Consumption,preferences, and the evolutionary agenda

The purpose of this paper is to provide a preliminary evolutionary account of preferences, consumption and demand. This is particularly relevant for the study of innovation which offers consumers the opportunity to develop new behaviours. The paper approaches this question in two stages. First it recognises the importance of time as well as income constraints on consumer behaviour. Secondly, it develops a behavioural approach to consumption routines in terms of Herrnstein's concept of meloriation. In this account the focus is upon activities for which commodities and time are inputs and, with innovation, time is rescheduled on many fronts. Consumer learning is related to a replicator dynamic process. It is shown how changes in wages, prices and the time required to consume influence the demand for activities.     

UK IPO underpricing and venture capitalists

We analyze the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985–2003. We find significant differences between the 1998–2000 bubble years and the rest of the sample. Venture capitalists and reputable underwriters played a certification role in the latter period but not during the bubble years. These years featured significant increases in underpricing, money left on the table, and a decline in operating quality. The combination of venture capitalists and prestigious underwriters was increasingly associated with the highest underpricing witnessed during 1998–2000, which provides indirect support for the spinning hypothesis.     

Shifting to green chemistry: the need for innovations in sustainability marketing

This article analyzes how chemical manufacturers can develop stronger business advantages for green chemistry by rethinking sustainability marketing approaches. Green chemistry is a package of technologies, design principles and tools to reduce the toxicity, resource and energy use, and pollution of chemicals. Using research into US chemical industry efforts, this article introduces green chemistry, and discusses existing weak market signals, ways to market green chemistry and key obstacles to sustainability marketing. It concludes that companies need to generate more information internally, build new relations across supply chains and provide more information externally. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Evidence on Orcutt's hypothesis using Turkish–US commodity trade

Many of the studies that have tested the Orcutt's hypothesis in trade have used aggregate trade data between one country and rest of the world. Since these studies suffer from aggregation bias, three recent studies have employed data at commodity level and have found relatively more support for the hypothesis. In this paper we test the hypothesis using commodity level data from 54 industries that trade between Turkey and the US. We find support for the notion that trade flows respond to exchange rate changes faster than to relative price changes in one-third of the industries, supporting Orcutt's conjecture.     

东西方社会长期的制度变迁出现轨迹分叉机理的探析--"格瑞夫假说"及其评价

在长期的制度变迁过程中,东西方出现了轨迹分叉,美国斯坦福大学的艾夫纳·格瑞夫教授从文化传统与制度变迁的关系入手,对其根源进行了深入细致的历史比较制度分析,并形成"格瑞夫假说".其理论既具有历史意义又具有其局限性,就此进行分析与评价.     

企业并购长期市场绩效与绩效推断假说——来自中国股票市场的经验证据

对企业并购长期市场绩效与影响因素的研究是目前理论界关注的焦点。以中国上市公司1998~2004年发生并购的公司为样本,研究并购公司在并购后三年的市场绩效,结果表明:并购后三年内并购公司的市场绩效都小于对照组的市场绩效;虽然管理者有高估自己能力的可能,但是对绩效推断假说的检验表明,无法用管理者是否过度自信解释价值型公司和成长型公司在并购后长期市场绩效的差异。     

环境规制与中国对外贸易发展

环境规制是指以环境保护为目的而制订与实施的各项政策与措施的总和。就一般情况而言．出口国环境规制的实施将增加资源密集型产品的生产成本,改变国内的要素配置和生产结构,削弱本国资源密集型产品或高污染产品的出口竞争能力。进口国环境规制更多地表现为贸易壁垒的形式,如“环境倾销”、“社会倾销”等,并对比较竞争优势造成扭曲。多边环境规制对比较竞争优势的影响主要是通过对不同国家环境标准差异的协调来实现的,它虽然有助于缓解发达国家环境壁垒对世界贸易自由化发展的不利影响,但并不能改变环境标准短期内可能给发展中国家和地区比较竞争优势的消极作用;根据“波特假说”,设计良好的环境规制虽然在长期效果上可能会激发企业的创新行为．但短期内调整成本对有关国家产品的竞争力将产生不利影响。因此,作为发展中国家,我们尽管要对内应坚持环境友好型贸易发展方向,但对外必须在强调历史公平的基础上争取合理的“排污权”,这对维护贸易环境和平顺贸易结构转换是非常重要的。     

股票价格的可预测性与市场有效性

满足"随机游走"的股票价格是不能预测的.但现实市场中所出现的诸如均值回归等等种种异常现象以及其他预测模式,又说明股票价格在一定程度上是可以预测的.股票市场的可预测性对有效市场理论形成了挑战.本文在简要介绍有效市场假说基本思想的基础上,重点对股票市场上所出现的诸多预测模式及其与有效市场理论之间的关系进行了述评.     

"经济人"回归现实的路径:建立广义自利观和广义理性观

传统的经济人假设中的自利和理性都具有不可检验性和非现实性,因而经济人假设历来是经济学界争论的话题.但是,如果我们以一种全新的视角来看待自利和理性,赋予这两大内核以新的涵义,建立广义自利观和广义理性观,那么经济人将会更全面地反映人的本性,而不仅仅只是经济学家的一种假想模式.     

Nonlinearity in Stock Exchange Markets: The Case of Bist 100 Indices

In this paper,using data for the Bist 100 index,we investigate the presence of nonlinearities by employing several nonlinearity tests.The Brock,Dechert,and Sche...