Marketmaking Middlemen

This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman, who adopts a mixture of these two intermediation modes, can emerge in a directed search equilibrium and discuss implications for the market structure.     

Edgeworth's taxation paradox when firms engage in cost-reducing investment

This study examines whether and when Edgeworth's taxation paradox, that taxation decreases the equilibrium price, occurs in a free-entry Cournot oligopoly with cost-reducing investment. In contrast to the fact that no paradox occurs in the short-run equilibrium, the paradox can occur in the long-run equilibrium, in which the number of firms is endogenous. However, the conditions under which the paradox occurs are restrictive when there is no investment. By incorporating cost-reducing investments into the model, we demonstrate that the paradox is likely to occur under less restrictive conditions, irrespective of whether the tax is specific or ad valorem.     

城市建成环境对鸟类多样性的影响 机制研究评述及展望

城市化带来的环境变化是生物多样性的主要威胁， 但城市同样也是生物多样性保护的热点地区。因此，分析和预 测城市环境变化对生物多样性的影响对于维护城市生态系统服 务，提升人类福祉至关重要。目前，越来越多的研究对城市建 成环境进行了详细的分类，分别量化了各个城市特征对生物多 样性水平的影响。然而，对影响城市内生物多样性水平的因 素仍缺乏多尺度、全球性的分析。借助Web of Science和 CNKI，对来自全球37个城市的111篇文献进行了建成环境下 鸟类多样性研究方法和结果的系统性分析，并在归纳关键性城 市建成环境要素的基础上，提出了以生物多样性为导向的建成 环境优化策略，指出了鸟类多样性保护和城市可持续发展的未 来方向。     

Do bank managers signal through cash flow statements?

We empirically examine the cash flow statements for Japanese banks and whether their managers engage in classification shifting to temper concerns about risk exposure. To create a buffer against liquidity shocks, they shift cash flows from investing and/or financing activities to operating activities. We also find robust evidence that classification shifting intensifies in higher risk situations. Although prior research on managerial discretion focuses on earning management, we are the first to show cash flow management to avoid sequential negative changes in operating cash flows. We show that these activities convey valuable information about changes in banks' risk exposure.     

BOOK REVIEWS

Book Reviews in This Article: Enterprise and the State in Korea and Taiwan. Industrialization and the State: The Korean Heavy and Chemical Industry Drive.     

Methods for strengths use support: A multi-dimensional model

This study examines how middle managers support their employees' strengths use via three sequential analyses. In Study 1, an open-ended questionnaire survey of high-performing middle managers at a global manufacturer in Japan (n = 144) was conducted to collect comments on strengths use support (SUS). The grounded theory approach was used to generate four categories of SUS, and a quantitative questionnaire was developed based on the analysis. In Study 2, three dimensions of SUS (understanding employees' strengths and interests, developing strengths through challenging assignments, and supporting the accomplishment) were identified by exploratory factor analyses using the questionnaire survey data of middle managers in Japanese firms (n = 208). Study 3 examined the validity and reliability of the three-dimensional model using confirmatory factor analysis of the questionnaire survey data of middle managers in Japanese firms (n = 209).