Trade and competition policies: concordia discors>

In a simple model of trade and competition policies we showthat the abolition of trade restrictions may lead to governmentsindependently choosing more competitive competition policies.Subsequent co-ordination of competition policy involves encouragingless competitive behaviour than when such policies are not co-ordinatedand may involve disharmonisation, in a sense made clear in thepaper. Adding a third country, simulation results indicate thatnon-member concerns about customs union formation may be well-founded,particularly when the union goes beyond mere trade policy co-ordination(which may be needed to make it attractive to members in thefirst place).     

Corporate Reorganizations and Non-Cash Auctions

This paper extends the theory of non-cash auctions by considering the revenue and efficiency of using different securities. Research on bankruptcy and privatization suggests using non-cash auctions to increase cash-constrained bidder participation. We examine this proposal and demonstrate that securities may lead to higher revenue. However, bidders pool unless bids include debt,which results in possible repossession by the seller. This suggests all-equity outcomes are unlikely and explains the high debt of reorganized firms. Securities also inefficiently determine bidders' incentive contracts and the firm's capital structure. Therefore, we recommend a new cash auction for an incentive contract.     

Asymmetric Information and News Disclosure Rules

When the imminence of news announcements is not public knowledge, many traders will lack information on both the mean and variance of private information. Our analysis of such a setting in both single and multisecurity contexts implies that disclosure of impending information events by firms can bound variance uncertainty and thereby improve investor welfare by mitigating the market breakdown problem. We also find that the equilibrium pricing functions are nonlinear; specifically, convex for small trades and concave for larger ones. In addition, we predict that large transactions will be followed by large levels of volatility. Journal of Economic Literature Classification Numbers: 022, 026, 522.     

Analyzing Transportation Reconstruction Network Strategies: A Full Cost Approach

Policymakers interested in evaluating the costs and benefits of earthquake retrofit and reconstruction strategies require a way to measure the benefits (costs avoided) of competing proposals. This requires an integrated, operational model of losses due to earthquake impacts on transportation and industrial capacity, and how these losses affect the metropolitan economy. Our approach to this problem advances the information provided by transportation and activity system analysis techniques in ways that help capture the most important economic implications of earthquakes. These full cost results have four dimensions: structure damage, business interruption, network performance, and infrastructure damage. Preliminary results for all four measures are summarized for a hypothetical magnitude 7.1 earthquake on the Elysian Park blind thrust fault in Los Angeles.     

Social protection for people with disabilities in Africa and Asia: a review of programmes for low- and middle-income countries

Despite a greater need for social protection among people with disabilities, there is limited evidence of their inclusion into social protection programmes in low- and middle-income countries. This paper presents the findings from a review of regional and global data sources for Asia-Pacific and Africa to identify social protection programmes that aim to include people with disabilities. It finds a substantial number of programmes in both regions, although there is considerable variation in the quantity and types of programmes within and between regions and countries, as well as between low- and middle-income countries. Further, the quality of data is not sufficient to assess the degree to which these programmes are genuinely inclusive of people with disabilities. As such, it highlights important limitations in the way data is currently being collected that require further attention in the context of the Sustainable Development Goals and the commitment to ‘Leave No-one Behind’     

Pricing‐To‐Market Analysis: The Case of EU Wheat Exports

The EU is a major player in the global wheat market. This paper examines the pricing behaviour of EU wheat exporters using a pricing‐to‐market (PTM) analysis. Wheat is an exemplary product for testing PTM theories as it is widely and frequently traded, and largely unbranded. We estimate the relationship between export unit values and exchange rates using quarterly panel data for 11 EU export destinations for 2000–2013. Results show that there is a meaningful long‐run relationship between export unit values and exchange rates, but there is little evidence of differential mark‐ups between EU export markets. Belarus and Iceland are exceptions where exporters from the EU appear to exercise local currency price stabilisation.     

Agriculture,Land Tenure and International Migration in Rural Guatemala

In this paper, we ask what the effects of migration and remittances are on land tenure, agriculture and forests, based on empirical evidence from four rural communities in Guatemala. Our results suggest that remittances improve migrant families' access to agricultural land which – depending on the context – fosters more equitable local land distribution patterns or land concentration by migrant families. Changes in the political economy of the country also combine to stimulate these patterns, while remittances contribute to secure land rights held by migrant households. But even though migrant households are acquiring more land, the trend does not change the traditional pattern of land distribution in the country. Regarding forests, significant changes were not observed in two of the communities, while in one we observed forest decline and in the last, forest recovery. A trend away from reliance on the land for survival results in forest recovery.     

Making explicit agricultural ecosystem service trade-offs: a case study of an English lowland arable farm

European farmland hosts a species assemblage of animals and plants which have undergone declines through the late twentieth and early twenty-first centuries, at least partly as a result of increased productivity. Further increases in human populations, changes in availability and cost of raw materials, policy constraints, price volatility and climatic changes will further drive greater efficiency and high yields in agriculture, with the risk of further adverse environmental impacts. We assess the effects of different management priorities (production-driven cropping vs. wildlife-friendly farming) at an arable farm in eastern England on food production, greenhouse gas (GHG) emissions and biodiversity. We modelled one actual and three alternative cropping scenarios using actual yields from the farm over 13 years, to calculate total yields and those foregone for agri-environmental measures. We measured crop yields, relative abundance of 19 farmland bird species, and CO₂ and N₂O emissions related to crop production. Removing up to 10.5% of land from production coupled with a more diverse rotation (including legumes) resulted in a large increase in breeding birds (177%) and reduction of 9.4% in GHG emissions at the cost of 9.6% of food energy. Food protein lost was only 2.9%. A smaller increase in bird numbers of 50% could be achieved at a much smaller cost to yield (～1.7% energy or protein) but with correspondingly smaller emissions reductions (1.2%). Results are discussed within the context of continued biodiversity loss to agriculture, increasing food demand and changing diets.     

品牌个性、消费者自我形象和购买意愿关联性的实证研究——以台北市汽车业为例

国内外的相关研究显示,若是品牌形象与消费者的自我形象达成一致时,消费者会有较高的购买意愿.这些研究大部分都是针对一些涉入程度较低的产品,例如手表、电池或手机等,而对于涉入程度较高的产品,则较缺乏相关的研究验证.文章将焦点放在汽车产品上,以探讨汽车广告中的品牌个性、消费者自我形象以及其购买意愿三者间的关联.结果发现,当品牌个性与消费者真实自我形象之一致性程度愈高时,消费者的购买意愿也会随之愈高;品牌个性与消费者理想自我形象之一致性程度愈高时,消费者的购买意愿同样也会愈高.     

Positively deviant: Identity work through B Corporation certification

Despite widespread and growing public interest in sustainability certifications, many social entrepreneurs have opted not to obtain such certification. Drawing on recent studies highlighting the salience of both gender and context in shaping differences among social enterprises, we develop an identity-based framework for explaining heterogeneity in the adoption of sustainability certification. We test our ideas using a sample of 1251 U.S. firms obtained from B Lab, the organization responsible for assessing Certified B Corporations. Our results show that woman-owned businesses are twice as likely to qualify for certification and more than three times as likely to certify. Moreover, this propensity to certify is amplified in contexts where sustainability norms are weak, mimetic pressure to obtain sustainability certification is low, and woman-owned businesses are less prevalent. These findings support our central theoretical argument that certification differences are due to actors' efforts to engage in identity work, strengthening their sense of self-coherence and distinctiveness by way of this authentication process. We conclude by highlighting our contributions to existing scholarship on social entrepreneurship, identity work, and certification adoption, as well as strategic implications for B Lab.