Market Efficiency and Student-Teacher Goal Agreement in the High School Economics Course: A Simultaneous Choice Modeling Approach

Using a simultaneous choice model, the authors show that agreement between teachers and students on the goals of an economics course increases the likelihood that a student will like a current course and will want to take another.     

HARSH NORMS AND SCREENING FOR LOYALTY

Norms that restrict choice sets or impose otherwise harsh requirements would seem to act as barriers to group formation by raising the costs of adherence to potential and continuing members. Contrary to that intuition, one observes a broad range of group norms in the real world that impose large costs on group members. Iannaccone provides a rationale for harsh norms as a mechanism to reduce free‐riding in supplying a club good. This paper proposes a new rationalization for harsh group norms as a mechanism under which harsh norms serve to screen out disloyal members, providing what is essentially a technology for measuring loyalty in environments where group leaders cannot reliably measure group members' loyalty. The model demonstrates that loyalty can be signalled through acts that are seemingly irrelevant to the group's core objectives and identity.     

利用产学联系的中小企业ERP引进策略

本文对引入公司资源管理计划系统的必要性进行了研究,并对中小型企业运用公司资源管理计划系统的关键因素进行了深入的分析。在此基础上,我们给出了支持中小企业实施公司资源管理计划系统和促进中小企业电子商务发展的相关计划和教育产业关系模型。公司资源管理计划系统的实施,首先需要对该系统进行系统化的评估,进而选择适合公司自身环境的资源管理计划系统。除一些关键因素外,许多环境因素对引入该计划体系起着很大的影响作用。环境因素主要包括公司资源管理计划系统的专家、顾问、开发者和信息系统管理者;另外还包括公司的筹资能力和组织内的信息化程度。     

Reexamining the Exchange Rate Exposure Puzzle by Classifying Exchange Rate Risks into Two Types

The “exchange rate exposure puzzle” refers to the phenomenon in which the proportion of firms with significant exchange rate exposure tends to be lower than expected figures. Some studies use changes in exchange rate to indicate exchange rate risks relevant to firm value. However, a different measure of exchange rate risks, which is the volatility in exchange rate changes, can also affect the value of firms because exchange rate uncertainty can affect international trade and investments of firms. This study classifies exchange rate risks into two types, namely, changes in exchange rate and the standard deviation of exchange rate changes, and empirically examines exchange rate exposure of firms in 12 countries. The results suggest that the proportion of firms with significant exchange rate exposure increases substantially, and thus, weakens the exchange rate exposure puzzle when we also count the cases in which the standard deviation of exchange rate changes affects stock return significantly.     

Analyst Forecast Accuracy and Media Independence

Using a large international sample of 47,307 firm‐years from 52 countries, we investigate the impact of media independence on the forecast quality of financial analysts. We find that analyst forecast errors are positively associated with the extent of a country's state media ownership and its lack of freedom of the press. We also find that financial analysts with more inaccurate forecasts disappear from the institutional broker's estimate system more quickly in countries with more independent media.     

Economic growth in a politically fragmented world

I explore the effects of economic and political integration on economic growth in a model of vintage human capital and sequential intergenerational bargains. Adoption of a new technology raises not only the productivity but also the bargaining position of the future generations, creating a bias for the current generations to preserve the current technology. Economic integration (i.e., the sharing of frontier technology among countries) promotes growth if there is a diversity in human capital distribution or a coordination failure across countries. On the other hand, political integration (i.e., the merging of countries into a single bargain) promotes stagnation as it eliminates the diversity and coordination failures.     

Does XBRL Adoption Constrain Earnings Management? Early Evidence from Mandated U.S. Filers

We examine whether the use of eXtensible Business Reporting Language (XBRL) for financial reporting (i.e., interactive data submissions) reduces earnings management during the period of XBRL implementation by the SEC. Using a sample of mandated XBRL filers, we compare the magnitude of absolute discretionary accruals in the XBRL adoption quarters with that in the non‐adopting quarters. We also take advantage of staggered (three‐stage phase‐in) XBRL implementations to perform difference‐in‐differences analyses. Our results show that absolute discretionary accruals decrease significantly from the pre‐ to the post‐XBRL period, suggesting that XBRL adoption constrains earnings management via discretionary accrual choices. Our analyses further reveal that the use of standardized official XBRL elements significantly reduces the levels of discretionary accruals, while the use of customized extension elements does not, suggesting that the former discourages accrual‐based earnings management, while the latter does not. Our results are robust to a variety of sensitivity checks.     

On the core of auctions with externalities: stability and fairness

In auctions with externalities, it is well-known that the core can be empty, which is undesirable both in terms of stability and “fairness.” Nevertheless, some auction outcome must be chosen. We separate deviations into two types: deviations by paying more and deviations by refusing to pay. In high-stakes auctions where bidders also care about their reputation, the latter are unlikely to occur, or else can be prevented by legal interventions. In contrast, the former is more undesirable in the sense that the seller and the bidders experience justified envy. We show that the core is nonempty if bidders cannot refuse to pay.     

Matching with property rights: an application to Korean teacher transfer program

Review of Economic Design - I model a teacher transfer program in South Korea as a matching-with-contracts problem. The current (non-centralized) system allows a teacher wishing to make an...