A Global Ex-vessel Fish Price Database: Construction and Applications

Synopsis We describe the first effort at creating a global ex-vessel fish price database, which is required for understanding the economic behavior of participants in the world’s fisheries. We demonstrate potential applications of the database by linking it to a spatially defined catch database, which makes it possible to attach landed values to species in both time and space. This is the first database available publicly where interested members of the public, researchers and managers can easily find and access ex-vessel prices of the world’s major commercial fish species. Preliminary results indicate that the average real price of a number of species have declined between 1950 and 2002. The estimated landed value of fish globally, in year 2000 dollars, was about US$24 billion in 1950. It increased steadily to about US$90 billion in the early 1970s, reached a peak of US$100 billion at the end of the 1980s, and declined to about US$80 billion in 2000. The top 15 fishing countries cumulatively account for 79% of total real landed value, with Japan leading, even though the value of its landings has been declining.      

中国银行业是否从对外开放中获益

实证数据表明,由于外国投资者的进入,中国银行业的盈利能力和系统效率都得到了改善。在各种外资参与方式中,包括拥有中资银行的小额股权(这与新兴市场的典型做法并不相同),战略投资者的效果看起来最为卓著。纯粹的财务投资人对银行业绩的影响微乎其微。同时研究还发现,私人投资者比公共投资者更有影响力,无论公共投资者是国际组织还是主权财富基金。     

Explaining the Cross‐Section of Stock Returns in Japan: Factors or Characteristics?

Japanese stock returns are even more closely related to their book-to-market ratios than are their U.S. counterparts, and thus provide a good setting for testing whether the return premia associated with these characteristics arise because the characteristics are proxies for covariance with priced factors. Our tests, which replicate the Daniel and Titman (1997) tests on a Japanese sample, reject the Fama and French (1993) three-factor model, but fail to reject the characteristic model.     

From private label to co-branded credit card: an assessment of the impact of a change in value proposition over customer value perception and company value capture

Journal of Financial Services Marketing - Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and...     

A strategic analysis of surging Chinese manufacturers: The case of Galanz

Recent years have witnessed the surging of Chinese manufacturers, as China has become the world’s factory floor. This paper presents a case study of one of the most successful manufacturers in China, the Galanz Group, now the world’s largest microwave manufacturer. Based on theories of multinational corporations from emerging economies, the paper examines the process of Galanz’s integration into the global market. The company has developed unique competitive strategies that have made it a great success within China and in overseas markets. The Galanz model suggests strong strategic implications for both Chinese firms and incumbent multinational corporations.

Candidate reputations and the ‘incumbency effect’

A major shortcoming of the classical median voter model is that its central prediction — convergence of platforms to the median voter's ideal — is seldom observed. One reason is that the classical model neglects the importance of voter expectations as a determinant of votes. Here we associate voters' expectations about candidates with past as well as current candidate pronouncements, and assume that incumbents whose actions are consistent with their ‘reputations’ are perceived as less risky than challengers. In equilibrium candidates choose distinct platforms. Typically neither adopts the median voter's ideal point. Either candidate may win depending on how well the incumbent's reputation reflects current voter tastes and how relatively ‘risky’ the electorate perceives the challenger to be.     

Vanity and the love of system in Theory of Moral Sentiments

Abstract

Some recent writing on Adam Smith's Theory of Moral Sentiments has emphasised the importance of vanity as one of the most important human motivations. This reading leads to a new version of Das Adam Smith Problem, but this is unwarranted. Such a reading tends to conceal the significance that Smith gave to the love of system, which motivates the actions of the philosopher, the man of state, and above all the entrepreneur. This paper shows, by contrast, that by using this conception we can relate Theory of Moral Sentiments to Wealth of Nations, and reject the idea that these works are based upon contradictory assumptions.     

Determinants of spectator no-show behaviour: first empirical evidence from the German Bundesliga

The analysis of stadium attendance demand has a long tradition in the economic literature. However, despite its evident merits, this previous research has been critiqued at several levels, in particular for relying on a suboptimal demand proxy, i.e. published attendance data. In this short note, we address these shortcomings by exploring a highly unique data set containing official information on spectators’ decisions of whether or not to physically attend 704 German football Bundesliga games played between August 2014 and January 2017.     

Unemployment and econometric learning

We apply well-known results of the econometric learning literature to the Mortensen and Pissarides real business cycle model. Agents can always learn the unique rational expectations equilibrium (REE), for all possible well-defined sets of parameter values, by using the minimum-state-variable solution to the model and decreasing gain learning. From this perspective the assumption of rational expectations in the model could be seen as reasonable. But using a parametrisation with UK data, simulations show that the speed of convergence to the REE is slow. This type of learning dampens the cyclical response of unemployment to small structural shocks.     

Multidimensional mechanism design: Revenue maximization and the multiple-good monopoly

The seller of N distinct objects is uncertain about the buyer's valuation for those objects. The seller's problem, to maximize expected revenue, consists of maximizing a linear functional over a convex set of mechanisms. A solution to the seller's problem can always be found in an extreme point of the feasible set. We identify the relevant extreme points and faces of the feasible set. We provide a simple algebraic procedure to determine whether a mechanism is an extreme point. We characterize the mechanisms that maximize revenue for some well-behaved distribution of buyer's valuations.