Exchange rate volatility and export performance: a cointegrated VAR approach

During the last decades Norwegian exporters have–despite various forms of exchange rate targeting–faced a rather volatile exchange rate which may have influenced their behaviour. Recently, the shift to inflation targeting and a freely floating exchange rate has brought about an even more volatile exchange rate. We examine the causal link between export performance and exchange rate volatility across different monetary policy regimes within the cointegrated Vector Autoregression (VAR) framework using the implied conditional variance from a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model as a measure of volatility. Although treating the volatility measure as either a stationary or a nonstationary variable in the VAR, we are not able to find any evidence suggesting that export performance has been significantly affected by exchange rate uncertainty. We find, however, that volatility changes proxied by blip dummies related to the monetary policy change from a fixed to a managed floating exchange rate and the Asian financial crises during the 1990s enter significantly in a dynamic model for export growth–in which the level of relative prices and world market demand together with the level of exports constitute a significant cointegration relationship. A forecasting exercise on the dynamic model rejects the hypothesis that increased exchange rate volatility in the wake of inflation targeting in the monetary policy has had a significant impact on export performance.     

First-author conditions: evidence from finance journal coauthorship

We study the trend and the author name-ordering rule in finance publication using the publication records of 21 core finance journals during the period from 1990 to 2004. We empirically model the underlying factors that affect the alphabetical ordering rule among multi-authored finance articles. We find that the choice of alphabetical ordering is based on the quality of the article, institutional heterogeneity, team size and cultural factors. The central argument rests upon the need to signal and the importance of signalling within the context of bargaining behaviour among coauthors. The probability of choosing alphabetical name ordering rule is associated with high article quality, higher ranked institutions, smaller research team and the presence of European authors.     

Scale and scope economies for drug abuse treatment costs: evidence for Washington State

Drug abuse treatment has been pervasive in the US in the recent years, and the associated direct treatment costs approached $18 billion in 2001. However, there have been few published studies on scale economies, and none on scope economies, for drug abuse treatment costs. We estimate a restricted cost function for 17 hospitals in Washington State that provided inpatient and/or outpatient drug abuse treatment during the years 1997–2004. We find significant evidence of scale economies for hospitals that provide only outpatient drug abuse treatment services. The marginal costs of outpatient services are even smaller for hospitals that produce both outpatient and inpatient drug abuse treatment services. Further, these joint-production hospitals exhibit diseconomies of scope, or specialization economies. These results all imply that recent trends towards additional outpatient treatment services will enhance cost efficiency.     

Technical change,technical efficiency,and input usage in Taiwanese agricultural growth

We analyse the increase in sales of Pick 3 and Pick 4 daily numbers lottery games and other Ohio Lottery games after Ohio introduced midday drawings for the Pick 3 and Pick 4 games in August 1999. The midday drawings increased Pick 3 sales by 5%, Pick 4 sales by 12%, and total lottery sales by 2% based on our analysis of a 36-month panel dataset of Ohio lottery sales by zip code. Midday drawings raise more revenue from the strongly regressive daily numbers games. However, the introduction of midday drawings does not change the negative income elasticities of demand for numbers games in an economically meaningful manner.     

体验经济背景下扬州古巷旅游开发研究

旅游经济是典型的体验经济,旅游活动与体验经济密切相关。以扬州古巷为研究对象,指出扬州古巷旅游在体验扬州古城文化、感受扬州历史、体验扬州民俗以及感悟人生智慧等方面有较好的体验性。从体验化角度提出了扬州古巷开发的措施,包括体验主题设计、丰富产品内容、提升旅游环境、加强体验参与以及促进智慧旅游等。     

Book reviews

Innovation and Industrial Strength in the UK, West Germany, United States and Japan Joan Cox &; Herbert Kriegbaum London, Policy Studies Institute, 1989, 168pp. Industrial Societies After the Stagnation of the 1970s. Taking Stock from an Interdisciplinary Perspective Burkhard Strumpel (ed.) Berlin, de Gruyter, 1989, 313pp.

The Social Basis of the Microelectronics Revolution Alfonso Hernan Molina Edinburgh, Edinburgh University Press, 1989, xxi + 260pp., £25.00 h/b (also avail-able in p/b)

Innovation and Technology Transfer in Japan and Europe: Industry-Academic Relations Glynn 0. Philips (assisted by Michael Hughes) London, Routledge, 1990, 282pp.) £45.00

Banking 1992-A Eurostudy Special Report Ian Gillespie (ed.) I,ondon, Eurostudy Publishing, 1990, 162pp., $£60 ($99)     

The effect of competence exploration and competence exploitation on strategic entrepreneurship

Strategic entrepreneurship captures firms’ efforts to simultaneously excel at opportunity seeking and advantage seeking. But little research exists into mechanisms that might facilitate strategic entrepreneurship. Drawing on the twin concepts of competence exploration and competence exploitation, we study their effects on strategic entrepreneurship. Theoretically, the entrepreneurial components of strategic entrepreneurship (an entrepreneurial mindset and creating innovation) should benefit from competence exploration while its strategic components (managing resources strategically and executing competitive advantages) should benefit from competence exploitation, but not vice-versa. Our findings, however, suggest that this theoretical dichotomy does not hold up in practice.