Stability analysis of an effluent charge and the ‘polluters pay’ principle

In a pure exchange economy with two private commodities and one collective externality, a non-tâtonnement process is formulated, which yields a rule for adjusting an effluent charge of the Pigovian type from the level zero (at a laissez-faire equilibrium) up to a level that sustains an optimum. Besides convergence (Theorem 3) and monotonous decrease of the externality (Theorem 2) along a continuous path of price equilibria (Theorem 1), the paper analyses the distributional implications of alternative redistribution schemes for the proceeds of the charge. Various interpretations of the ‘polluters pay’ principle are discussed in conjunction with property rights.     

Blended value and female entrepreneurial performance: social and economic aspects of education and technology transfer

International Entrepreneurship and Management Journal - We reviewed the literature on institutional forecasters of entrepreneurial action across international settings. Our objective was to explain...     

Does securities regulation constrain small business finance? An empirical analysis

In November 2001, the Canadian province of Ontario amended the private placement regulations considerably to facilitate access to equity financing by small and medium sized enterprises (SMEs). To determine the extent to which securities regulation is an effective constraint on financing of growth corporations, we analyze issue activity before and after this change took effect. We note an increase in the number of issues, but only a slight increase in the total amounts raised on the private market following the reform. The average size of the issues has thus decreased. Some of the observed changes can be traced to concurrent events, namely the burst of the technology bubble and the strong increase in the prices of natural resources, which represent a major sector in Canada. When we control for various factors that influence issue activity, we observe a statistically significant effect only on the number of issues by closed corporations, which seems to originate from the non-resource companies. These results do not rule out the conclusion that the reform eased the issue of small amounts of money by private companies. However, our results do not confirm the argument that securities regulation is a major constraint to small business finance.

DIVIDED WE STAND,UNITED WE FALL: THE HUME‐NORTH‐JONES MECHANISM FOR THE RISE OF EUROPE*

The “great divergence” between Europe and the rest of the world occurred relatively recently. What enabled Europe, with all its laggards, to dominate the previously successful Eastern economies? This article emphasizes one important mechanism, highlighting the contrast between the European states system and Eastern empires. Political competition for a mobile tax base in a states system forces rulers to provide relatively more secure property rights. By effectively limiting the “exit” options of the ruled, an empire rewards its ruler with a captive tax base that can be subjected to higher levels of expropriation. As a result, the states system encourages faster capital accumulation and growth.     

The Endogeneity of Optimum Currency Areas Criteria: Some Evidence from the European Union and Portugal

Observing the statistical relationship between business cycles correlation and trade intensity in the European Union, euro zone, and the Portuguese economy, we conclude that there is, in general, a positive effect that supports the endogeneity argument proposed by Frankel and Rose (The Economic Journal 108(449):pp. 1009–1025, 1998). However, if we analyse this relationship in sub-periods – 1967–1975, 1976–1985, 1986–1992, and 1993–2003 – we conclude that endogeneity hypothesis just hold in the first two, although the correlations are increasing. This could mean that, after the Single European Act in 1986, other forces beyond trade are contributing to business cycle synchronization. The Portuguese business cycle correlation with the European Union and the Euro zone had also increased in these four decades, despite the fact that endogeneity hypothesis is at a 90 percent confidence level. We also analyse the bilateral relationships between the Portuguese economy and the other European Union countries and find that the endogeneity is confirmed in just four cases: Spain, Ireland, Netherlands, and UK.     

Modelling insurgent-incumbent dynamics: Vector autoregressions,multivariate Markov chains,and the nature of technological competition

The struggle between sail and steam is a long-standing theme in economic history. But this technological competition story has only partly tackled, since most studies have appreciated the rivalry between the two alternative modes of commercial sea carriage in the late 19th century while the early period has remained relatively under-analysed. This paper models the early dynamics between the two capital goods using a vector autoregression approach (VAR) and a Multivariate Markov Chain approach (MMC). We find evidence that the relationship was non-linear, with a strong indication of complementarities and cross-technology learning effects.     

Turkey's Comparative Advantages and Dynamic Market Positioning in the EU Market

This paper reveals the static and dynamic comparative advantages of Turkish exports in the EU-15 market in relation to the exports of the non-EU-15 countries, covering the period 1996–2010, based on three-digit Standard International Trade Classification industries. In this regard, this paper is the first attempt to evaluate the dynamic revealed comparative advantage patterns of Turkey vis-à-vis its competitors in the European Union (EU) market. Whether there have been significant changes in Turkey's comparative advantages in the EU market and in which sectors these changes can be utilized further as potential advantages are two important issues affecting the prospects of trade policy in Turkey, which is a candidate for EU membership.     

Extending the Classification of European Countries by their IFRS Practices: A Research Note

Abstract

This paper expands the IFRS accounting systems’ classification proposed by Nobes [(2011). IFRS practices and the persistence of accounting system classification. Abacus, 47(3), 267–283] to a broader set of European countries. The results suggest a classification distinguishing between four groups of European countries, and add to the evidence, reported by Kvaal and Nobes [(2010). International differences in IFRS policy choice. Accounting and Business Research, 40(2), 173–187] and Nobes (2011)., that pre-IFRS accounting differences influence the options adopted by firms. This study contributes to the literature suggesting that the widespread adoption of IFRS has not eliminated the differences between national accounting practices and that accounting systems classification did not lose its relevance.     

Market Orientation,Strategy and Revenue Growth in the Turkish Hotel Industry

This empirical analysis of hotel properties in south-western Turkey draws on the market orientation, strategy, and capabilities literature to highlight the benefits of a differentiation strategy and customer-value focus for competitors in this industry. Relationship management and organizational resource management are key drivers of sales growth in this industry, and hotel operators facing high competitive intensity are particularly encouraged to develop these capabilities and to adopt a differentiation strategy instead of resorting to price cutting and other pricing and promotional tactics to grow revenues. Notable opportunities for future research include examining relationships between market orientation, customer satisfaction, and employee satisfaction in the Turkish hotel industry.