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991.
Politicians seeking reelection need voters to know what they have done for them. Thus, incentives may arise to spend more
money where media coverage is higher. We present a simple model to explain the allocation of public spending across jurisdictions
contingent on media activity. A politician seeking to maximize the probability of reelection will shift more money to jurisdictions
where an extra dollar raises more votes because a larger share of the electorate is informed about his policy. The main prediction
of the model is that media activity is higher in the core areas of media markets. This implies higher spending levels there
and lower spending levels in remote jurisdictions. Empirical support for this prediction is found using United States data
on county-level federal grant allocation, Designated Market Areas and the location of licensed television stations. 相似文献
992.
993.
Christian Gengenbach Franz C. Palm Jean‐Pierre Urbain 《Oxford bulletin of economics and statistics》2006,68(Z1):683-719
Panel unit‐root and no‐cointegration tests that rely on cross‐sectional independence of the panel unit experience severe size distortions when this assumption is violated, as has, for example, been shown by Banerjee, Marcellino and Osbat [Econometrics Journal (2004), Vol. 7, pp. 322–340; Empirical Economics (2005), Vol. 30, pp. 77–91] via Monte Carlo simulations. Several studies have recently addressed this issue for panel unit‐root tests using a common factor structure to model the cross‐sectional dependence, but not much work has been done yet for panel no‐cointegration tests. This paper proposes a model for panel no‐cointegration using an unobserved common factor structure, following the study by Bai and Ng [Econometrica (2004), Vol. 72, pp. 1127–1177] for panel unit roots. We distinguish two important cases: (i) the case when the non‐stationarity in the data is driven by a reduced number of common stochastic trends, and (ii) the case where we have common and idiosyncratic stochastic trends present in the data. We discuss the homogeneity restrictions on the cointegrating vectors resulting from the presence of common factor cointegration. Furthermore, we study the asymptotic behaviour of some existing residual‐based panel no‐cointegration tests, as suggested by Kao [Journal of Econometrics (1999), Vol. 90, pp. 1–44] and Pedroni [Econometric Theory (2004a), Vol. 20, pp. 597–625]. Under the data‐generating processes (DGP) used, the test statistics are no longer asymptotically normal, and convergence occurs at rate T rather than as for independent panels. We then examine the possibilities of testing for various forms of no‐cointegration by extracting the common factors and individual components from the observed data directly and then testing for no‐cointegration using residual‐based panel tests applied to the defactored data. 相似文献
994.
In most industrialised countries, the workforce is ageing rapidly. If ageing workforces affect sectors differently, the total
impact of ageing will depend on the industrial structure of an economy. This paper measures the impact of changes in the age
structure of establishments on productivity using representative linked employer–employee panel data. We argue that establishment
age-productivity profiles might differ for various reasons. For example, the importance of physical strength and possibilities
to compensate deficits in skills differ between sectors. We investigate differences in the age-productivity profiles between
the (metal) manufacturing and services sectors. However, in our preferred specification that controls for several potential
sources of estimation biases, we find no significant differences in the age-productivity profiles between these sectors. 相似文献
995.
An assessment of the use of partial least squares structural equation modeling in marketing research 总被引:7,自引:0,他引:7
Joe F. Hair Marko Sarstedt Christian M. Ringle Jeannette A. Mena 《Journal of the Academy of Marketing Science》2012,40(3):414-433
Most methodological fields undertake regular critical reflections to ensure rigorous research and publication practices, and,
consequently, acceptance in their domain. Interestingly, relatively little attention has been paid to assessing the use of
partial least squares structural equation modeling (PLS-SEM) in marketing research—despite its increasing popularity in recent
years. To fill this gap, we conducted an extensive search in the 30 top ranked marketing journals that allowed us to identify
204 PLS-SEM applications published in a 30-year period (1981 to 2010). A critical analysis of these articles addresses, amongst
others, the following key methodological issues: reasons for using PLS-SEM, data and model characteristics, outer and inner
model evaluations, and reporting. We also give an overview of the interdependencies between researchers’ choices, identify
potential problem areas, and discuss their implications. On the basis of our findings, we provide comprehensive guidelines
to aid researchers in avoiding common pitfalls in PLS-SEM use. This study is important for researchers and practitioners,
as PLS-SEM requires several critical choices that, if not made correctly, can lead to improper findings, interpretations,
and conclusions. 相似文献
996.
Efficient price setting implies that news create volatility since traders flock to the market in order to re-optimise their portfolios. In due course of the price finding process volatility should decline once the asset price approaches its new, efficient level. In this note I present evidence that the reverse mechanism plays as well. Traders genuinely increase volatility challenging the presumption that more traders help to identify the efficient price more quickly. 相似文献
997.
We study an elimination tournament with heterogenous contestants whose ability is common-knowledge. Each pair-wise match is
modeled as an all-pay auction. Equilibrium efforts are in mixed strategies, yielding complex dynamics: endogenous win probabilities
in each match depend on other matches’ outcome through the identity of the expected opponent in the next round. The designer
seeds competitors according to their ranks. For tournaments with four players we find optimal seedings for three different
criteria: (1) maximization of total tournament effort; (2) maximization of the probability of a final among the two top ranked
teams; (3) maximization of the win probability for the top player. We also find the seedings ensuring that higher ranked players
have a higher winning probability. We compare our predictions with data from NCAA basketball tournaments. 相似文献
998.
Nominal price adjustment is studied in an environment with firm-specific and aggregate shocks to economic fundamentals and incomplete, dispersed information. Firms update their expectations about fundamentals based on their own cash flows (revenues and wages). We show that in a model with realistic levels of product-level price dispersion, the firms’ inference about aggregate shocks is very gradual, yet in the aggregate prices adjust rapidly in response to aggregate nominal shocks. When an aggregate shock occurs, firms mistakenly attribute it to firm-specific shocks, but adjust prices nevertheless, since the exact nature of the shock matters little for their optimal pricing decision. 相似文献
999.
Christian E. Weber 《Research in Economics》1999,53(4):277
This paper extends an example due to Samuelson (1974) to develop the relationship between possible compensated complementarity between two goods and the two elasticities of substitution in an extended three good CES utility function. It also uses the same utility function to develop the implications of a generalized income share parameter and two different relative prices for possible complementarity between goods. Finally, it explores possible complementarity in a more general utility function with non-constant elasticities of substitution. 相似文献
1000.
An ambidextrous learning model for the internationalization of firms from emerging economies 总被引:1,自引:1,他引:0
Emerging economies are playing an increasingly important role in the global economy. The rising phenomenon of the internationalization
process of firms in emerging economies, or emerging market firms, particularly their capacity to increase their presence in
the markets of developed economies, has been insufficiently studied. Because of the unique characteristics of emerging economies,
some assumptions of traditional international models are irrelevant. This paper provides a theoretical framework that explains
the importance of different types of knowledge and the relationships between them in the internationalization process. We
delineate an ambidextrous learning strategy that is contingent on different levels of firm competitiveness. 相似文献