Efficient rank tests for semiparametric competing risk models

We consider a semiparametric competing risk model given by k independent survival times. The paper offers an asymptotic treatment of tests for the semiparametric null hypothesis of equality of the underlying risks. It turns out that modified rank tests are asymptotically efficient for certain semiparametric submodels, where the baseline hazard is a nuisance parameter. In addition, the asymptotic relative efficiency of the present tests is derived. A comparison of asymptotic power functions can then be used to classify various tests proposed earlier in the literature. For instance a chi-square type test is efficient for proportional hazards. Data driven tests of likelihood ratio type are proposed for cones of alternatives. We will consider certain stochastically increasing alternatives as a special example. The paper shows how the concept of local asymptotic normality of Le Cam works for hazard oriented models.     

Fiscal Policy in Europe: How Effective Are Automatic Stabilisers?

It is largely recognised that fiscal policy will have largerresponsibilities for cyclicalstabilisation in EMU given the loss of the monetary instrument.At the same time, theEMU's budgetary framework emphasises the need to rely onautomatic fiscal stabilisers,rather than active policies in cushioning the business cycle.We show that automaticstabilisers are relatively powerful in the event of shocksto private consumption, but lessso in the case of shocks to private investment and exports.In the case of supply sideshocks, the automatic stabilisers are largely ineffective,but this may actually be a goodthing to the extent that supply-side disturbances call forstructural adjustment rather thancyclical stabilisation.     

Vertical integration as a remedy for imbalances in the ‘Porterian’ value system. The Dutch financial securities industry at the beginning of the 20th century

The way of accounting for vertical integration, of this paper is based on the ‘Porterian’ value system and focuses on the relation between the creation and appropriation of value. The essence of a value system is that at each stage in the system value is created and added to the value created at previous stages. We propose that firms which are unable to appropriate the value they create at the stage they currently inhabit, would find it advantageous to integrate vertically towards stages offering a more attractive relation between value appropriation and value creation. This argument will be illustrated here by the case of a large Dutch bank that integrated vertically towards securities trading.     

Concept‐Based Bayesian Model Averaging and Growth Empirics

In specifying a regression equation, we need to specify which regressors to include, but also how these regressors are measured. This gives rise to two levels of uncertainty: concepts (level 1) and measurements within each concept (level 2). In this paper we propose a hierarchical weighted least squares (HWALS) method to address these uncertainties. We examine the effects of different growth determinants taking explicit account of the measurement problem in the growth regressions. We find that estimates produced by HWALS provide intuitive and robust explanations. We also consider approximation techniques which are useful when the number of variables is large or when computing time is limited.     

Extending the SAM with Social and Environmental Indicators: An Application to Bolivia

Extending economic accounts with sets of social and environmental indicators is a first step towards a more integrated analysis of aspects of sustainability problems. In this article, therefore, a proposal is made to nest social and environmental indicators into an existing economic accounting framework. The Social Accounting Matrix (SAM) is taken as a basis, because of its flexibility regarding extensions with non-monetary data addressing social and environmental concerns. The main thrust of the paper is methodological. From the discussion of methodological issues and the application to the SAM for Bolivia for the year 1989, it is concluded that it is, in principle, feasible and relatively simple to extend the SAM with the two sets of indicators. However, additional data will have to be collected to be able to address, more adequately, the problems of sustainability.     

Consequences of competitive bidding in project-based production

This paper discusses the consequences competitive bidding have on lead time in project-based production, such as construction. Earlier studies argued that competitive bidding may significantly increase resource consumption and generate waste in the delivery process, which this paper supports. However, the relation between competitive bidding and lead time has been less discussed. Lead time reduction has long been considered a fundamental objective for overall business improvement. An objective of our study was to understand what contributes to long lead times. The reported findings are from a 4-year study on the delivery process of power distribution equipment, a type of engineered-to-order (ETO) product. The paper concludes by suggesting procurement practices that reduce lead times for ETO products.     

When does FDI have positive spillovers? Evidence from 17 transition market economies

We use rich firm-level data and national input–output tables from 17 countries over the 2002–2005 period to test new and existing hypotheses about the impact of foreign direct investment (FDI) on the efficiency of domestic firms in the host country (i.e., spillovers). We document that backward linkages have a consistently positive effect on productivity of domestic firms while horizontal and forward linkages show no consistent effect. We also examine how the strength of spillovers varies by sector, FDI source, institutional environment (corruption, red tape, level of development), firm’s distance to the technological frontier, and other firm- and country-specific characteristics.     

Systemtheorie,Shareholder Value-Konzept und Stakeholder-Konzept als theoretisch-konzeptionelle Bezugsrahmen der Balanced Scorecard

Zusammenfassung  Die theoretisch-konzeptionelle Würdigung der Balanced Scorecard steht trotz ihres Siegeszuges in der Praxis noch immer in den Anf?ngen. Der vorliegende Beitrag weist die Systemtheorie, das Shareholder Value-Konzept und das Stakeholder-Konzept als theoretisch-konzeptionelle Bezugsrahmen der Balanced Scorecard aus. Damit werden zugleich Modifikationsm?glichkeiten der Balanced Scorecard angedeutet, die sich aus einer noch konsequenteren Anlehnung an einen der drei Ans?tze ergeben k?nnten. Prof. Dr. Jan K?rnert ist Inhaber des Stiftungslehrstuhls für Allgemeine Betriebswirtschaftslehre, insb. Internationales Finanzmanagement/Kapitalm?rkte Dr. Cornelia Wolf ist Gesch?ftsführerin des Studentenwerkes Greifswald     

Rethinking Climate Change,Conflict and Security

This special issue of Geopolitics presents a series of critical interventions on the links between global anthropogenic climate change, conflict and security. In this introduction, we situate the special issue by providing an assessment of the state of debate on climate security, and then by summarising the eight articles that follow. We observe, to start with, that contemporary climate security discourse is dominated by a problematic ensemble of policy-led framings and assumptions. And we submit that the contributions to this issue help rethink this dominant discourse in two distinct ways, offering both a series of powerful critiques, plus new interpretations of climate-conflict linkages which extend beyond Malthusian orthodoxy.     

Do Immigrants Affect Firm‐Specific Wages?*

We propose and test a novel effect of immigration on wages. Existing studies have focused on the wage effects that result from changes in the aggregate labour supply in a competitive labour market. We argue that if labour markets are not fully competitive, immigrants might also affect wage formation at the most disaggregate level – the workplace. Using linked employer?employee data, we find that an increased use of low‐skilled immigrant workers has a significantly negative effect on the wages of native workers at the workplace – also when controlling for potential endogeneity of the immigrant share using both fixed effects and instrumental variables.