In this paper we study the determinants of banks’ decisions to adopt a transactional website for their customers. Using a panel of commercial banks in the United States for the period 2003–2006, we show that although bank-specific characteristics are important determinants of banks’ adoption decisions, competition also plays a prominent role. The extent of competition is related to the geographic overlap of banks in different markets and their relative market share in terms of deposits. In particular, banks adopt online banking services earlier in markets where their competitors have already adopted this technology. This paper is one of the first to construct local banking markets using the geographic market definitions delimited by the CASSIDI® Database compiled at the Federal Reserve Bank of St. Louis. 相似文献
This paper attempts to penetrate the “black box” of the judiciary through an empirical investigation of the Italian tax courts of first instance. Both judicial delay and two-stage Data Envelopment Analysis approach with bootstrap are used to measure the efficiency of the court system and to further identify the main determinants of efficiency which, in line with the previous literature, seem to be mostly related to the judges’ effort. The study also takes advantage of an idiosyncratic feature of this branch of the Italian judiciary—in which judges are temporarily appointed and can continue to practice an external (though not conflicting) profession—to assess the impact of opportunity costs on the behavior of judges. The overall outcome confirms that judges maximize utility “the same as everybody else does” (Posner, Supreme Court Econ Rev 3:1–41, 1993). 相似文献
What constitutes the middle class is hotly debated. Following an income-based approach, a main issue concerns how to fix the income boundaries that define the middle-income tier. This paper offers a novel model-based approach to the use of self-reported class evaluation for identifying those boundaries. The self-declared status responses are modeled using a non-conventional parametrization of an ordered logistic model. In this parametrization, the cut-points of the model are directly interpretable as income boundaries, and the variance of the errors captures the idiosyncratic heterogeneity of the outcome variable. The use of subjective data is exemplified in the estimation of the middle class in Kazakhstan over the period 2003–2015. 相似文献
The effects of reading habits on academic performances have been carefully investigated, but little is known about the effects of academic achievements on students’ leisure reading. This paper investigates this issue by estimating the effects of academic achievements, proxied by the number of exams passed, on leisure reading, measured by the number of leisure books read in a year. Using an online survey submitted to the students at the University of Bologna, Italy, we adopt a two-step control-function technique to control for endogeneity. The empirical evidence suggests the existence of a negative relationship between students’ academic achievements and the time devoted to leisure reading. This result holds for students of different fields of study and is stronger for male students. The Blinder–Oaxaca decomposition supports the existence of a gender-specific idiosyncratic effect. 相似文献
This study examines consumers' orientations toward decluttering and what differentiates consumers' engagement with decluttering as a routine social practice. An internet survey was conducted with a convenience sample of 172 adult consumers who recently engaged in home decluttering projects. Cluster analysis used appraisals of personal project dimensions to create a taxonomy in which we identified three orientations toward decluttering: disengaged, enthusiastic, and challenged. Subsequent analyses compared appraisals of success and affective and motivational differences across the three orientations. Findings reveal that decluttering is enjoyable, easy, and most successful for consumers with an enthusiastic orientation who intrinsically value decluttering and link it to self-identify. Those who lack time or adequate control experience more stress and less success. Circumstances, and especially normative pressures, seemed to drive these orientations. All orientations experienced relatively high positive emotions after decluttering, which substantiates the positive influence of decluttering on emotional well-being. 相似文献
In a market where a stochastic interest rate component characterizes asset dynamics, we propose a flexible lattice framework to evaluate and manage options on equities paying discrete dividends and variable annuities presenting some provisions, like a guaranteed minimum withdrawal benefit. The framework is flexible in that it allows to combine financial and demographic risk, to embed in the contract early exercise features, and to choose the dynamics for interest rates and traded assets. A computational problem arises when each dividend (when valuing an option) or withdrawal (when valuing a variable annuity) is paid, because the lattice lacks its recombining structure. The proposed model overcomes this problem associating with each node of the lattice a set of representative values of the underlying asset (when valuing an option) or of the personal subaccount (when valuing a variable annuity) chosen among all the possible ones realized at that node. Extensive numerical experiments confirm the model accuracy and efficiency.
We characterize the degree of price authority that competing upstream principals award their downstream agents in a setting where these agents own private information about demand and incur nonverifiable distribution costs. Principals cannot internalize these costs through monetary incentives and design “permission sets” from which agents choose prices. The objective is to understand the forces shaping delegation and the constraints imposed on equilibrium prices. When principals behave noncooperatively, agents are biased toward excessively high prices because they pass on distribution costs to consumers. Hence, the permission set only features a price cap that is more likely to bind as products become closer substitutes, in sectors where distribution is sufficiently costly, and when demand is not too volatile. By contrast, when principals behave cooperatively, the optimal delegation scheme is richer and more complex. Because principals want to charge the monopoly price, the optimal permission set features a price floor when the distribution cost is sufficiently low, it features instead full discretion for moderate values of this cost, and only when it is high enough, a price cap is optimal. Surprisingly, while competition (as captured by stronger product substitutability) hinders delegation in the noncooperative regime, the opposite occurs when principals maximize industry profit. 相似文献