Weak identification robust tests in an instrumental quantile model

We develop a testing procedure that is robust to identification quality in an instrumental quantile model. In order to reduce the computational burden, a multi-step approach is taken, and a two-step Anderson–Rubin (AR) statistic is considered. We then propose an orthogonal decomposition of the AR statistic, where the null distribution of each component does not depend on the assumption of a full rank of the Jacobian. Power experiments are conducted, and inferences on returns to schooling using the Angrist and Krueger data are considered as an empirical example.     

But are they Meritorious? Genetic Productivity Gains under Plant Intellectual Property Rights

The objective of this paper is to evaluate the effect of Plant Variety Protection (PVP) on the productive merit/yield increases of US seed varieties. As an example, we use wheat varieties, which are and have been available as both protected and unprotected under PVP from both the public and private sectors. We find evidence that PVP has contributed to the genetic improvement of wheat, using varietal trial data from Washington State. As the private open‐pollinated varieties exist only because of PVP and are higher yielding, these results indicate a clear public benefit from PVP.     

Basic analytics of multilateral lending and surveillance

I analyse the role of multilateral financial institutions in a world of global capital markets assuming that they have an informational advantage over private lenders in the market for sovereign debt. I show that the adverse selection problem in this market may be solved through certification if the multilateral agency does not care too much about borrower country welfare. However, with lending the private information of the agency will be revealed whatever its weighting of borrower welfare vs. private lenders' profits. Multilateral lending on concessional terms also alleviates the moral hazard problem — that investment in creditworthy borrowers is reduced as private lenders seek to avoid ex post default by constraining credit.     

广告如歌——中国广告业30年札记（下）

中国广告业已经跨过30年的门槛,在这30年不长的时间里,中国广告业取得了飞速的发展。本文聚焦这30年,讲述了中国广告业不同凡响的历史进程中不该遗忘的细节。     

Do trade costs in goods market lead to home bias in equities?

Two of the main puzzles in international economics are the consumption and the portfolio home biases. We solve for international equity portfolios in a two-country/two-good stochastic equilibrium model with trade costs in goods markets. We show that introducing trade costs, as suggested by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 2000a. The Six Major Puzzles in International Macroeconomics: Is There a Common Cause? NBER Macroeconomics Annual, 15], is not sufficient to explain these two puzzles simultaneously. On the contrary, we find that trade costs create a foreign bias in portfolios for reasonable parameter values. This result is robust to the addition of non-tradable goods for standard calibrations of the preferences.     

Marketing perspectives on digital business models: A framework and overview of the special issue

Strong digital developments are changing markets, and firms may adopt a digital business model to deal with these developments. This special issue focuses on such digital business models. In this editorial, we discuss the relevance of digital business models, propose a conceptual framework, and discuss how digital business models affect firms, firm performance, and markets. We introduce the papers in this issue and show how they each fit within the conceptual framework. We discuss four important areas for future research.     

The role of the stock market in the provision of Islamic development finance: Evidence from Sudan

This paper assesses the impact of stock exchange funding in the Shari'ya compliant Islamic economy of Sudan. Evidence suggests that while Islamic financial instruments have considerable potential in facilitating development finance through their emphasis on partnership this is better achieved by the banking system rather than the Khartoum Stock Exchange. A case study of the Sudan Telecommunications company shows that larger firms able to cross-list elsewhere are likely to choose regional markets in preference to their domestic one thus benefiting from lower costs of equity. However, governance preferences are likely to favour block shareholders following the Islamic finance partnership concept.