A choice modelling case study on climate change involving two-way interactions

Choice Modelling applications can be designed to estimate main effects only or multiple-way interactions between attributes. It has been reported that higher order effects generally account for less than 10% of the choice explanation. Nevertheless, the amount of applications testing for interactions among attributes in environmental valuation is very limited. This paper reports a Choice Modelling exercise valuing climate change impacts on plant cover, land erosion and fire risk in Spanish shrublands. Two out of three two-way interactions were found significant and to account for more than 20% of the choice model explanation. Their contribution to the log-likelihood value was comparable to the one of the main effects variables. Moreover, accounting for second order interactions significantly altered the estimates of the implicit prices of attributes compared to the main effects specifications.     

Do family ties shape the performance consequences of diversification? Evidence from the European Union

This paper examines the moderating effect of family involvement in ownership and control on the relationship between diversification strategies – both product and international diversification – and corporate performance. We argue that this moderating effect is related to the distinctive characteristics of family firms compared to non-family firms. The empirical evidence is provided by a sample of firms from the European Union during the 2005–2009 time period. Our results found that family firms are more profitable than non-family firms when they engage in joint product and international diversification.     

Risk control measures in payment systems

The purpose of this paper is to make a comparative analysis of modern gross and net payment systems, emphasizing on the implications of the availability of intraday liquidity in the former and of credit limits in the latter. This allows for the comparison of both the effects on social welfare of each of the two systems and the different risk control instruments analyzed. In a numerical exercise, it is shown first, how it would be legitimate for a benevolent authority a preference for a gross system, like Fedwire, over a net system, like EURO1, for relatively high values, although plausible, of risk aversion. Second, as financial development improves, the preference for a net system shifts either to gross systems or, for some countries, to a cohabitation of both settlement modes.     

体育营销想要玩好不容易

今年7月,西班牙的皇家马德里队和英格兰的曼联队纷纷来北京进行商业比赛,而七匹狼和威鹿分别成为了这两只队伍中国之行的唯一服装品牌赞助商."七匹狼"品牌为此付出了400万元的赞助费.虽然"威鹿"男装年轻的总经理不愿透露赞助的具体数字,但据业内人士估计不会低于百万.业界分析人士认为,这一市场行为其传播效果值得期待.     

跨国企业大腕为何屡遭厄运

世界知名品牌近来在中国市场频频失利，有的退出曾经雄霸一方的市场，有的遭遇财政年度赤字，有的坐失老大位置，由此带来的问题是：跨国企业如何避免折戟沉沙的厄运？[编者按]     

Stability and equilibrium selection in a link formation game

In this paper we study a static link formation game under consent that has multiple Nash equilibria. In the literature, the use of coalitional refinements has been the standard approach to select among equilibria. Alternatively, based on the Global Games theory, a non cooperative equilibrium selection approach is proposed, so as to select those Nash equilibria that are robust to the introduction of incomplete information. Interestingly, the equilibrium selected is unique and it is in conflict with those predicted by the commonly used coalitional refinements. Furthermore, a conflict is found between stability and efficiency even when no such conflict exists with the coalitional refinements. We are especially grateful to Deborah Minehart, Roger Lagunoff, Daniel Vincent, Peter Cramton, Luca Anderlini, Axel Anderson, Felipe Zurita, Francis Bloch, Colin Stewart, the editor and three anonymous referees for their valuable comments that contributed to improve the paper. We also thank participants at the EEA-ESEM, Stockholm 2003, the IUSC conference, Columbia University 2003, and the Workshop on Global Games, SUNY, Stony Brook, 2007.     

我国中小银行发展中的问题及对策

中小银行的发展对于推动银行业改革、优化金融资源配置和促进经济发展等方面发挥着重要的作用,因此应大力发展中小银行。本文通过分析我国中小银行的发展现状,指出其发展过程中存在规模偏小、定位不准确、激励约束机制不完善等问题,并进一步提出相应的解决对策。