool to measure the magnitude of financial crises. A first measure was recently proposed and applied to the foreign exchange market by Zumbach et al. (2000a,b ). Their measure relies on an analogy with geophysics; the related index of market shocks (IMS) that we propose here is also the counterpart of the Richter scale used for earthquakes. We apply this measure on the French and the American stock markets to put large market events into perspective. The crisis triggered by the September attacks was actually the worst since 1987, and the ninth worst when compared to major historical ones.     

Estimation of Agricultural Production Functfons on a World-Wide Basis

Agricultural production is becoming increasingly capital and research intensive. Hayami and Ruttan, along with others, have developed and applied the metaproduction functional approach to the examination of this phenomenon on a worldwide basis. Limitations to the approach derive from a restrictive functional form chosen for estimation, and from a restrictive specification of agricultural capital and land. This study addresses those difficulties by use of the flexible translog functional form for estimation and by specifying an overall agricultural capital index and a land measure incorporating differences in the quality of land (agricultural natural resource) endowments. Estimation results indicate that agricultural comparative advantage in production is likely shifting to developed countries relative to LDC's due to capital constraints in the latter. Also agricultural potential (i.e., land endowments) do not serve to differentiate nations on the basis of agricultural production. Investment in agriculture, including land improvement, is key to the determination of comparative advantage. La production agricole fait appelle de plus en plus a beaucoup de re-cherches et de capitaux. Hayami et Ruttan, avec d'autres, ont developpe et appliqué l'approche fonctionnelle métaproduction pour examiner ce phénomena à l‘échelle du monde. Les limitations de cette approache provienneent de la forme fonctionnelle restrictive choisie pour l'estimation, et de la spécification restrictive de capitaux et terres agricoles. Cette étude traite ces difficultés en utilisant la formule “translog’ fonctionnelle adaptable pour l'estimation et en spécificant un indice du capital agricole global et une mesure de terre qui incorpore les différences du qualité des terres agricoles (ressources agricoles naturelles). Tous les résultats estimatifs indiquent que l'avantage comparatif agricole de production s'incline vers les pays développés parraport aux PMD dû aux constraintes de capitaux dans ces derniers. Aussi la capacité agricole (c'est à dire la richesse des sols) ne sert pas à différencier les nations sur le plan de production agricole. L'investissement dans l'agriculte, notamment l'amélioration de terre, est la cief pour déterminer l'avantage comparatif.     

Common Stock Returns in Corporate Takeover Bids: The Case of Brokerage House Acquisitions

This paper examines the common stock returns of three groups of bidders that purchased brokerage houses. Only in the cases of horizontal mergers, one brokerage house purchasing another, are there abnormal returns associated with the purchase. Neither bank holding company bidders nor non-financial bidders gain significantly when purchasing a brokerage house. Bank holding company bidders face considerable regulatory delays, and these economic disturbances may eliminate their gains. Bank holding company expansion into these non-bank activities does not appear, at the time of announcement, to either hurt or benefit them; hence, this expansion does not appear to further the loss exposure of the Federal Deposit Insurance Corporation.     

Selected individual differences and collegians' ethical beliefs

This paper develops twenty hypotheses concerning the relationships among selected individual differences variables (locus of control, delay of gratification, gender, and race) and five different ethical beliefs. The results of a study of collegians provide support for seventeen out of twenty research hypotheses. As predicted, locus of control, delay of gratification, and race are related to ethical beliefs. Also as predicted, gender is not related to ethical beliefs. Michael K. McCuddy, Professor of Human Resource Management at Valparaiso University, has conducted research on a variety of organizational topics. His work has been published in the Academy of Management Journal, Journal of Applied Psychology, Journal of Organizational Behavior Management, The Health Care Supervisor, and Management Accounting. His current interests involve academic ethics and subsequent career behavior, organizational morality and organizational success, and ethics in the management accounting profession. Barbara L. Peery, Adjunct Professor of Management at Virginia Commonwealth University, teaches courses in Entrepreneurship and Human Resources Management. Her scholarly work has been published in the Journal of Small Business Management and the Journal of Private Enterprise. Her current research interests focus on the antecedents and consequences of academic ethics. She has co-directed or coordinated several consulting projects for agencies in the Commonwealth of Virginia, and has taught in Russia.     

The road to a market economy

The ongoing conversion of the economies of former socialist countries into market economies has so far suffered from the lack of a theory of system transformation (policy) which indicates the means of achieving the desired objectives and makes it possible to evaluate the transformation policies of individual countries. The following article outlines the essential aspects of such a theory.     

Optimal Generic Advertising with a Rationed Related Good: The Case of Canadian Beef and Chicken Markets

An optimal advertising rule is derived for a good sold in an open market (beef) when a related substitute good (chicken) is production rationed and whose imports are subject to trade restrictions. Such a rule is developed using a multi-market equilibrium displacement model that reflects demand interrelatedness, open trade of the advertised good (beef), with rationed production and restricted trade of the related good (chicken). The optimal rule nests earlier optimal advertising rules under a variety of conditions. Results underscore the importance of accounting for cross-product advertising effects. When these effects are present (absent), the optimal generic beef advertising intensity in Canada is shown to fall (rise) with elimination of supply management in Canada's chicken sector.
L'auteur dérive une règie sur l'optimisation de la publicité pour un produit vendu sur un marché libre (bœuf) en présence d'un produit de substitution rationné dont on restreint les importations. Pour parvenir à une telle règie, l'auteur a utilisé un modèle de déplacement du point d'équilibre sur un marché multiple illustrant les liens entre la demande des produits concernés, le libre-échange du produit faisant l'objet de la publicité (bœuf) et la restriction de la production et des importations du produit apparenté (poulet). La règie d'optimisation englobe les règles antérieures sur l'optimisation de la publicité dans diverses situations. Les résultats soulignent qu'il est important de prendre en compte les retombées de la publicité sur les autres produits. Au Canada, en présence (absence) de telles retombées, le degré optimal de publicité générique sur le bœuf diminue (augmente) avec l'abolition de la gestion de l'offre de poulet.     

Government Policy and the Evolution of the Market for Dutch Daily Newspapers

This paper investigates whether governments can change market structures through interventions. We study the effects of four political events over the life cycle of the market for daily newspapers in the Netherlands. We find that policy measures meant to lower entry barriers in an expanding industry created new entry and increased survival chances for potential entrants and incumbent newspapers. Exit barrier enhancing policies to reduce concentration tendencies have not been successful.     

国有商业银行经营发展战略思考

中国加入WTO后,金融业特别是银行业所面临的经营环境将发生很大变化,国有商业银行如何改进自身经营存在的问题,不断地适应经营环境的变化,在与外资银行前所未有的竞争中求得生存与发展,是我们必须面对与认真思考的问题,本文试从国有商业银行经营组织架构、经营规模、经营范围及经营体制等方面来探讨相关问题。 一、经营组织架构——从行政区域分支行架构模式到扁平化架构模式