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1.
Satoru Kasahara Sergey Paltsev John Reilly Henry Jacoby A. Denny Ellerman 《Environmental and Resource Economics》2007,37(2):377-410
In 2003 Japan proposed a Climate Change Tax to reduce its CO2 emissions to the level required by the Kyoto Protocol. If implemented, the tax would be levied on fossil fuel use and the
revenue distributed to encourage the purchase of energy efficient equipment. Analysis using the MIT Emissions Prediction and
Policy Analysis (EPPA) model shows that this policy is unlikely to bring Japan into compliance with its Kyoto target unless
the subsidy encourages improvement in energy intensity well beyond Japan’s recent historical experience. Similar demand-management
programs in the US, where there has been extensive experience, have not been nearly as effective as they would need to be
to achieve energy efficiency goals of the proposal. The Tax proposal also calls for limits on international emission trading.
We find that this limit substantially affects costs of compliance. The welfare loss with full emissions trading is 1/6 that
when Japan meets its target though domestic actions only, the carbon price is lower, and there is a smaller loss of energy-intensive
exports. Japan can achieve substantial savings from emissions trading even under cases where, for example, the full amount
of the Russian allowance is not available in international markets. 相似文献
2.
Despite the impressive development of substantive theories in entrepreneurship, without the development of measurement theories,
further advancement of the field is problematic. In particular, the notion of opportunities, central to entrepreneurship research,
requires adequate macro-level operationalization. We demonstrate how to employ data envelopment analysis (DEA) to operationalize
not only innovative opportunities, but also technological arbitrage opportunities. We provide an illustrative example based
on a sample of 66 countries during the period of 1993–2002. We include estimates of innovative and arbitrage opportunities
for possible use by other scholars, discuss the promise and limitations of such estimates, demonstrate how both innovative
and arbitrage opportunities correlate with the rates of entrepreneurial activity, and suggest several possible directions
for future research. 相似文献
3.
Valeriy?RyabchenkoEmail author Sergey?Sarykalin Stan?Uryasev 《Asia-Pacific Financial Markets》2004,11(3):301-333
The paper considers a regression approach to pricing European options in an incomplete market. The algorithm replicates an option by a portfolio consisting of the underlying security and a risk-free bond. We apply linear regression framework and quadratic programming with linear constraints (input = sample paths of underlying security; output = table of option prices as a function of time and price of the underlying security). We populate the model with historical prices of the underlying security (possibly massaged to the present volatility) or with Monte Carlo simulated prices. Risk neutral processes or probabilities are not needed in this framework. 相似文献
4.
Standard theories of ownership assume insiders ultimately bear all agency costs and therefore act to minimize conflicts of interest. However, overvalued equity can offset these costs and induce listings associated with higher agency costs. We explore this possibility by examining a sample of public listings of Japanese subsidiaries. Subsidiaries in which the parent sells a larger stake and subsidiaries with greater scope for expropriation by the parent firm are more overpriced at listing, and minority shareholders fare poorly after listing as mispricing corrects. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when repurchases are announced. 相似文献
5.
Sergey Stepanov 《The Rand journal of economics》2010,41(2):270-300
Facilitating access to courts for outside shareholders is often viewed as a remedy against managerial opportunism. My model shows that, when courts are biased toward managers, reducing the barriers to shareholder suits can lower efficiency because it can lead to either excessive litigation or excessive monitoring of managers by shareholders. The latter effect implies that easy shareholder litigation may lead to a greater use of substitute mechanisms of corporate governance rather than more reliance on the judiciary. I also show that easy shareholder access to manager‐biased courts leads to the formation of more, rather than less, concentrated ownership structures. 相似文献
6.
Sergey Slobodyan 《Journal of Economic Dynamics and Control》2012,36(1):26-46
We evaluate the empirical relevance of learning by private agents in an estimated medium-scale DSGE model. We replace the standard rational expectations assumption in the Smets and Wouters (2007) model by a constant-gain learning mechanism. If agents know the correct structure of the model and only learn about the parameters, both expectation mechanisms produce very similar results, and only the transition dynamics that are generated by specific initial beliefs seem to improve the fit. If, instead, agents use only a reduced information set in forming the perceived law of motion, the implied model dynamics change and, depending on the specification of the initial beliefs, the marginal likelihood of the model can improve significantly. These best-fitting models add additional persistence to the dynamics and this reduces the gap between the IRFs of the DSGE model and the more data-driven DSGE-VAR model. However, the learning dynamics do not systematically alter the estimated structural parameters related to the nominal and real frictions in the DSGE model. 相似文献
7.
Sergey Lychagin Joris Pinkse Margaret E. Slade John Van Reenen 《The Journal of industrial economics》2016,64(2):295-335
Using U.S. firm level panel data we simultaneously assess the contributions to productivity of three potential sources of research and development spillovers: geographic, technological, and product market (“horizontal”). To do so, we construct new measures of geographic proximity based on the distribution of a firm's inventor locations as well as its headquarters. We find that geographic location is important for productivity, as are technology (but not product) spillovers, and that both intra and inter–regional (counties) spillovers matter. The geographic location of a firm's researchers is more important than its headquarters. These benefits may be the reason why local policy makers compete so hard for the location of local R&D labs and high tech workers. 相似文献
8.
Sergey V. Popov 《The Scandinavian journal of economics》2015,117(1):108-125
I propose a bribery model that examines decentralized bureaucratic decision‐making. There are multiple stable equilibria. High levels of bribery reduce an economy's productivity because corruption suppresses small business, and reduces the total graft, even though the size of an individual bribe might increase. Decentralization prevents movement towards a Pareto‐dominant equilibrium. Anticorruption efforts, even temporary ones, might be useful to improve participation, if they lower the bribe levels demanded and thus encourage small businesses to participate. 相似文献
9.
Sergey Kapelyuk 《Economics of Transition》2015,23(2):389-423
To the best of my knowledge, the minimum wage's influence on poverty in Russia has never been investigated. Russian data provide a unique opportunity for studying the effects of the minimum wage on poverty, given significant increases in the minimum wage in recent years, almost complete coverage, and a high representation of full-time workers in poor households. This article examines the effect of the minimum wage on the incidence of poverty and the transitions into and out of poverty in Russia using data from the Russia Longitudinal Monitoring Survey of Higher School of Economics (RLMS-HSE) from 2006 to 2011. The results indicate that the minimum wage in Russia had moderate poverty-reducing effects. 相似文献
10.
Igor Filatotchev Rostislav Kapelyushnikov Natalya Dyomina Sergey Aukutsionek 《Managerial and Decision Economics》2001,22(6):299-313
This paper provides new survey evidence on effects of concentrated ownership on restructuring and performance in privatized firms in Russia. The major findings are that large‐block shareholding is negatively associated with the firm's investment and performance, and this relationship does not depend on the identity of controlling shareholders. These results are consistent with the assumption that when minority shareholders' rights are not adequately protected, the entrenched controlling shareholders may be engaged in extracting ‘control premium’ before pro rata distribution of dividends. The issues raised have relevance to other transitional economies where the privatization process has been followed by an increase in ownership concentration. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献