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61.
The paper analyzes the strategic waiting tendencies of IPO firms. Our game theoretic model shows why some high-quality firms may strategically delay their initial public offering until a favorable signal about the economic conditions is generated by other issuing firms. Survival analysis suggests that IPOs in the highest quality decile have significantly higher median waiting days (since the start of a rising IPO cycle) than the IPOs in the lowest decile. During the early stages of an expanding IPO cycle the average firm quality is lower than in its later stages. We find supporting evidence also from the IPOs of future S&P 500 firms. 相似文献
62.
FRANÇOIS BOURGUIGNON 《Review of Income and Wealth》2011,57(4):603-621
The welfare analysis of tax reforms most often consists of comparing the post‐reform distribution of individual welfare with the pre‐reform distribution or possibly that obtained from another reform as if they were completely independent. Such an “anonymous” approach does not take into account “changes” in individual situations, generally the main source of contention in any tax reform debate. This paper proposes a welfare criterion that allows comparison of reforms while taking into account individual status quo—i.e. pre‐reform—situations. This is done by extending standard utilitarian social welfare criteria to the case where individual utilities depend on initial income and income change. 相似文献
63.
M. Alper Çenesiz Christian Pierdzioch 《International Economics and Economic Policy》2010,7(4):391-409
We used a dynamic two-country optimizing model featuring efficiency wages to analyze the implications of capital mobility
for labor market volatility. Capital mobility magnifies the short-run effects of productivity shocks and monetary shocks on
employment and the real wage, but dampens the medium-run effects. The overall effects of capital mobility on the volatility
and the cyclical properties of employment and the real wage are moderate. 相似文献
64.
This article aims to understand the dynamics of growth in the biomedical/biotechnology system that consists of a variety of actors ranging from universities, medical supplies firms, and drug research firms, to clinical service suppliers. Based on a comparative study made in Ohio and in Sweden, we have analyzed three main factors: technology competencies, technology transfer, and networking capabilities. Our findings show a set of differences that can be grouped into two categories, viz. management and agglomeration externalities. Differences in management appear at three points: the resources allocated to technological competence development, managerial skills in the technology transfer phase, and the use of technology councils. Ohio seems to offer a better environment for starting up new firms and enabling these firms to successfully commercialize their technological assets. The agglomeration externalities that make a difference between the two regions might be grouped into two categories: increasing returns arising from network externalities and the advantages of networking with a variety of supporting organizations in the system. 相似文献
65.
This paper employs an extreme risk spillovers test to investigate the bilateral business confidence spillovers between Greece, Italy, Spain, Portugal, France, and Germany. After controlling for domestic economic developments in each country and common international factors, downside risk spillovers are detected as a causal feedback between Spain and Portugal and unilaterally from Spain to Italy. Extremely low business sentiments in France, Germany, and Greece are mostly due to the common adverse economic environment and to each country’s own domestic economic developments. 相似文献
66.
67.
Çağatay Koç 《The Journal of risk and insurance》2011,78(2):413-446
This article analyzes disease‐specific moral hazard effects in the demand for physician office visits and explores whether optimal insurance for physician services should be designed to have disease‐specific cost sharing. Generalized method of moments is implemented to address the endogeneity of private health insurance, and the nonnegativity and the discreteness of physician services use. The results indicate that the moral hazard effect varies considerably across disease‐specific specialist care. The strongest moral hazard (for no‐condition related specialist visits) is almost twice the moral hazard effect of the weakest (for chronic condition related specialist visits). Although the findings indicate some variation in the moral hazard effect across disease‐specific general practitioner visits, the variation is less considerable. The main policy implication is that optimal insurance for physician services should be designed to have differential cost sharing based on disease status rather than to have uniform cost sharing. 相似文献
68.
This paper argues that deepening commodification in Turkish agriculture has changed the lives of farmers in significant ways. Global circuits have swept away the accustomed networks of information, production and marketing which had been largely established and maintained by comprehensive governmental support policies. New institutions have come into the picture establishing the links between small producers and larger markets. With state policy strengthening the domination of the market, prices and demand patterns fluctuate widely leaving small producers vulnerable to market forces and raising the level of risk and insecurity. This situation brings about a rapid de‐ruralization of the population in most regions of the country. In the fertile coastal strip of the southern and western provinces, however, commercial opportunities introduced by global circuits have led to a thriving market in products, land, and labour. Farming of vegetables and fruits for domestic and European markets dominate agricultural production. Seasonal employment, in tourism and in labour‐intensive crops, supplement household incomes, permitting the rural population to remain in the countryside. 相似文献
69.
This study begins to fill the gap in research of people's motivations to visit sites of death and suffering and to contribute to a deeper understanding of dark tourism consumption within dark conflict sites. The article aims to examine the motivations of visitors to former transit camp Westerbork as an iconic dark site in the Netherlands. The research process involved a self-administered survey questionnaire filled by 238, randomly selected Dutch visitors. Data are analysed by means of exploratory factor analysis to decide upon the relevant factors for representing the motivations of visitors to Westerbork. The findings show that people visit Westerbork mainly for ‘self-understanding’, ‘curiosity’, ‘conscience’, a ‘must see’ this place and ‘exclusiveness’. This is the first study to examine visitors’ motivations to Westerbork as a dark site. Most research on visitor motivations is not based on empirical data, but on theoretical research. 相似文献
70.
Redefining Confidence for Consumer Behavior Research 总被引:1,自引:0,他引:1
Although quintessential to market exchange and trade, consumer confidence evokes little interest from marketing scholars, and largely persists as an untapped dimension in consumer behavior research. Nevertheless, the dearth of confidence research provides a most useful foundation for investigating how it is both relevant and informative to the study of consumer decision making and behavior. Following a comprehensive review of the theoretical foundations of confidence, an integrated conceptualization is mapped out, and examples of consumer behavior research areas deemed to benefit from a more honed study of confidence are highlighted. 相似文献