Location decision of heterogeneous multinational firms

We examine how multinational firms with heterogeneous total factor productivity (TFP) self-select into different host countries. Both aggregate- and firm-level estimates suggest that more productive French firms are more likely than their less efficient competitors to invest in relatively tough host countries. Countries with a smaller market potential, higher fixed costs of investment or lower import tariffs tend to have higher cutoff productivities and attract a greater proportion of productive multinationals. This self-selection mechanism remains largely robust when we control for unobserved firm and country heterogeneity and address potential TFP endogeneity.     

北美车展：汽车设计与制造新潮

今年1月8日,北美最大的国际汽车展——底特律车展正式开幕。目前它已成为展示世界汽车设计与制造新潮的舞台。     

数码相机：即将退市的精品

如今新品数码相机的冲击会让这些老将们失去往日的光彩。不过,经典还是会给我们留下深刻的记忆, 如果您对哪款DC喜欢的话,如果您还想拥有它的话, 就趁最后的时机快快购买吧。     

Benchmarks in the spotlight: The impact on exchange traded markets

The Fix for precious metals is a global pricing benchmark that provides pricing and liquidity provision for market participants. We exploit the gradual change in the century old auction process to quantify the efficiencies related to more transparent pricing. Our focus is in the market impact of this change on exchange listed products. We find that reforms to the Fix have reduced quoted and effective bid-ask spreads and improved overall market depth. The results imply a positive spillover effect stemming from timelier and more accurate pricing information. The conditions under which we observe the benefits from transparency are related to product liquidity and the degree of market segmentation.     

Promotion and Prevention Contracts in Distributor–Supplier Relationship Using Matched Dyadic Data

ABSTRACT

Purpose: This article aims to introduce and distinguish two features of contract design – prevention and promotion contracts – and compares their effects on opportunism within the distributor–supplier relationship. It also examines the moderating role of ex post contract enforcement strategies.

Methodology/approach: The authors test the proposed theoretical model by collecting matched data from distributors and suppliers in China. Moreover, partial least squares regression is used to analyze the data and test the hypothesis model.

Findings: The results show that a prevention contract leads the distributor to vigilantly avoid mistakes and punishments, thereby deterring him from behaving opportunistically. Alternatively, a promotion contract motivates the distributor to make an effort to attain potential long-run payoffs instead of short-term profits, subsequently restraining his opportunism. Overall, the promotion contract is more effective in curbing distributor opportunism than the prevention contract. In addition, the inhibitory effect of a prevention contract on opportunism is reinforced along with a severe contract enforcement strategy. By contrast, a promotion contract effectively mitigates opportunism with a swift contract enforcement strategy.

Originality/value/contribution: This study untangles two distinctive features of contract design – prevention-framed and promotion-framed contracts – and compares their effects on opportunism management. This study also provides a profound understanding of contract effectiveness by revealing the interaction effect between ex ante contract design and ex post contract enforcement.

Research implications: Researchers are encouraged to explore contract effectiveness from a framing perspective. In particular, ex post contract enforcement strategies should be included in research frameworks related to contract governance. Suggestions for further research on the effects of prevention and promotion contracts on different forms of opportunism are also proposed.

Practical implications: This article provides several insightful implications for managers in designing and enforcing contract in business-to-business marketing. Managers can strategically achieve control and motivation effects by consciously making framing decisions in the contract design, further curbing opportunistic behaviors. Moreover, managers can select a contract enforcement strategy in accordance with the contract type to maximize the effects of the specific contract.     

Street Name Fluency and Housing Prices

This paper examines whether and how street name fluency affects housing prices using a rich sample of housing transactions in Sydney, Australia. We find street names with longer words are preferred, i.e., homes on street names with more letters are priced with a 0.6% premium. Homes with unique street names are sold 1.6% (or A$10,835) higher than those with more common names, implying disfluency and uniqueness preference. Moreover, homes with less fluent street names are valued more conditional on the street name is rare or the home is in the luxury price range. This is consistent with the consumption context effect in the psychology literature that in the context of special occasion high-end goods, lower fluency and grater uniqueness makes the products feel more desirable and valuable.

While we show disfluency preference on aggregate, we also find evidence of fluency preference by non-English speaking buyers and for new developments. Preferences for royal names or popular words proxied by Google Trends are also documented. Overall, our findings shed light on understanding how name fluency affects the investment decision of special occasion goods such as real estate.

     

豪华游艇的浪漫密码

私家豪华游艇这种“水上行宫”般的顶级奢侈品具有魔幻般的吸引力,其致命“毒性”不亚于精纯的海洛因,尝试一次就足以上瘾。在欧美、澳洲、香港等国家和地区,豪华游艇向来是顶级富豪、社会名流以及“蓝血”贵族不可或缺的娇宠;而在国内,豪华游艇如今更多地被视为一个略显超前的时尚话题。     

经济节能车型亮翅2009北美车展

2009年1月11日，美国底特律车展正式开幕。虽然各大汽车厂家目前都在经受经济危机的考验，但在此次国际车展上，都不遗余力地把最新概念车以及最新车型拿出来亮相以吸引眼球。底特律车展正处在世界汽车行业整体转型的关键时间点上，我们可以从这次车展发布的新能源汽车及经济型汽车等看出今后几年乃至十几年的趋势。     

未来机器人或取代人类智能?

在大西洋的一座岛屿上,有-家制造和生产生物机器人的洛苏姆万能机器人公司.大量机器人从这里源源不断地生产出来,渗透到世界各地的各行各业.机器人的大量出现,导致人口停止增长,有人预言人类将有灭绝之灾……     

Government＇s Role in Rescuing Enterprises

One after another round of discussion upon ＂How enterprises should face the financial crisis＂ was carried on fiercely among enterprises deputies during the NPC and CPPCC period. ＂I got great insights during our enterprises＇ reorganization that the confidence in our own hearts and the guidance from governments are equally important.＂ Qiu Jibao, the chairman of the survived and thrived Feiyue Group shared his opinion with others.