Agricultural competitiveness: The case of the United States and major EU countries

Growth in the agricultural GDP of four major European countries is compared with US agricultural growth for the period 1974–1993. The agricultural sector's relative prices are taken into account along with economy-wide factor market adjustments. For Denmark, France, Germany and the UK, the effects of declining real prices and changes in input levels on growth in agricultural GDP are relatively small. Total Factor Productivity (TFP) growth appears to be the major contributor to European agricultural GDP growth. In comparison, TFP is the major source of growth in US agricultural GDP, but its rate of growth is lower than the European countries. In contrast, the declining real prices for US agriculture had a relatively large effect on its GDP. However, in recent years, the effects of declining real prices and declining rates of growth in TFP on European agriculture are relatively large. In the longer-run, the relative competitiveness of US agriculture is largely dependent on its ability to sustain and increase growth in TFP.     

Does Service Bundling Reduce Churn?

We examine whether bundling in telecommunications services reduces churn using a series of large, independent cross sections of household decisions. To identify the effect of bundling, we construct a pseudo‐panel dataset and utilize a linear, dynamic panel‐data model, supplemented by nearest‐neighbor matching. We find bundling does reduce churn for all three “triple‐play” services. The effect is only “visible” during times of turbulent demand. We also find evidence that broadband was substituting for pay television in 2009. This analysis highlights that bundling helps with customer retention in service industries, and may play an important role in preserving contracting markets.     

The Role of Geographic Location in the Acquisition Strategies of High‐Technology Firms: Evidence from Computer Networking Equipment Industry

The present study focuses on the acquisition strategies of Cisco Systems, a comprehensible representative of high‐technology firms. This investigation has depicted a dynamic picture of acquisition behavior when the geographic location of targets varies. Analysis has revealed that high‐technology firms are more likely to acquire co‐located start‐ups. Our findings suggest that high‐technology firms are more likely to acquire targets who have received an earlier equity investment and whose technologies have been standardized. We have also found partial evidence that supports the argument that high‐technology firms pursue cluster‐based acquisitions. Analysis suggests that access to patents does not matter for start‐up companies located in industry clusters while their counterparts outside these clusters need patents to become acquisition targets. © 2013 Wiley Periodicals, Inc.     

The Internetalisation of information,knowledge, and interaction components of the firm's internationalisation process

Abstract

Transcending traditional national borders, the Internet is an evolving technology that has opened up many new international market opportunities. However, ambiguity remains, with limited research and understanding of how the Internet influences the firm's internationalisation-process components. As a consequence, there has been a call for further investigation of the phenomenon. Thus the purpose of this study was to investigate the Internet's impact on internationalisation-process components, specifically, information availability, information usage, and interactive communication, with international market growth. Analysis was undertaken using structural equation modelling. Findings highlight the positive mediating impact of the Internet on information availability and usage, with the international market growth of the firm.     

Towards an understanding of older adult educational tourism through the development of a three-phase integrated framework

As a direct consequence of global ageing patterns, older travellers have become a significant proportion of annual total holiday spending. In addition, this has also brought with it a shift in the types of travel experiences that older travellers are now choosing. Educational and cultural touristic experiences are now becoming popular options for many older individuals, as they provide greater opportunities for meaningful engagement as well as tapping into their renewed interest for history and nostalgia. At the same time, older travellers are placing a greater value on lifelong learning that may help to enrich their life. This paper provides a comprehensive review of the educational travel experiences of older adults through the development of an integrated framework that links the three stages of educational travel: pre-travel, participation, and post-travel. It is envisaged that this framework will contribute to the development of a conceptual model for successful ageing that acknowledges the significant impact that educational travel experiences will have on the well-being of older tourists.     

The role of financial analysts in stock market efficiency with respect to annual earnings and its cash and accrual components

This study examines biases in stock prices and financial analysts' earnings forecasts. These biases take the form of systematic overweighting or underweighting of the persistence characteristics of cash versus accrual earnings components. Our evidence suggests that stock prices tend to overweight and financial analysts tend to underweight these persistence characteristics. Furthermore, we find that analysts' underweighting attenuates stock price overweighting. However, we find little evidence that the overweighting in stock prices attenuates analyst underweighting. This study brings a new perspective to the literature regarding the disciplining role of financial analysts in capital markets.     

Rent control according to Seinfeld

More than 30 years after its premiere, Seinfeld continues its run as a seminally popular television show. On October 1, 2021, five-year streaming rights to the show were purchased by Netflix for $500 million. Set in New York City, where rent control laws have a long history, several episodes of the show consider the trials of apartment living, including shortages, tastes for discrimination by sellers, bribery, search costs, and quality degradation. Seinfeld also illustrates the informal process through which rent-controlled apartments are advertised (e.g., less advertising under rent control shortage). This paper argues that popular media can be used as an effective pedagogical tool in learning. This paper analyzes four episodes of Seinfeld to help students identify and differentiate the very real costs of rent control. The paper also guides students to appreciate the difficulty in crafting a policy that is free of unintended consequences.     

Walk the talk: ESG mutual fund voting on shareholder proposals

Review of Accounting Studies - We document that U.S. mutual funds with investment objectives designated as “Sustainable Investment Overall” by Morningstar (ESG funds) are more likely...     

The price effects of greening vacant lots: How neighborhood attributes matter

We identify the effects of greening vacant lots on nearby housing prices and show how neighborhood attributes matter to these outcomes. Using data from a longstanding program in Philadelphia, we find that prices for houses within 1,000 feet of a greened vacant lot rise by about 4%, consistent with the literature, with the effect size increasing over time. Using the extensive data available in Philadelphia, we show how these effects vary by the attributes of the neighborhood in which they occur, with larger effects in areas with a high share of vacant land and higher-than-average median household incomes, with peak responses estimated at 19% and 15%, respectively. We demonstrate the importance of sample selection bias adjustment for identification of the effect of vacant lot greening.