Measuring and Accounting for the Deprivation Gap of Portuguese Immigrants in Luxembourg

This paper examines the relative well‐being of Portuguese immigrants in Luxembourg by looking at indicators of material deprivation. We document material deprivation differences between immigrants and nationals—the “deprivation gap”—and measure the extent to which income differentials (and other sociodemographic differences) explain this gap using a combination of non‐parametric methods and a versatile graphical device. We find a large and significant deprivation gap against Portuguese immigrants, whatever the indicator considered. The extent to which the gap is merely a reflection of differences in income, however, depends on what deprivation items are taken into consideration. Income differences almost fully account for material deprivation differences when the latter is measured using the items included in the official EU social indicator of material deprivation. Inclusion of housing condition indicators mitigates this relationship and we then find compelling evidence that the deprivation gap is not entirely accounted for by income differentials.     

新兴市场后发企业逆向创新路径研究

作为一种全新的创新全球化扩散模式,逆向创新理论研究尚处于起步阶段。选取华为公司作为逆向创新研究案例,从技术和市场两大维度探讨其逆向创新发展模式,总结其可以复制推广的经验和做法,并提出新兴市场后发企业逆向创新路径与驱动力模型。在丰富并发展逆向创新理论的同时,也为中国企业特别是后发高科技企业提高创新能力以及加快国际化进程提供了借鉴与启示。     

不同类型技术进步的节能减排绩效及其动态变化

运用非参数SML生产率指数模型,测算了1994—2014年中国35个工业行业的基于绿色增长的技术进步,并采用面板模型对按能耗与碳排放分组的行业分别进行能耗强度和CO_2排放强度回归。结果表明:生产前沿的科技创新是推动中国工业绿色全要素生产率提高的主动力,前沿科技创新的节能降耗绩效最高,纯技术效率的CO_2减排绩效最高;技术进步的节能降耗效应与CO_2减排效应具有非对称性,技术进步的CO_2减排绩效大于其节能降耗绩效;能源消费结构调整的CO_2减排绩效大于其节能降耗绩效。     

基于知识权力和知识交互行为的产业集群多重知识网络演化分析

针对产业集群知识网络中客观存在但却未受关注的知识权力,结合自适应知识交互行为,采用多主体建模与仿真方法,分析知识权力的动态变化导致的产业集群多重知识网络演化。结果表明:知识权力差距及知识交互行为是促使产业集群多重知识网络形成及演化的基础,产业集群多重知识网络的演化过程具有典型的阶段性特征,其网络结构呈现出网络节点密集性与稀疏性相结合、强联结与弱联结并存、度分布高度异质性的特征。利用实际产业集群网络验证仿真结果,证明了该仿真模型的可信性。     

Tax and transfer programs,retirement behavior,and work hours over the life cycle

In this paper, we use a computable overlapping generations model economy to analyze the quantitative effects of some reforms on tax and transfer programs, aimed at easing the tax burden on the labor supply of older workers. We focus on retirement behavior, work hours over the life cycle, and efficiency gains. We find that the labor supply of older workers is very responsive to changes in tax and transfer programs and show that the gains, in terms of old-age work hours, are non-trivial. However, we also find that longer careers may not substantially increase aggregate hours because workers may reallocate labor supply over the life cycle in response to retiring later. Moreover, since longer careers may also reduce saving rates, we also find that changes in tax and transfer programs aimed at boosting the employment rates of the elderly may reduce output per head.     

Shareholder wealth responses to European legislation on bank executive compensation

This paper uses an event study approach to investigate the shareholder wealth responses to European legislation on bank executive compensation. Using a sample of 124 banks over 2009–2010 and over 20 legislative and related events, we find that in early stages bank shareholders react positively to broad discussion at the EU level on executive pay. When plans to regulate the pay process are considered, however, this results in a negative stockholder reaction. We also find that large bank shareholders are most affected by remuneration policy.     

Modelling the volatility of commodities prices using a stochastic volatility model with random level shifts

We use the approach of Qu and Perron (Econom J 16(3):309–339, 2013) for the modeling and inference of volatility of a set of commodity prices in the presence of random level shifts of unknown timing, magnitude and frequency. Our approach contributes to the study of commodities in several aspects. First, we test for the presence of a genuine long-memory process in the volatility of commodities. Second, we determine that the random level shifts are certainly the main source of variation in the commodity price volatility. Finally, we estimate the volatility and its components as latent variables, thereby making it possible to evaluate their level of correlation with macroeconomic variables in small open economies such as Latin-American countries where the dependence on commodity price volatility is high. We use six commodity series: agriculture, livestock, gold, oil, industrial metals and a general commodity index. All series cover the period from January 1983 until December 2013 in daily frequency. The results show that although the occurrence of a level shift is rare, (about once every 1.5 or 1.8 years), this component clearly contributes most to the variation in the volatility. Furthermore, isolating the level shift component from the overall volatility indicates a strong relationship of this component with a set of business cycle indicators of several Latin American countries.     

Dominance solvable approval voting games

This work provides necessary and sufficient conditions for the dominance solvability of approval voting games. Our conditions are very simple since they depend just on the number of possible winners when voters play weakly undominated strategies. If there are at most two possible winners, then the game is dominance‐solvable and the outcome coincides with the Condorcet winner. If every candidate is a possible winner, the game is not dominance‐solvable. If none of the previous conditions holds, then the game need not be dominance‐solvable, and the outcome need not coincide with the Condorcet winner.     

And if the ball does not cross the line? A comprehensive analysis of football clubs’ performance

The football club market is changing fast in the social media era. In this global market, clubs must maintain or improve fans’ attendance at the stadium; simultaneously, they need, more than ever, to take care of social media. The aim of this article is to test and discuss a comprehensive approach to analysing the performance of football clubs regarding their multiplicity of objectives. We analyse the efficiency of English Premier League (EPL) clubs during three seasons (2012/13–2014/15). The methodologies employed are data envelopment analysis (DEA) and a bootstrapped DEA model. The input is the market value of the squad, and the outputs are sports results, total revenue, the ratio of stadium utilization during the season and an index of social media impact. The results are robust to alternative estimation methods and indicate that EPL clubs still have a margin for improving their overall efficiency, mainly the medium clubs. The analysis of football clubs’ performance with the proposed comprehensive approach provides a useful tool to help managers with evaluation and feedback considering the actual context of the market. The approach brings closer the opportunity to design appropriate strategies to improve clubs’ efficiency as well as competition policies.     

Monetary policy regime change and regional inflation dynamics: looking through the lens of sector‐level data for Korea

This paper explores the impact of the adoption of inflation targeting (IT) on the dynamics of city‐level inflation in Korea using both aggregate and sector‐level data. When looking at aggregate regional inflation, we find that the mean, volatility and persistence fell in all cities in the wake of the monetary policy regime change, consistent with other evidence in the literature. Delving more deeply into the disaggregate data reveals additional insights however. For most of the changes we observe in the dynamics of regional inflation, we find that the aggregate effects are being driven primarily by sectors that fall into the ‘Services’ category. We posit that the impact of better anchored inflationary expectations is primarily on the less‐traded services sectors of the economy, where the domestic monetary policy framework has a relatively larger influence. When it comes to the increased co‐movement observed across regions under an IT regime, however, it is the ‘Commodities’ sectors rather than ‘Services’ that are responsible, probably because services inflation becomes relatively more influenced by local factors once it has stabilized within the target range. Therefore, adoption of IT may not necessarily increase all measures of regional synchronization even when the goal of better‐anchored inflationary expectations is achieved.