Environmental Policy Instruments: Technology Adoption Incentives with Imperfect Compliance

We study the incentives to adopt advanced abatement technologies in the presence of imperfect compliance. Interestingly, incentives under emission taxes and pollution abatement subsidies are the same that in the perfect compliance scenario. However, under emission standards imperfect compliance can increase firms’ incentives to invest, whereas under an emission permit mechanism investment incentives decrease only if widespread non-compliance induces a reduction in the permit price. Our results are valid for fairly general characteristics of the monitoring and enforcement strategies commonly found in both, theoretical and empirical applications.     

Determinants of the Effective Real Exchange Rate of the Synthetic Euro: Alternative Methodological Approaches

On the basis of historical data aggregated over the period 1973 to 2000, we have experimented with four different approaches to estimate the synthetic euro's equilibrium exchange rate. Using a number of competing models with the same data set, variable definitions and sample period offers the possibility to assess the uncertainty surrounding such equilibrium levels, both from an empirical (different estimates) and a theoretical viewpoint (different specifications). In this exercise, the 'Rest of the World' is proxied by the US, the UK, Japan and Switzerland, aggregated on the basis of trade weights.
We employed reduced form co–integration models, a structural VAR, a NATREX model (estimated in structural form) and the ECB's small–sized euro area wide macro–econometric model. In this order the approaches feature an increasing degree of 'structure', in the sense of the constraints based on economic theory embedded in the econometric models that were estimated. The results confirm the high likelihood for the euro having been undervalued in Q4 2000, while stressing the significant empirical and theoretical uncertainty with respect to the equilibrium exchange rate level.     

An algorithm for panel ANOVA with grouped data

In this paper, we present an algorithm suitable for analysing the variance of panel data when some observations are either given in grouped form or are missed. The analysis is carried out from the perspective of ANOVA panel data models with general errors. The classification intervals of the grouped observations may vary from one to another, thus the missing observations are in fact a particular case of grouping. The proposed Algorithm (1) estimates the parameters of the panel data models; (2) evaluates the covariance matrices of the asymptotic distribution of the time-dependent parameters assuming that the number of time periods, T, is fixed and the number of individuals, N, tends to infinity and similarly, of the individual parameters when T → ∞ and N is fixed; and, finally, (3) uses these asymptotic covariance matrix estimations to analyse the variance of the panel data.     

An analysis of the construct “involvement” in consumer behaviour

The aim of this paper is to analyse the construct involvement. Specifically, the present work extends the sphere of study of the construct involvement at brand level, applying it to Denominations of Origin (D.O.s). Hence, after an overview of the concept, it suggests a cognitive approach to the measurement of involvement. It proposes as indicators the number of values associated with this designation, the centrality of these values and the intensity of the association. In this delimitation of the concept, a model is presented that is set within the framework of an analysis of the decision-making process adopted by consumers when purchasing wine. This postulates that temporary involvement with a D.O. has explanatory power, as does the direct effect of the regular outcomes of a permanent involvement with such a designation on the process in question. In addition, a correlation is proposed between the state of temporary involvement with a D.O. and the continuing consequences of a permanent involvement with this designation.     

Corporative social responsibilities perceptions: an aproximation through Spanish university students’ values

Examining university students’ values and perceptions of Social Corporative Responsibility (CSR) are one area that could lead to a better understanding of European university students’ behaviour to social initiatives offered by the firms, and the socialization that their academic institutions collaborate to generate in their students. The purpose of this study is to respond the following research questions: (a) what is the university students’ value structure?; (b) what are the perceptions of students about the CSR performance?; (c) how do personal values affect the perceptions of students’ CSR?; And (d) what is the relationship between CSR perception and the background variables? A sample of 1,060 university students from Social Sciences and statistical methods as multidimensional scaling, cluster analysis, and categorical principal component analysis have been used. Through the findings, this paper expects to highlight that the education in values and social responsibility is relevance not only for Society but also for Companies and even more High-Education Institutions.     

Criteria involved in evaluation of trade shows to visit

An organizer of trade shows (TSs) need to know the framework of criteria used by potential visitors in their ex-ante evaluation of trade shows. This paper comes to fill a gap in the published research, aiming to answer two research questions: which criteria are important for visitors in evaluating TSs to visit? And which is the underlying structure of criteria? A sample of retailers was interviewed and, after using a Confirmatory Factor Analysis, a measurement model was identified. The results confirm the underlying structure suggested by the integration of separate criteria or elements previously identified in other studies. Also, that the changes in the marketing orientation of companies have affected the evaluation criteria used by visitors. Additionally, the results show differences between visitants and exhibitors. The main disparity is the non-relevance of the marketing research criteria: TSs are a good marketing research tool for exhibitors but much more limited for visitors.     

Working Time as Gendered Time

Household-labor time and market-labor time are organized in part through the social structure of unequal gender relations. Generally, women do more household work than men, women's market work is undervalued, and the greatest rewards for market work accrue to men. The career model of employment is biased in favor of men who have few household responsibilities. Even noncareer seniority-sensitive job paths assume male incumbency with limited competition from household responsibilities. In this article we discuss the gendered underpinnings of the organization of time in contemporary Western society by critically examining household-labor time and the masculine models of career and noncareer employment. In addition to the important feminist goal of pay equity, we argue for a feminist politics of time that promotes alternative work-time arrangements for women and men to foster gender equality in the market and at home.     

Pay dispersion among the top management team and outside directors: Its impact on firm risk and firm performance

Two key groups central to improving firm performance are the top management team (TMT) and the board of directors. Executives undertake strategic actions, whereas board members fulfill their resource provision and monitoring roles. Drawing on tournament theory and equity theory, we propose that high pay dispersion among outside directors and the TMT is positively associated with strategic risk, whereas high (low) TMT pay dispersion and low (high) outside director pay dispersion are positively associated with firm performance. Our predictor is the unexplained component of horizontal pay dispersion, or the residual of pay dispersion resulting from regressing pay on observable firm, industry, period, and individual characteristics. Our results highlight the importance of unexplained pay dispersion for TMTs, but not for boards of directors, in improving firm performance.     

US deficit sustainability revisited: a multiple structural change approach

In this article we re-examine the long-run sustainability of US budget deficits, using Bai and Perron's multiple structural change approach. While the deficit would have been weakly sustainable over the full sample (1947:1–2005:3), strong sustainability would appear only between January 1982 and February 1996.