Sources of Productivity Growth Dynamics: Is Japan Suffering From Baumol's Growth Disease?

This study examines the sources of labor productivity growth dynamics in Japan (1970–2010) and investigates the extent to which Japanese economic performance has been affected by Baumol's growth disease (BGD). We find that BGD silently undermines Japanese economic growth. However, the magnitude is miniscule, and consequently the aggregate labor productivity growth rate has not been decreasing monotonically. We also explore how BGD is arising and why it is small in the Japanese economy. BGD is weak because (1) the positive Baumol growth effect is also working in certain services sectors and (2) BGD is not a durable phenomenon: even if a sector begins to suffer from BGD, it is likely to recover quickly.     

Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Determinants of students’ entrepreneurial intention to compete in a fast-pitch competition

Despite the heightened popularity of entrepreneurship education, there remain open questions regarding best practices in co-curricular programs. Using the theory of planned behavior, the authors examine how students’ intention is shaped to increase the likelihood of participation in entrepreneurship co-curricular programs. To the best of the authors’ knowledge, this study is the first to examine the relation between entrepreneurial identity and entrepreneurial intention theory. They find the popular personality trait, openness, is related to ambition, which reveals the interaction between personal elements (personality/identity) and contextual elements (aspirations to success/intention), a novel finding in the literature. This further illustrates the interconnectedness between the theory of planned behavior and the entrepreneurial event model     

LEADERSHIP IN CLIMATE CHANGE MITIGATION: CONSEQUENCES AND INCENTIVES

Initiatives in favor of unilateral action on climate change are frequently challenged by concerns over free riding. Nevertheless, we observe an increasing number of unilateral efforts at different administrative levels and in different parts of the world. Previous academic literature described various individual mechanisms where emissions abroad may increase or decrease as a reaction to unilateral emission reductions. In this paper, we collect a comprehensive set of both positive and negative reactions and analyze them in stylized models. This allows us to identify the most important characteristics that determine the potential of a leader to boost mitigation efforts abroad. We find that this potential depends on (i) a strong ability to generate knowledge through leadership, (ii) a high degree of credibility in the international community, and (iii) a similar economic structure to the most important emitters. While most effects are difficult to quantify, this comprehensive assessment suggests that leakage effects resulting from unilateral mitigation may well be outweighed by positive reactions.     

延迟退休年龄下隔代抚育与劳动参与的抉择*——基于工资收入随机性假定的研究

隔代抚育会对延迟退休年龄政策在促进劳动力供给上产生挤出效应。为了对此进行验证，本文在工资收入随机性的假定及延迟退休5年的情景下，模拟了面临孙辈照护需求的女性临近退休者提前退休所产生的福利变化。进一步，本文采用CHIP和CHARLS的微观调查数据，对不同群组的收入增长率和收入风险进行了估计，继而分析了当面临孙辈照护需求时这些收入特征对退休决策者制度退休和退休后劳动参与抉择产生的影响。总体上，在延迟退休年龄政策下，隔代抚育将对女性劳动力供给产生挤出效应。当面临孙辈照护需求时，女性临近退休者的制度退休抉择主要受自身收入增长率和收入风险的影响，收入增长率越低，或收入风险越高，她们提前退休的意愿就越强烈；制度退休后的劳动参与则更多地受子女收入增长率的影响，子女收入增长率越高，劳动参与的概率越低。     

Low price equilibrium in multi-unit auctions: the GSM spectrum auction in Germany

The second–generation (GSM) spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending-bid multi-unit auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a game theoretic explanation of low price equilibrium in simultaneous, ascending-bid multi-unit auctions. In particular, it is shown that in the unique equilibrium that survives iterated elimination of dominated strategies, the efficient allocation is reached at minimum bids.     

构造信贷市场资金价格形成机制分析——对定南县贷款利率市场化改革的个案研究

文章通过对江西定南县利率改革试点进行个案研究，从宏观和微观两个层面探讨了如何构造信贷市场资金价格形成机制。     

Testing Rival Theories of Budgetary Decision–making in the US States

This article tests three common budgetary decision–making theories in the US states. Pooled time series cross–section analysis is used from 1960 to 1996 to test the garbage can theory and incrementalism, and from 1989 to 1996 to test various theories of rational budgeting. The results demonstrate that there was some support for all three theories in terms of their impact on reducing state budget outputs. Rational budgeting reduces expenditures in aggregate, incrementalism has relatively low explanatory power below the aggregates, and garbage can budgeting is more prevalent in functional areas than for government as a whole. These findings imply that the future research agenda on budgetary decision–making theories should focus more on a system–wide approach, which takes into account many of the characteristics of all three rival models of decision–making, rather than exclusively focusing on each one singly.     

Is Volatility the Best Predictor of Market Crashes?

The objective of this paper is to determine the best predictor of equity market crashes by focusing particularly on volatility and market liquidity. In finance, volatility has traditionally been regarded as the best measure of market risk. However, this paper shows that the forecast value of market liquidity, in particular our modified calculated market depth, predicts equity market crashes much more accurately than does the forecast values of EGARCH or Implied Volatility.     

Generating Enhanced Fishery Rents by Internalizing Product Quality Characteristics

This paper demonstrates howadditional rents are generated in a fisherycharacterized by intraseasonal variation infish characteristics, including size,condition, and composition. Based on anexpanded conceptual model of the optimalharvest rule, fish characteristics affect preand post harvest production yields and outputprices. A dynamic empirical model, which uses asystem of quality characteristics and anhedonic equation, illustrates the complexrelationships and management choices associatedwith internalizing seafood qualitycharacteristics in a hake fishery. The modelretains the regulated open access managementsystem, but controls intertemporal andintersectoral quotas, production portfolios,and total allowable catch. Results demonstratethat including revenue-side effects frominternalizing fish quality can generatesignificantly greater rents and reduce therelative benefits of increased productionyields. If excluded, bioeconomic models canunderestimate the level of regulatory rentdissipation and overemphasize managementobjectives such as full utilization, whichcould misdirect processing decisions and resultin a suboptimal resource management plan.Implications for data collection,multidisciplinary analysis, and improvements inmarine resource management are discussed.