Do Newspaper JOAs Charge Monopoly Advertising Rates?

Conventional wisdom argues that all commercial and economic competition between two daily newspapers stops when they merge their advertising and printing capabilities to form a joint operating agreement (JOA). Clearly the JOA acts a monopolist in the sale of advertising, but there are two forces that may constrain the JOA to sell more advertising than a profit maximizing single paper monopolist would find optimal. First, there is the possibility of what is sometimes termed ``end game competition'. Disposition of assets from a JOA are often not determined until the JOA is near its termination date, and this may induce the weaker paper to maintain quality, both to improve its bargaining position and to keep open the possibility of remaining in the market as a competitor at the end of the JOA. Second, a daily paper arguably has to maintain a certain level of advertising and maintain a certain ``look' and ``feel' if it is to be considered a daily paper. This may constrain the JOA to sell more advertising and maintain a higher joint circulation than might be optimal for a single paper monopolist. We present econometric evidence that shows JOAs to have ad rates that are closer to those of competitive dailies than to those of single paper and 2-edition monopolists.     

我国基金风格资产收益长记忆性分析——基于修正R/S方法的研究

证券市场是个典型的非线性复杂系统。本文运用修正R/S分析法对我国基金风格资产收益单一分形的基本统计特征进行检验,并与经典R/S方法进行对比分析。研究结果表明:在日、周、月等三种时间标度下Hurst指数均显著大于0.5,表现为持久相关性特征,说明股市风格具有长记忆性;从经典R/S分析结果看,我国股市风格具有显著的分形结构特征,风格资产指数收益率序列具有长记忆性,不同风格资产的业绩具有不同的周期性。     

中央银行沟通可以作为货币政策工具吗——基于中国数据的分析

本文通过检验我国中央银行沟通对金融市场的影响,间接考察了其是否具有货币政策工具的效力。分析结果表明:我国中央银行沟通对短期利率和股票日收益率水平及波动性具有显著的、与预期一致的影响,但对长期利率的影响不明显;书面沟通与口头沟通相比,后者的效力更强一些,并且在口头沟通中,中央银行行长比其他人更能影响金融市场。主要的政策含义是沟通可以作为我国货币政策一种新的工具,与传统的工具配合使用有利于提高货币政策的有效性。     

社保基金投资股市对经济增长的影响

本文在一系列假定条件下分析了中央社保基金投资资本市场对经济增长和包括储蓄、收入分配、消费、价格等在内的宏观经济条件的影响.本文认为,总的来说中央社保基金投资包括股市在内的资本市场对经济增长的影响具有很大的不确定性,其影响主要取决于其他诸多相关因素,并在很大程度上取决于心理预期和政策工具的选择.换言之,在其他条件不变的情况下其影响是很有限的,或者说主要呈中性.     

Do alliances promote knowledge flows?

We explore the role of interfirm alliances as a mechanism for sharing technological knowledge. We argue that knowledge flows between alliance partners will be greater than flows between pairs of nonallied firms, and less than flows between units within single firms. Using patent citations as a proxy for knowledge flows, we find results that are consistent with these expectations. We then explore how firm characteristics affect knowledge flows within alliances and find positive effects due to technological, geographic, and business similarities between partners. We use alliance data from MERIT, patent data from the USPTO, and firm data from Compustat.     

LOCAL PAY DETERMINATION

Abstract. Theoretical models of local pay are reviewed, ranging from neoclassical perspectives, unemployment/wage trade-off models, and segmented labour market approaches. The empirical work on U.S. North-South differentials is discussed. For the U.K., studies of the extent of and trends in geographical pay differentials are considered, as well as behavioural explanations focusing on the role of excess demand. The issue of adjustment processes is then discussed, both in theory and in relation to empirical work for the U.S. and U.K. This discussion focuses largely on geographical spillover effects, in terms of origins, evidence, and issues of identification. Finally, the impact of certain impediments in the adjustment process are considered, specifically in relation to the U.K. These concern the role and influence of national wage bargaining, as well as factors inhibiting labour migration, stemming from the housing market and the climate of the national labour market.     

发现新的增长源泉：金融市场化

实体经济部门需求和金融部门的供给的高度不匹配,严重制约了中国经济的发展。依靠传统的国企投资来拉动,已不再奏效,低效率和泡沫泛滥的并存,经济增长难以为继。推动中国经济增长的动力之一,民企的内源性融资是否还能持续下去？近年来地方政府和企业共同推动金融市场化的实践,表明可以通过金融市场的竞争解决不对称信息问题,把过去银行认为不符合贷款条件的无效融资需求最大限度的转化为有效需求,就能够有效地降低民企的投资扩张的临界点,形成经济增长的新源泉。因此,不仅仅依靠利息率市场化的调整,而更需要通过金融机构之间的积极竞争,从而填补金融市场的供求缺口。     

How markets will drive the transition to a low carbon economy

This paper investigates the driving factors behind the transition to a low carbon economy. Here, we offer a two-part analysis: First, we examine the factors leading to the current level of cleantech development. To do so, we examine the impact of country-level economic variables (real GDP, market return, and turnover) and country-level institutional variables on patent intensity. Results from this analysis show that cleantech patenting activity is fostered by a supportive institutional environment that promotes innovation and low-carbon development through carbon pricing policies, country-level public R&D expenditure and human capital. Second, we extend the notion of ‘path creation’ to map out different pathways for cleantech development on a country-level within a real options framework, and offer a corresponding valuation of cleantech patents. Our estimates of total wealth creation through the development of cleantech patents by 2050 range from US$10.16 to US$15.49 trillion dollars (13%–20% of the world GDP in 2017) with investment growth from US$2.93 to US$3.71 trillion (3.7%–4.7% of the world GDP in 2017). The results from our analysis suggest that market forces will drive the transition to a cleantech economy.     

Political markets? Politics and economics in the emergence of markets for biodiversity offsets

This paper analyses the relationship between politics and performativity of economics in the emergence of markets for biodiversity offsets. While the role of economics in constructing markets has been demonstrated by sociology and social studies of science, it has also become apparent that politics plays an important role in the material outcome of economic experiments. Two case studies of the creation of markets for biodiversity offsets are analysed, in the United States and England. The findings suggest that the creation of both markets is rooted in the language, concepts and models of economics. Politics, on the other hand, functions as a mediator of the material expression of those models. Through this mediation effect, similar economic models are performed differently, resulting in a variety of markets. This suggests that the material outcomes of processes of market creation are not defined at the outset, but can be influenced by political processes.     

Identifying and addressing land governance constraints to support intensification and land market operation: Evidence from 10 African countries

Beyond concerns about agricultural productivity growth, issues of land governance have attracted global interest as demand for land acquisition by outsiders has increased rapidly but most of the transfers failed to live up to expectations and instead disrupted local livelihoods. We use the land governance assessment framework to identify key conceptual issues and identify how land governance in 10 African countries compares to global good practice. Results point towards weak protection of rights in practice, large gaps in female land access, and limited outreach and effectiveness of institutions to record rights and adjudicate disputes. We note that programs to improve performance along these lines had significant impact in other contexts, suggesting that efforts to improve land governance will be warranted and should be closely monitored and evaluated in an effort to identify models suited to African conditions and assess their impact and interaction with other factor markets.