Reputation Effects in Bargaining Games

This paper studies reputation effects in a dynamic simultaneous-offer bilateral bargaining game in which one player might have some kind of irrational commitment that compels him to insist on some particular bargaining allocation. It is shown that if this player insists on this allocation, then the bargaining game will end within the first few rounds and he can get an expected payoff close to that allocation. More importantly, the upper bound within which the bargaining game ends does not depend on the relative strength of the two players.     

Glass ceiling or sticky floor? Evidence from a distributional approach of the gender wage gap among PhD holders in South Korea

This study examines the gender wage gap, to explore whether a glass ceiling (large unexplained wage gaps in the upper percentiles) or sticky floor (large unexplained wage gaps in the lower percentiles) exists in the wage distribution of the most educated Koreans. This study focuses on seeking these distributional patterns for a theoretically homogeneous gender group, relying on a smaller dataset of PhD holders. Counterfactual methods combining recentered influence function decomposition with propensity score matching allow us to estimate how the wage gap between statistically similarly matched males and females, varies across the unconditional wage distribution. There is evidence of a strong sticky floor and a limited glass ceiling among Korean PhD holders. Results show that a negative relationship between a high level of education and the gender wage gap cannot be taken for granted, at least in South Korea. Even female PhD holders suffer from gender discrimination, especially when they are at the bottom end of the wage distribution.     

加快燕大科技园建设和发展步伐 为推动区域经济社会发展作贡献

燕山大学国家大学科技园(以下称燕大科技园)是依托燕山大学的人才.科技成果等综合智力资源优势兴办并发展起来的.经过几年的努力,已经成为燕山大学实现社会服务功能和产学研互动的重要平台,是燕山大学及地方科技企业重要的孵化基地,同时也是区域经济发展和技术进步的主要创新源泉之一.     

坚持优化环境 自主创新 实现云南省大学科技园跨越发展

昆明国家高新区云南省大学科技园是经云南省人民政府批准设立的科技孵化器,2001年5月被国家科技部.教育部认定为国家级大学科技园.建园以来,云南省大学科技园依托高校现有教学、科研设施和研究成果.充分发挥昆明国家高新区体制、机制、政策的优势和社会服务功能,以高新技术成果的商品化.产业化和国际化为目标.实现了高校、科研机构的智力资源与社会资源的有机结合.云南省国家大学科技园现已成为昆明高新区技术创新体系的重要组成部分.成为云南省.昆明市重要的创新平台.     

Total factor productivity growth for 12 Asian economies: The past and the future

This study examines the importance of TFP growth in the long-term past and future economic growth of 12 Asian economies. We analyze the pattern of past growth based on a calculation of TFP growth, investigate the TFP dynamics by estimations of a TFP growth model, decompose the factors affecting TFP growth, and offer long-term projections of TFP growth. The main findings are as follows. First, results suggest that the growth accounting paradigm has shifted in the recent decade toward a productivity-based growth paradigm. Second, the catch-up effect is the major source of TFP growth in past decades, and the human capital contribution to TFP growth is gradually rising in Hong Kong, Korea, Singapore, and Taiwan in the most recent decade but is stagnated or weakened for other Asian economies. Third, the results project strong TFP growth for the two subperiods of 2010–2020 and 2020–2030 and thus suggest that the productivity-based growth will continue in the future long-term growth of the Asian economies.     

LEGAL ENVIRONMENT,INTERNALIZATION, AND U.S. ACQUIRER GAINS IN FOREIGN TAKEOVERS

In examining takeovers of foreign targets by U.S. firms, we investigate the effect of the target country's legal environment on acquiring firm value. Our results indicate that acquirers of target firms located in civil law countries experience significant positive abnormal returns, especially when the acquirer possesses a high level of intangibles. Furthermore, we find that acquirers with high levels of intangibles are more likely to acquire target firms in civil law countries. These findings suggest that the transfer of intangibles overseas provides relatively larger efficiency benefits for multinational corporations in cases where the alternative, contracting in external markets, is more difficult.     

Risk management of real estate: The case of real estate swaps

Real estate swaps are a recent financial innovation based upon the principle of comparative advantage. A real estate swap is a useful tool for real estate risk management and for participating in real estate investment without the high costs associated with real estate. Potential economic benefits and costs associated with real estate swaps are considered and real estate swaps are compared to alternative tools for real estate risk management. The expected utility and effectiveness of risk management with a swap in a multiperiod framework are analyzed. The analysis finds that the subject property's return and its risk characteristics (as reflected in its correlation with interest rate and property index returns) delimit the risk management potential of a given swap position. Optimal swap positions are shown for various regions and property types based on historical return series, from the period between 1983 and 1992, and the parameters of the dynamic model developed.     

Information direction, website reputation and eWOM effect: A moderating role of product type

This article examines how the electronic word of mouth (eWOM) information direction (positive vs. negative) and a website's reputation (established vs. unestablished) contribute to the eWOM effect. The article describes a study focusing on the moderating role of the product type (search vs. experience). The results of the experiment show that the eWOM effect is greater for negative eWOM than for positive eWOM, greater for established websites than for unestablished websites, and greater for experience goods than for search goods. The results support the moderating effects of product type on the eWOM information direction-website reputation-eWOM effect relationship. The impact of negative eWOM on the eWOM effect is greater for experience goods than for search goods. Similarly, the impact of website reputation on the eWOM effect is greater for experience goods than for search goods. The findings provide managerial implications for an Internet marketing strategy.