AN EVALUATION OF THE GREEK UNIVERSITIES’ ECONOMICS DEPARTMENTS

This study provides a ranking of Economics Departments of Greek universities. Contrary to the existing literature, we look directly at the citations of the faculty members as a measure of academic performance and avoid the classification of journals. Additionally, the country of the PhD studies was found to be a significant variable that can explain the productivity of Greek economists. PhD holders from US and UK universities are characterized by higher productivity compared to those from other countries.     

Infrastructure implications of a green economy transition in the Western Cape Province of South Africa: A system dynamics modelling approach

In order to meet future goals in reducing the resulting carbon emissions from transport networks, vast investment in the development of a more energy-efficient and sustainable infrastructure is required. This study investigates the infrastructure implications of a green economy transition in the Western Cape Province of South Africa with a particular focus on the transport sector. Utilising a system dynamics modelling approach, the research effort aimed to improve understanding of how technical, economic, political, social, and environmental factors interact, particularly in the context of the uncertainties encountered during this transition. The key findings of the research indicate that investment in a better public transport system, as well as shifting the movement of freight onto the rail network, would deliver long-term positive effects, including a possible carbon emission reduction of up to 17.89%.     

The day-of-the-week effect is weak: Evidence from the European real estate sector

The day-of-the-week effect for the securitized real estate indices is investigated by employing daily data at the global, European and country level for the period 1990 to 2010. We test for daily seasonality in 12 countries using both full sample and rolling-regression techniques. While the evidence for the former is in line with the literature, the results for the latter cast severe doubts concerning the existence of any persistent day-of-the-week effects. Once we allow our sample to vary over time, the average proportion of significant coefficients per day ranges between 15 % and 24 %. We show that higher average Friday returns evident in previous literature, remain significant in 21 % of the rolling samples. We conclude that daily seasonality in the European Real Estate sector is subject to the data mining and sample selection bias criticism.     

Trade and Tax Reforms in a Cash‐in‐Advance Economy

We examine the effects of both tariff‐only and coordinated trade‐tax reforms on market access, government revenue, and welfare for a small monetary economy, under the assumption that a certain fraction of purchases of each good must be financed with cash held in advance. We show that if the cash requirement ratio in the exportable sector is greater than that in the importable, then, contrary to previous results, (i) a uniform radial reduction of tariffs has ambiguous effects on both welfare and market access, (ii) tariff and consumption tax reforms that leave consumer prices unchanged may be more efficient in improving market access and welfare than a reform that involves only tariffs, and (iii) export and production tax reforms that keep producer prices unchanged may be welfare deteriorating.     

Coping with time pressure in interfirm supply chain relationships

In today's evolving marketplace, firms must increasingly focus on developing responsiveness to meet customer demands. In the pursuit of such rapid response to customer needs, firms often demand that other members of their supply chain reduce cycle times of key business activities. Although tight deadlines are commonly imposed by customers, little is known about how supplier firms respond to such time pressure. Therefore, the purpose of this research was to learn more about the phenomenon of time pressure in interfirm relationships and determine how firms cope with this common situational constraint. Grounded theory methodology was utilized to discover a time pressure coping strategies taxonomy that is driven by evaluative criteria such as the frequency, magnitude, and attribution of time pressure. The model that emerged from this research provides information about the potential costs of leveraging interfirm relationships in order to achieve supply chain responsiveness.     

Toward a multilateral framework for identifying national security threats posed by foreign acquisitions: with special reference to Chinese acquisitions in the United States,Canada, and Australia

This article presents a framework for differentiating between foreign acquisitions of companies that might plausibly pose a national security threat to the home country of the target acquisition and those that do not. This framework originally derives from the experience of the United States. The framework is then shown to be relevant and useful for foreign acquisitions in Canada and Australia. In each case, Chinese acquisitions of US, Canadian, or Australian firms are highlighted. The article concludes by arguing that this framework can serve as an effective nondiscriminatory basis for separating genuine from implausible national security threats from foreign acquisitions across OECD states, to include all countries around the world.     

If You Can’t See the Forest for the Trees, You Might Just Cut Down the Forest: The Perils of Forced Choice on “Seemingly” Unethical Decision-Making

Why do otherwise well-intentioned managers make decisions that have negative social or environmental consequences? To answer this question, the authors combine the literature on construal level theory with the compromise effect to explore the circumstances that lead to seemingly unethical decision-making. The results of two studies suggest that the degree to which managers make high-risk tradeoffs is highly influenced by how they mentally represent the decision context. The authors find that managers are more likely to make seemingly unethical tradeoffs when psychological distance is high (rather than low) and when they are forced to choose between competing alternatives. However, when given the option not to choose, managers better reflect on the consequences of each alternative, and thus become more likely to choose options with less risk of negative consequences. The results suggest that simply offering managers the option not to choose may reduce psychological distance and help organizations avoid seemingly unethical decision-making.     

Price effects of independent transmission system operators in the United States electricity market

In 1996, the Federal Energy Regulatory Commission (FERC) sought to “remove impediments to competition in the wholesale bulk power marketplace and to bring more efficient, lower cost power to the Nation’s electricity consumers” through a series of market rules. A product of these rules was the establishment of regional transmission organizations (RTOs) and independent system operators (ISOs) charged with facilitating equal access to the transmission grid for electricity suppliers. Whether these changes in market structure have succeeded in achieving FERC’s goal to provide “lower cost power to the Nation’s electricity consumers” remains an open question. This paper utilizes a panel data set of the 48 contiguous United States and a treatment effects model in first differences to determine whether there have been changes in delivered electric prices as a result of the establishment of ISOs and RTOs. To avoid the confounding effects of electric restructuring, the model is estimated with the full panel data set, and then again without the states that have restructured their electric markets. This estimation shows that electricity prices fall approximately 4.8 % in the first 2 years of an ISO’s operation and that this result is statistically significant. However, this result is dependent on the presence of states that restructured their electricity markets. When these restructured states are removed from the data set the price effects of RTOs become indistinguishable from zero. The paper concludes that rate agreements are the principal source of the observed decrease in prices and that RTOs have not had the desired effect on electricity prices.