排序方式: 共有31条查询结果,搜索用时 15 毫秒
1.
Stanley R. Johnson Tigran A. Melkonyan 《American journal of agricultural economics》2003,85(1):216-233
We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key results derive from the benefits of coordinated actions, distinction between transferable and nontransferable payoffs, the substitutability, complementarity, and the importance of the managers' noncontractible investments, and access and expansion of markets. Results from the model are used to examine the cooperation and consolidation activities for four major players in the agricultural biotechnology industry, DuPont , Dow Chemical , Monsanto , and Novartis . 相似文献
2.
This article analyses the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries (CEECs) as measured by equity ownership. We show that the mode of foreign entry has a pivotal impact on the post‐entry performance of banks in CEECs. Foreign greenfield banks are characterized by superior cost efficiency, compared with domestic and foreign‐acquired banks. The efficiency of foreign‐acquired banks deteriorates in the initial year of acquisition, but improves thereafter. Banks acquired by foreigners have less market power relative to domestic and foreign greenfield banks. Overall, the CEEC banking sectors have benefited from the increased foreign bank participation, both in terms of higher efficiency and more competition. 相似文献
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Robert G. Chambers Tigran A. Melkonyan 《American journal of agricultural economics》2007,89(2):520-532
Optimal trade policy in an uncertain world is examined. Decision-maker attitudes toward uncertainty are represented in terms of the Gilboa–Schmeidler (1989) maximin expected-utility (MMEU) model. The central result is that in a two-country, general-equilibrium setting with both trading partners possessing an MMEU preference structure, Pareto optimality can require one trading partner to absorb all uncertainty in the economy if its set of priors is a subset of its trading partners. An immediate corollary is that autarky is Pareto optimal if the trading partner with the more inclusive set of priors either chooses or is endowed with a nonstochastic technology. 相似文献
5.
Jakob De Haan Tigran Poghosyan 《Journal of International Financial Markets, Institutions & Money》2012,22(1):35-54
We examine whether bank earnings volatility depends on bank size and the degree of concentration in the banking sector. Using quarterly data for non-investment banks in the United States for the period 2004Q1-2009Q4 and controlling for the quality of management, leverage, and diversification, we find that bank size reduces return volatility. The negative impact of bank size on bank earnings volatility decreases (in absolute terms) with market concentration. We also find that larger banks located in concentrated markets have experienced higher volatility during the recent financial crisis. 相似文献
6.
Tigran Poghosyan 《Empirical Economics》2018,54(2):425-460
We employ the duration framework to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960–2014 period, with a particular focus on the impact of financial cycles. The results suggest that the association between financial and debt cycles is asymmetric. Debt expansions preceded by overheating in credit and financial markets tend to last longer than other expansions, but there is no significant association between financial cycles and debt contractions. There is strong evidence of duration dependence in both phases of the cycle, with the likelihood of expansions and contractions to end increasing with the length of their respective spells. Higher initial level of debt increases the spell of contractions (persistence of adjustment effort hypothesis) and reduces the spell of expansions (debt sustainability hypothesis). The results are robust to the inclusion of global factors, openness, political stability, and debt crisis indicators as additional controls. 相似文献
7.
Alexander V. Kolesnikov Olga V. Kudryavtseva Tigran Nagapetyan 《Journal of Mathematical Economics》2013
The famous Afriat’s theorem from the theory of revealed preferences establishes necessary and sufficient conditions for the existence of utility function for a given set of choices and prices. The result on the existence of a homogeneous utility function can be considered as a particular fact of the Monge–Kantorovich mass transportation theory. In this paper we explain this viewpoint and discuss some related questions. 相似文献
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Early warning systems (EWSs) are widely used to assess a country’s vulnerability to fiscal distress. A fiscal distress episode is identified as a period when government experiences extreme funding difficulties. Most EWSs employ a specific set of only fiscal leading indicators predetermined by the researchers, which casts doubt on their robustness. We revisit this issue using extreme bounds analysis, which allows identifying robust leading indicators of fiscal distress from a large set. A robust leading indicator’s effect does not strongly depend on the model specification. Consistent with the theoretical predictions of latest generation crisis models, we find that both fiscal and non-fiscal leading indicators are robust. In addition, we find that a fiscal vulnerability indicator based on fiscal and non-fiscal leading indicators offers a 29% gain in predictive power compared to a traditional one based only on fiscal leading indicators. This suggests that both fiscal and non-fiscal leading indicators should be taken into account when assessing country’s vulnerability to fiscal distress. 相似文献
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Using a unique data set on bank distress, this paper provides novel empirical evidence on the determinants of bank soundness
in the European Union (EU) as a whole. The estimation results are consistent with the hypothesis that bank risks have converged
across EU members, providing empirical support for introduction of a more centralized system of financial regulation in the
EU. We show that asset quality and earning profile of banks are important determinants of bank distress next to leverage,
suggesting that these should be central in EU-wide financial regulation and supervision. We find that market discipline, both
by depositors and by stock market participants, plays a role in the EU, supporting the notion that transparency and dissemination
of financial information would contribute to the financial soundness of banks. Our data also point to the presence of contagion
effects, relatively higher fragility of concentrated banking sectors, and hazards associated with high ratios of wholesale
funding. 相似文献
10.
Summary. The paper utilizes duality theory to derive an exact representation of the core of a supermodular capacity for finite-state-space Choquet expected utility preferences. Using the dual representation we develop an algorithm that uses information on willingness to pay and willingness to sell to elicit a supermodular capacity in a finite number of iterations.Received: 21 February 2003, Revised: 26 May 2004, JEL Classification Numbers:
D81.
Correspondence to: Robert G. ChambersThe authors thank J. Quiggin and an anonymous referee for comments that improved the paper. 相似文献