Abstract Counterfeiting is one of the fastest-growing industries in the world across a wide range of product categories, including music, movies, food, computer software, pharmaceuticals, fertilisers, and machinery parts. Prior research focuses on deceptive counterfeiting in which the consumers are not aware about buying counterfeit products, with little attention to non-deceptive counterfeiting in which consumers knowingly purchase counterfeit products. Most of this research is fragmented and exploratory in nature, resulting in mixed or inconclusive findings that leave many important questions unanswered. For example, it is still not clear why some customers are more prone to buying counterfeit products compared to others. We address this important gap by conceptualising counterfeit proneness (CFP), an individual-level psychological trait that relates closely with counterfeit purchase behaviour. We also develop a scale to measure this trait and validate it through a series of empirical studies. Finally, we discuss some limitations of our approach and directions for future research. 相似文献
This study addresses index-dependency of empirical results associated with the purchasing power parity (PPP) relationship.
Using four key price indices involving the G-7 nations, empirical tests for long-run co-movement are conducted. A test for
linear restrictions is imposed. The speeds of adjustment are calculated for statistically significant linear combinations.
The speed of the short-run response to disequilibrium differs both within and across countries. The seven-country average
reveals that the CPI has the quickest recovery response to a one-time disturbance. The findings suggest that PPP results are
not dependent upon the choice of index when an explicit set of indices is cointegrated.(JEL F3) 相似文献
This paper investigates the substitutability between money and near-money assets during the period 1976 to 1996 in Switzerland. Financial developments have made a variety of instruments available to store wealth and conduct economic transactions. These developments have generated a “near money” component in households’ and businesses’ portfolio balances. It is important to evaluate the effect of “near-money” on money demand and the effectiveness of monetary policy. Towards this goal, five monetary assets: currency and demand deposits at commercial banks, demand deposits with the postal system, deposits on transaction accounts with banks, savings deposits and time deposits are considered. We evaluate the degree of substitutability among these assets using the Morishima elasticity. Results show that various monetary assets substitute for one another. Consistent with a high degree of diversification, the Morishima elasticity is significantly larger when adjustment takes place in the price of a relatively broader monetary asset as compared with a narrower one. Targeting a broad monetary aggregate captures a variety of assets that contribute to liquidity and aggregate demand, enhancing the effectiveness of monetary policy. Nonetheless, high elasticity of substitution between monetary assets has made it increasingly difficult to target money demand via changes in the interest rate. As a result, in 1999 the Swiss National Bank abandoned monetary targeting in favor of an expected inflation target.
This paper provides a detailed case of the application of real options valuation techniques to value a contract for the use of a power generation facility. The authors' aim is not primarily to offer a valuation "recipe" for a specific type of asset, but to show how the real options framework can be actually made to work in a variety of situations. The case illustrates how minor adaptations that take into account the ways in which actual settings differ from the assumptions of standard formulas like Black-Scholes can be used to increase the precision and realism of results. By introducing relatively simple changes to a standard options valuation model, the authors obtain results that are reasonably close to those reported for actual transactions involving similar types of assets. Despite the industry-specific context of the analysis, the applicability of the techniques discussed in the paper should extend beyond the energy industry to other contexts characterized by similar types of uncertainty and production process, particularly those associated with minerals and other commodities. 相似文献
Abstract This paper analyses structural change in Indian manufactured exports empirically for 143 (mainly manufacturing) industrial groupings. Trade indices such as Balassa’s revealed comparative advantage (RCA) index and variants are used. Detailed econometric analysis is employed to examine structural change. The stability and the process of the intertemporal evolution of the RCA indices is considered. Three technology categories (high technology, medium technology and low technology) are analysed individually. Our results point towards substantial industrial restructuring in manufactured exports. We find evidence of despecialisation within India’s manufactured exports for the time period studied, which is consistent with increasing specialisation in a subset of manufactured exports. 相似文献
ABSTRACTThis paper explores the effects of Foreign Direct Investment (FDI) inflows on six labor market outcomes by using a panel data of the Mexican states from 2005 to 2015. By relying on the system Generalized Method of Moments estimator to address potential endogeneity of FDI in the labor market outcomes regressions, this study finds that the FDI inflows result in a reduction in the overall unemployment rate. Moreover, the FDI is associated with a decrease in the percentage of employed people with the need and availability to offer more working hours and an increase in the median hourly wage rate. The FDI is not likely to influence the critical employment, informal sector employment, and unemployment duration. 相似文献
Prior research shows that short-sale restrictions during an IPO lead to higher aftermarket prices. Using this and heterogeneous expectations on the factor pricing coefficient, our model sheds additional light on the impact of the short-selling constraint. Like prior research, short-sale restrictions in the IPO market lead to higher aftermarket prices. Importantly, our model predicts that this constraint leads to a different factor pricing coefficient than the analog under complete markets. Our empirical tests over an extended period of time support the model's predictions. 相似文献