The role of human capital on the performance of manufacturing firms in Bangladesh

The efficiency determinants of manufacturing firms in developing countries have received increasing attention over the past few decades. This study examines the role of top managers' human capital and other exogenous determinants of the efficiency of manufacturing firms in Bangladesh by using heteroscedastic single‐step stochastic frontier analysis. We find that general human capital represented by educational qualification and specific human capital formed by work specific experience show different ways of impact on firm performance. Specifically, education has both a direct impact on firm outputs and an indirect impact as an efficiency determinant, whereas experience affects only technical efficiency.     

Sequential product positioning in the presence of an asymmetric network externality intensity

In this study, we analyze the sequential decisions on product positioning of two firms in the presence of network externalities. One commonly accepted phenomena in a market where a network externality arises is the first‐mover advantage, in which the first entrant into a market can earn a higher profit than later entrants. However, in some recent online services markets, we see that the second mover earns a higher profit than the first mover. This occurs because the second mover strengthens its variety of available functions and services markedly, thereby facilitating consumers' work and communication with its main product, which we call network externality intensity. Based on this observation, we analyze sequential positioning in Hotelling's framework by incorporating an asymmetric network externality intensity between firms. We show that unlike the results of previous related studies, both first‐ and second‐mover advantages can appear in the equilibrium depending on the relationship of the network externality intensity between firms; further, they do not change monotonically with the level of network externality intensity.     

POPULATION AGING AND CONSUMPTION INEQUALITY IN JAPAN

This paper analyses how consumption inequality within a fixed cohort grows with age using Japanese household microdata. Following the method developed by Deaton and Paxson (1994), we obtain the following results. First, consumption inequality starts to increase at the age of 40. Second, younger generations face a more unequal distribution from the beginning of their life-cycle. Third, half of the rapid increase in the economy-wide consumption inequality during the 1980s was caused by population aging, while one-third was due to the increasing cohort effect. The paper compares the above results with those of Deaton and Paxson.     

Impacts of robotization on the Japanese economy

The introduction of robots leads to a reduction of direct labor, whereas it stimulates the investment activity of firms and thereby brings about a rise in indirect employment. This paper attempts to evaluate relative magnitudes of both effects of robotization on employment. The method of analysis depends on the application of an econometric model. The results of the survey at the individual firm level are also utilized. The forecast for the current five years (1985–1990) is that robotization will result in a net effect of a 23 thousand person decrease in employment.     

人民币和中国经济

中国存在着许多结构性问题,如社会保障制度不健全,金融体制不完善等.这些问题的根源都不在汇率制度.要在根本上解决问题,在实行人民币升值和改革人民币汇率制度,提高汇率制度灵活性的同时,还要抑制投资过热,控制银行贷款规模,发展银行存款以外的股票、债券等资本市场,推进国有企业改革,实施消除将来不安的社会保障政策,实现利率自由化,改革金融体制等.只有使这些政策措施互相配合,很好地联动,才能取得卓越的成效.     

Capital Structure and Investment Financing of Small and Medium-Sized Enterprises in Vietnam

Insufficient sources of internal financing and inaccessibility of external financing are acknowledged as crucial constraints on new investment for small and medium-sized enterprises (SMEs). This study examines how capital structure is related to investment decision for SMEs in Vietnam. In particular, we investigate the effect of capital structure on the decision to seek new investment as well as the choice of its financing sources. The main results reveal that SMEs with high financial leverage tend to engage more in seeking new investment. Moreover, empirical results demonstrate that among SMEs seeking new investment, those with higher financial leverage are more likely to choose external financing rather than internal financing. These results confirm the dynamic feature of the pecking order theory in the context of SMEs’ capital structure in Vietnam.     

Human resource development to facilitate experiential learning: the case of Yahoo Japan

Although work experiences are recognized as important mechanisms for developing leaders in organizations, existing research has focused primarily on work assignments rather than on human resource development (HRD) systems that promote experiential learning of managers. The primary goal of this study was to develop an HRD model for facilitating experiential learning by examining the case of Yahoo Japan, which has transformed its HRD system based on experiential learning theory. The results indicate that Yahoo Japan has promoted experiential learning at the individual level by introducing new HRD systems consisting of four elements: reflection support (one‐on‐one meeting and coaching training), assignment support (HRD meeting and job rotation), assessment support (360‐degree appraisal and one‐on‐one meeting assessment) and visionary support (a vision and values). Although these elements are closely associated with each other, reflection support plays a key role in the HRD system. The proposed model is discussed from theoretical and practical viewpoints.     

Incomplete Insurance and Non-expected Utility

This paper shows that the estimation of non-expected utility (Kreps–Porteus preference) based on the representative agent model is less robust with respect to the departure from complete markets than is the expected utility for the following reasons. First, the precautionary saving caused by uninsured shocks may be evaluated incorrectly. Second, the portfolio held by individual household includes not only marketable assets, but also non-marketable assets (e.g. human capital) in the context of incomplete markets. Third, returns on marketable assets may not provide sufficient information for recovering relevant parameters. The estimated parameters available from the existing empirical research are consistent with the biasedness of parameters implied by this study.
JEL Classification: E44, G12.     

Von neumann facets and the dynamic stability of perfect foresight equilibrium paths in neo-classical trade models

I am grateful to two anonymous referees for useful comments on an earlier version of this paper.     

Armington elasticities in intermediate inputs trade: a problem in using multilateral trade data

Abstract.  In this paper we find that the estimates of Armington elasticities (the elasticity of substitution between groups of products identified by country of origin) obtained from multilateral trade data can differ from those obtained from bilateral trade data. In particular, the former tends to be higher than the latter when trade consists largely of intermediate inputs. Given that the variety of intermediate inputs traded across borders is increasing rapidly and that the effect of this increase is not adequately captured in multilateral trade data, the evidence shows that the employment of multilateral trade data to estimate Armington elasticities needs caution. JEL classification: F14, C51