Technical Efficiency Estimates of Scottish Agriculture: A Note

Within the UK there has been a lack of studies of technical efficiency at the Scottish level. This note compares the results obtained using Scottish data with a recent study by Hadley [Journal of Agricultural Economics (2006) Vol. 57, pp. 81–100] for English and Welsh farms. Four major sectors are investigated, namely: (i) cereals, (ii) dairy, (iii) sheep and (iv) beef over the period 1989 to 2004. Some distinct differences in efficiencies, returns to scale and causes of efficiency are found.     

Working-time reduction and employment: experiences in Europe and economic policy recommendations

The paper seeks to evaluate the evidence on the employment effectsof the collective working-time reductions in Europe over thepast 20 years. While theoretical analyses produce contradictoryassessments, most empirical studies show positive employmenteffects but take insufficient account of these conditions underwhich the reductions in working time were implemented. Theseconditions for the success of collective working-time reductionsinclude an active training policy designed to minimise skillshortages in the labour market, the modernisation of work organisation,wage increases in conjunction with productivity gains and amore equal income distribution.     

The Market's Assessment of the Financial Services Modernization Act of 1999

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.     

Research notes and communications first-mover effects in multiple dynamic markets

A study of first-mover effects in semi-submersible oil-drilling suggests that first-entrants in international markets maintain higher market share after controlling for market localization and life cycle. Examining only surviving entrants at a point in time inflates this pioneering-market share relationship. Pioneering has an inter-market effect on market share, greater than the intra-market effect. Multinational firms may use market pioneering to resist localization pressures and enhance survival in foreign markets. The study suggests the importance of careful first-mover identification and market definition, a wider examination of first-mover effects over multiple markets, and control for measurement timing.     

The liquidity effects of foreign exchange intervention

This paper examines the effectiveness of foreign exchange intervention in a two-country, two-currency, general equilibrium model that allows for liquidity effects. Both sterilized and non-sterilized intervention operations have significant impacts on the allocation of liquidity in international financial markets. Whether intervention is successful in moving the exchange rate in the desirable direction depends upon the degree of sterilization of intervention and the intratemporal elasticity of substitution of the consumption goods. The model shows that there exist circumstances in which the response of exchange rate to intervention is ‘perverse’ as documented in the empirical literature.     

Does an Industry Effect Exist for Initial Public Offerings?

We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in regulated industries and the first IPO in an industry following a period of dormancy. Significant negative competitive effects are associated with larger IPOs in competitive industries, those in relatively risky industries, those in high‐performing industries, and those in the technology sector. IPO firms that use the proceeds for debt repayment appear to represent a more significant competitive threat to rival firms relative to IPO firms that use their proceeds for other purposes.     

中国进口与经济增长关系的区域差异分析

利用面板数据对中国东、中、西部的进口额和GDP增长关系进行的实证研究。在短期内，GDP增长对进口额影响最小是中部地区，在长期，西部GDP增长对进口额影响最大。中国经济增长对拉动世界经济增长起了十分重要的作用，中国经济增长减速也会影响全球经济。     

Regional job-turnover and industrial policy. a note on a potential time pattern of regional industrial policies and their job effects - the case of the german city-state of bremen

Many regions have experienced long-run economic fluctuations generated by the life cycles of their dominant industrial clusters. During the downswings in the 1970s and 1980s, proactive structural policies were typically launched in German regions to combat job losses in their core clusters and to create new jobs in new industries. With respect to the German State of Bremen, this paper provides empirical evidence of: (1) a long-run regional downswing; (2) the potential job effects of proactive regional industrial policy programmes in terms of increasing regional employment, by safeguarding jobs in the regional core industries and creating new jobs in new growth industries; and (3) a time pattern in the job effects, which are related to the different generations of programmes.     

中医体质辨识结合六味地黄汤治疗老年性阴道炎患者的临床效果

目的探讨中医体质辨识结合六味地黄汤治疗老年性阴道炎患者的临床效果。方法选取2017年6月至2018年6月沈阳市大众医院收治的老年性阴道炎患者104例作为研究对象,随机分为对照组和观察组,每组52例。对照组采用常规治疗方法,观察组在常规治疗基础上采取中医体质辨识结合六味地黄汤的治疗方法。比较两组的治疗效果,以及治疗前后症状体征改善情况、阴道健康状况。结果观察组治疗有效率为96.15%,高于对照组的73.08%,差异有统计学意义(P<0.05)。两组治疗前症状体征积分比较,差异无统计学意义(P>0.05);治疗后,观察组带下量(0.93±0.19)分、白带异味(0.65±0.24)分、阴道灼热(0.63±0.20)分、外阴瘙痒(0.71±0.25)分,低于对照组,差异有统计学意义(P<0.05)。两组治疗前阴道健康积分比较,差异无统计学意义(P>0.05);治疗后,观察组阴道黏膜(1.01±0.38)分、阴道湿润(0.95±0.33)分、阴道弹力(1.32±0.34)分、阴道pH值(0.67±0.36)分、阴道清洁度(0.54±0.25)分,低于对照组,差异有统计学意义(P<0.05)。结论在老年性阴道炎的治疗中,采取中医体质辨识结合六味地黄汤的治疗方法,能够提高治疗有效率,改善症状体征及阴道健康,临床效果显著。     

Managerial judgment and forecast combination: An experimental study

This paper examines the role of managerial judgment in forming a final forecast, or judging the achievability of a critical level of sales, when multiple forecasts or opinions are available to the decision maker. Several factors that can help improve the quality of human intervention are identified and incorporated in a decision aid. Experimental results show that aided combination can help the decision maker exploit her relevant private information and mitigate the generally observed negative effects of human intervention. Further, the results suggest that emphasizing expected sales, even when the organization is primarily interested in go/no-go decisions, helps improve performance. Several suggestions for future research are presented.

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