MICHAEL DEVEREUX 《Fiscal Studies》1992,13(2):96-107

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MICHAEL BUZZELLI  RICHARD HARRIS 《International journal of urban and regional research》2006,30(4):894-917

In North America the housebuilding industry is ubiquitous and locally autonomous. In Ontario during the 1990s, 81% of urban single‐family homes were erected by locally based builders, a proportion that varied with urban isolation. Urban areas may be regarded as the industrial districts of home builders: numerous small, specialized firms interact frequently within a rich, embedded market network; subcontracting is the norm; networks and firm boundaries are fluid. The theory of industrial districts offers a useful vocabulary for analysing the neglected building industry. Analytically, the building industry offers unequalled opportunities to explore the dynamics of industrial districts, and how economic globalization meets local limits.  相似文献   

    

MICHAEL G. PORTER 《The Economic record》1978,54(2):286-287

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JOHN WARD  GEOFFREY RANDALL  MICHAEL DRAKE 《International Journal of Consumer Studies》1979,3(1):9-35

The authors of this paper consider current practices in respect of access, allocation and transfer in public sector housing.  相似文献   

    

MICHAEL BOWE 《International Journal of the Economics of Business》1994,1(2):247-270

Abstract Standardizing a futures contract’s specifications to enhance its transfer-ability is problematic for any commodity whose cash market adopts relational contracting procedures. Standardization implies the contract’s value cannot be completely determined by competitive arbitrage order flow, inhibiting the market’s price discovery function, and leaving the futures price susceptible to manipulation. These effects may result in the market’s failure. The model, based on the theory of storage, predicts that contracts with a higher spread-open position price volatility are more likely to contain a range of arbitrage indeterminacy, hence to experience difficulties in sustaining trading. The prediction is supported in an empirical examination of 104 US futures markets. The range of indeterminacy also increases the informational requirements of spread traders, reducing the effectiveness of spread arbitrage in maintaining the equilibrium intertemporal futures pricing relationship. Detailed evidence from 15 US contract markets demonstrates spread arbitrage is less effective in contract markets which subsequently fail.  相似文献   

    

MICHAEL E. LEVY 《Review of Income and Wealth》1980,26(3):293-304

Provision of “market goods” follows the decision rules of traditional microeconomics; pricing and resource allocation for such goods tend towards Pareto optimality. The provision of “collective goods,” by contrast, depends on political (or quasi-political) collective decision processes; beneficiaries often receive a share of collective goods free of charge or well below average or marginal (private or social) costs. No inherent tendency towards optimality may be presumed and separate analysis of collective goods becomes an essential part of national goals accounting. The national-income-accounts (NIA) distinction between personal consumption expenditures (PCE) and government purchases of goods and services corresponds roughly to a division between market goods bought by the consumer and a major category of “collective goods” (i.e. “public goods” provided by government). However, a significant proportion of PCE represents “collective goods” paid for by government, business, or nonprofit organizations and provided on behalf of the consumer, whereas a part of NIA government purchases represents services paid for by the consumer (i.e. “market goods”). This article develops operationally meaningful distinctions among “market goods,”“collective goods,” and “tied aid” (a mixed category with market-good and collective-good characteristics). These distinctions are determined by the nature of the decision processes–rather than by the characteristics of the beneficiary or the supplier. This classification is related to the national income accounts and major discrepancies are pinpointed. The blurring of the distinction among market goods, collective goods and tied aid is found to be most consequential in the NIA treatment of “education” and “medical care” services. NIA data for these two services are restructured for national goals accounting purposes in order to illustrate both the quantitative importance and the empirical feasibility of classifying benefits by their respective decision processes.  相似文献   

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L. OWEN KIRKPATRICK  MICHAEL PETER SMITH 《International journal of urban and regional research》2011,35(3):477-503

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GAILEN L. HITE  MICHAEL R. VETSUYPENS 《The Journal of Finance》1989,44(4):953-970

This paper examines the wealth effects to parent company shareholders around the announcement of divisional management buyouts. Despite the relative absence of “arm's-length” bargaining between buyer and seller, there is no evidence that divisional management buyouts result in reductions in parent company share prices. Instead, small but statistically significant wealth gains are found during the two-day period surrounding the buyout announcement. This evidence suggests that divisional buyouts reallocate ownership of corporate assets to higher valued uses and that parent company stockholders share in the expected benefits of this change in ownership structure.  相似文献   

    

MICHAEL V. WHITE 《The Manchester School》1992,60(1):64-78

“In the development of the mental sciences exegesis has frequently played an important part. A change of doctrine has been justified, or supported, or commended for general acceptance, by the interpretation of an authoritative text.” W. J. Ashley (1895, p. 474). “We must … try to avoid an outlook narrowly constrained by the marginalist principles of 1871.” Samuel Hollander (1973, p. 138).  相似文献   

    

MICHAEL J. BRENNAN  PATRICIA J. HUGHES 《The Journal of Finance》1991,46(5):1665-1691

We develop a model in which the dependence of the brokerage commission rate on share price provides an incentive for brokers to produce research reports on firms with low share prices. Stock splits therefore affect the attention paid to a firm by investment analysts. Managers with favorable private information about their firms have an incentive to split their firm's shares in order to reveal the information to investors. We find empirical evidence that is consistent with the major new prediction of the model, that the number of analysts following a firm is inversely related to its share price.  相似文献