Factors substitutability,heterogeneity and endogenous fluctuations in a finance constrained economy

Summary.   This paper examines the local properties of perfect foresight equilibrium of a finance constrained economy featuring two classes of infinitely-lived agents with heterogeneous general preferences. It is primarily concerned with the conceivability of endogenous fluctuations for large plausible capital-labor elasticities of substitution. It is notably shown that heterogeneity in preferences allows Hopf cycles to be entirely consistent with a wide range of elasticities of substitution including the unitary one (Cobb-Douglas specifications). Received: April 23, 1999; revised version: January 24, 2000     

“Green cannibalism” or an “organic inside job”? Empirical insights into the rivalry of ethical grocery types

Despite having favorable purchase intentions toward organic groceries, the respective purchase behavior falls often short. This so‐called intention–behavior gap is investigated by exploring the impact of competing ethical products fulfilling green consumption motives (“green fit”) as well or lacking credibility of organic groceries on organic purchase behavior. The first two studies (n ₁ = 225; n ₂ = 321) assessing actual and reported purchase behavior are testing the impact of perceived substitutability of local and fair trade alternatives compared with organic groceries. A third study ( n ₃ = 145) examines the impact of food miles and packaging on perceived product quality and credibility as possible reasons for a lacking “green fit” of organic groceries in terms of an experimental design. Local (fair trade) and organic groceries are perceived as substitute (complementary) alternatives. Additionally, local (organic) “green fit” impedes (enhances) the transformation from organic intentions into a respective purchase behavior. Wrapped organic produces with high food miles are linked to lower quality and credibility perceptions, reducing organic sales rates in favor of local groceries.     

竞争对手的负面盈余意外：一损俱损还是此消彼长?

以2011—2021年A股上市公司为研究样本，聚焦高集中度的垄断行业，以负面盈余意外作为关键事件，以事件公司同行业其他公司作为焦点公司，采用事件研究法探究竞争对手负面盈余意外对焦点公司市场反应的影响。研究发现，在垄断行业中，竞争对手发生负面盈余意外的两天内(竞争对手发布盈余公告的当天和接下来一天),焦点公司的累计超额收益显著为正，且竞争对手的负面盈余意外程度越大，焦点公司的累计超额收益越高，说明竞争对手负面盈余意外在行业内产生了显著的竞争效应。进一步研究发现，产品可替代性以及焦点公司与竞争对手的相似度均会加剧正面溢出，而行业增长对正面溢出具有显著的缓解作用。