The effects of air quality regulations on the location decisions of pollution-intensive manufacturing plants

This research examines the effects of the 1977 Clean Air Act Amendments (CAAA) on the location decisions of pollution-intensive manufacturing plants. We develop a panel data set to analyze plant births of polluting manufacturers over time as a function county-level attainment status of the federal standard for ozone pollution. We find that more stringent county-level environmental regulations impact pollution-intensive capital flows through deterring new plant births. We also find that the impact of stricter regulations varies by pollution-intensity of manufacturers, with results suggesting that federal guidelines have a greater impact on high pollution intensive manufacturers than more moderate polluters.      

Einzelbesprechungen

Ohne ZusammenfassungAus dem Italienischen übersetzt von M. St. Braun, WienAus dem Russischen übersetzt von A. GerschenkronAus dem Italienischen übersetzt von Erich Allina     

Personal and nonpersonal incentives in mail surveys: Immediate versus delayed inducements

A mail survey was conducted to empirically investigate contributions to charity as a method of stimulating responses to a mail survey. The research design included a control group and four experimental groups with the following treatments: a prepayment of $1.00 enclosed with the questionnaire (immediate personal reward), $1.00 promised upon return of the questionnaire with the respondent identified (delayed personal reward, no anonymity), $1.00 promised upon return of the questionnaire with no identification of the respondent (delayed personal reward, anonymity), and the promise of $1.00 contribution to a respondent-selected charity (delayed non-personal reward). The $1.00 prepayment yielded a statistically significant higher response rate than the $1.00 promised to charity or $1.00 promised upon return of the questionnaire. This study generally supports existing empirical foudnations of equity theory. An immediate personal reward yields a higher response rate than a delayed personal or non-personal reward.     

东盟自由贸易区的发展和政策转向探析

成立东盟的初衷,旨在缓和东盟内部的紧张关系,减少外部因素对该地区的影响,促进其经济的健康发展和政权的 巩固。金融危机之后,东盟国家一改政府直接干预经济的政策,致力干多方引吸外资,以巩固其国际地位。     

Who benefits in a crisis? Evidence from hedge fund stock and option holdings

We use a unique data set of hedge fund long equity and equity option positions to investigate a significant lockup-related premium earned during the tech bubble (1999–2001) and financial crisis (2007–2009). Net fund flows are significantly greater among lockup funds during crisis and noncrisis periods. Managers of hedge funds with locked-up capital trade opportunistically against flow-motivated trades of non-lockup managers, consistent with a hypothesis of rent extraction in providing crisis era liquidity. The success of this opportunistic trading is concentrated during periods of high borrowing costs, in less liquid stock markets, and is enhanced by hedging in the equity option market.