Conservation or energy development: Consumer perceptions of alternate solutions to the energy crisis

The purpose of this study was to identify segments of the population on the basis of what they believe would ensure energy for the future—conservation or energy/technological development. To the extent that technology is perceived to be the solution, a potential danger exists that consumers will not commit to an energy-conscious lifestyle except as required by increasing energy costs. The respondents were 692 systematically sampled residents of Alabama. A follow-up survey of 73 non-respondents indicated that nonresponse bias was absent in terms of demographic and social-psychological characteristics, perceptions of the energy crisis, and level of energy use. Distinct differences emerged among the segments (energy development, conservation, or neutral) which indicate that policy makers must be concerned with emphasizing that technological breakthroughs are not the solution to the energy crisis. Note This study was funded by a grant from the Energy Assessment Program, School of Mines and Energy Development, the University of Alabama.     

Can market power sustain endogenous growth in overlapping-generations economies?

Summary. Sustained endogenous growth is known to be impossible in OLG one-sector models without non-convexities and externalities, unless income is redistributed to the young generation. No redistribution proper is however necessary, as shown in two simple examples, if positive profits accruing to young monopolistic entrepreneurs can be sustained in equilibrium, and/or if young unionised workers can guarantee a non-vanishing share of aggregate income. In this context, market power appears, in two different forms, as a significant source of sustained endogenous growth. Received: October 3, 2000; revised version: March 9, 2001     

The impact of US GAAP reconciliation requirements on choice of foreign stock exchange for firms from common law and code law countries

Abstract

The aim of this study is to investigate whether the impact of the SEC's Form 20-F reconciliation requirements on non-US firms' choices of foreign stock exchanges was different for firms from common law and code law countries, that is, for firms with different accounting, legal and financial systems. We examined attributes of 253 cross-listed firms from the UK, Australia, France, Germany and Japan in the 1999 financial year. We found the ability to raise further capital in the home market was relevant for firms from both groups. In addition, firms from code law countries listing on the NYSE or NASDAQ were more likely to have greater foreign revenue and lower leverage. We expected differences in accounting requirements to be a greater barrier to listing on the NYSE or NASDAQ for code law firms. However, we found firms from code law countries were more likely to select a Form 20-F exchange than firms from common law countries, providing support for suggestions that a NYSE/NASDAQ cross-listing has a bonding role for code law firms.     

Do science and money go together? The case of the French biotech industry

Developing technological applications, entering exploitation alliances, and choosing between research‐ or service‐focused strategic orientations are decisions that high‐tech firms must manage concurrently. This article explores systematically the contrasting effects of these strategic determinants on rent generation and rent appropriation using the entire population of French biotech firms (1994–2002). Findings indicate that science and money do not unconditionally go together–the direct relationship between rent‐accruing resources (e.g., patents or articles) and rent appropriation varies depending on the type of resources and the strategic orientation. Moreover, the effects of strategic determinants differ for rent generation vs. rent appropriation: 1) technological application diversity undermines a firm's capacity to appropriate rents–in particular for research‐oriented firms; 2) exploitation alliances favor rent generation but hinder rent appropriation; 3) service‐oriented firms exhibit significantly better performance than research‐oriented firms. Such evidence challenges the emergence in the biotechnology industry of a ‘one‐best’ strategic trajectory, as represented by research‐intensive start‐ups funded by private money engaged in publishing and patenting races. Copyright © 2008 John Wiley & Sons, Ltd.     

KEYNES' WAGE–PRICE DYNAMICS

The paper presents a simple loglinear macroeconomic model designed to discuss the essentials of Keynes' dynamic analysis in the General Theory and in the Treatise on Money. The model has a conventional static Aggregate Demand—Aggregate Supply block plus a three‐dimensional dynamic system involving the money wage and the expected level and rate of change of the output price. It illustrates Keynes' ideas, in particular on the nature of unemployment and on the stabilizing nature of money (as opposed to real) wage stickiness. It also allows to reconcile with empirical observations Keynes' (false) conjecture on the negative correlation of money and real wages.     

The bonding effects of relationship value and switching costs in industrial buyer–seller relationships: An investigation into role differences

Despite the established importance of buyer–seller relationships in B-to-B markets, research to determine the differential effects that keep suppliers and customers in a relationship has been scarce. Referring to transaction cost analysis, this study investigates how switching costs and relationship value as perceived by each side unfold their bonding forces in such a relationship. Based on a large scale survey administered in Germany, Korea, New Zealand, and Argentina among marketing/sales and purchasing managers the study shows that relationship value has a stronger impact on intentions for relationship enhancement, search for alternatives and switch intention than switching costs for both buyers and sellers. Only with regard to relational tolerance and only for buyers do switching costs play a greater role than relationship value. Furthermore, buyers base their future relationship intentions more on the current state of the relationship than suppliers. Our results suggest that role differences must be taken into account when studying institutional arrangements in B-to-B markets.     

The flight‐to‐quality effect: a copula‐based analysis

We derive and estimate a copula combining the features of the Frank and Gumbel copulas to analyse the relationship between equity and long‐term bond returns. Our analysis of quarterly returns from 1952 to 2003 finds that, in general, there is a positive relationship between equity returns and bond returns. In extreme situations, however, there is approximately a one‐in‐seven chance of a flight‐to‐quality effect where large negative equity returns are associated with large positive bond returns.     

Predicting a firm's forecasting ability: the roles of organizational illusion of control and organizational attention

Recent research shows that forecasting ability is an organizational distinctive competence. We propose and test a model accounting for interfirm differences in forecasting ability. After controlling for reciprocal effects, we find that two principal firm‐level factors (i.e., organizational illusion of control and organizational attention) influence both bias and magnitude of errors in estimates. High organizational illusion of control increases positive forecast bias. As for organizational attention, higher relative investments in market information appear to reduce positive forecast bias and magnitude of errors; they also moderate forecast bias due to illusion of control. Finally, higher relative investments in employee capability increase both negative forecast bias and, unexpectedly, magnitude of errors for the majority of observed cases. Copyright © 2003 John Wiley & Sons, Ltd.