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1.
In this paper we develop a general equilibrium model where credit constraints limit the ability of agents with heterogeneous abilities and wealth to acquire skills. We identify a new effect, the induced Rybczynski effect, that works in the opposite direction from the normal supply response and may result in relative supply being downward-sloping. We analyze the effects of trade and show that under some conditions trade may reduce welfare. Finally, we study the effects of trade on income distribution and inequality. 相似文献
2.
Tatyana Chesnokova 《The Canadian journal of economics》2007,40(1):296-316
Abstract. The effect of return policies on market outcomes is studied in a model where consumers differ in their valuations of time. Product reliability is identified with defect rates. Producers first choose reliability levels and then compete in prices. For given defect rates, allowing returns makes products closer substitutes, enhancing competition and reducing prices. Being closer substitutes makes higher reliability less worthwhile, which reduces reliability. While the decrease in reliability reduces consumer welfare, the decrease in prices raises it. The latter dominates, so that aggregate consumer welfare increases with return policy. 相似文献
3.
Nicole Choi Mark Fedenia Hilla Skiba Tatyana Sokolyk 《Journal of Financial Economics》2017,123(1):189-208
Using data on security holdings for 10,771 institutional investors from 72 countries, we test whether concentrated investment strategies result in excess risk-adjusted returns. We examine several measures of portfolio concentration with respect to countries and industries and find that portfolio concentration is directly related to risk-adjusted returns for institutional investors worldwide. Results suggest, in contrast to traditional asset pricing theory and in support of information advantage theory, that concentrated investment strategies in international markets can be optimal. 相似文献
4.
Tatiana S. Manolova Linda F. Edelman Galina Shirokova Tatyana Tsukanova 《Journal of East-West Business》2013,19(4):363-395
AbstractInstitutional voids plague entrepreneurship in emerging economies. In this paper, we investigate how the social structure of the family can enable young entrepreneurs to navigate the institutional voids and progress through the venturing process. Findings suggest that both institutional voids and family support have a significant effect on startup activities, and that family financial support helps absorb the negative influence of capital market voids. Our study begins to explain the relationship between institutional voids and family support, thereby contributing to the ongoing development of institutional theory in an emerging economy context and to the literature on family influences on entrepreneurship. 相似文献
5.
Tatyana Sokolyk 《Journal of Corporate Finance》2011,17(3):612-627
This study provides large sample evidence on the effects of antitakeover provisions (ATPs) on takeover probability and premia in modern takeover contests. Despite the fact that hostile bids are uncommon during the 1990s–2000s, some ATPs have strong but opposing effects on takeover outcomes. Consistent with recent theory, the staggered board-poison pill combination is the strongest antitakeover mechanism. Takeover compensation arrangements reduce managerial resistance to takeovers, and many commonly used ATPs are irrelevant in modern takeover battles. Furthermore, compensation plans are associated with higher takeover premia. Although individual ATPs have significant effects on takeover outcomes, the G-Index, which does not account for the diverse effects of ATPs, is not significant in predicting the firm's takeover probability or the size of takeover premia. 相似文献
6.
Tatyana A. Koreshkova 《Journal of Monetary Economics》2006,53(4):773-796
Inflation rates are more dispersed and are persistently higher in developing countries. This paper quantifies the importance of the public-finance motive for inflation in the presence of a tax-evading sector, the underground economy. The approach is motivated by the observation that the underground economy is especially large in poor countries. The analysis builds on a general equilibrium monetary model with two production sectors, where income in one of the sectors cannot be taxed. A benevolent government finances its budget using an optimal combination of the income tax rate and the inflation rate. The model is first calibrated to the U.S. economy and is then used for a cross-country simulation. The resulting relationships between the size of an underground economy, inflation rate, income tax rate and the share of seigniorage in the government revenue rationalize the cross-country data quantitatively well. 相似文献
7.
On May 10, 1999, the London International Financial Futures and Options Exchange (LIFFE) transferred trading in the Financial Times Stock Exchange (FTSE) 100 Index futures contracts from outcry to LIFFE CONNECT, its electronic trading system. We find lower spreads in the electronic market after the transition. However, the open outcry mechanism has higher market quality (or smaller variance of the pricing error) on the basis of Hasbrouck's (1993) model. Furthermore, employing the Hasbrouck (1991) model, we show that trades in the open outcry market have higher information content. Inventory control considerations also affect the electronic market more than the open outcry market. The overall results suggest that electronic trading should complement, but not replace, open outcry in futures markets. © 2001 John Wiley & Sons, Inc. Jrl Fut Mark 21: 713–735, 2001 相似文献
8.
On the Chicago Mercantile Exchange (CME), so‐called “E‐mini” index futures contracts trade on the electronic GLOBEX trading system alongside the corresponding full‐size contracts that trade on the open outcry floor. This paper finds that the current minimum tick sizes of the E‐mini S&P 500 and E‐mini Nasdaq‐100 futures contracts act as binding constraints on the bid‐ask spreads by not allowing the spreads to decline to competitive levels. We also find that, while exchange locals trade very actively on GLOBEX, they do not tend to act as liquidity suppliers. Taken together, our empirical results suggest that it is time for the CME to consider decreasing the minimum tick sizes of the S&P 500 and Nasdaq‐100 E‐mini futures contracts. A tick size reduction is likely to result in lower trading costs in the E‐mini futures markets. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:79–104, 2005 相似文献
9.
On the choice of measures of reliability and validity in the content-analysis of texts 总被引:1,自引:0,他引:1
Anton Oleinik Irina Popova Svetlana Kirdina Tatyana Shatalova 《Quality and Quantity》2014,48(5):2703-2718
The paper discusses several reliability measures: Scott’s pi, Krippendorff’s alpha, free marginal adjustment (Bennett, Alpert and Goldstein’s \(S\) ), Cohen’s kappa, and Perreault and Leigh’s \(I\) and the assumptions on which they are based. It is suggested that correlation coefficients between, on one hand, the distribution of qualitative codes and, on the other hand, word co-occurrences and the distribution of the categories identified with the help of the dictionary based on substitution complement the other reliability measures. The paper shows that the choice of the reliability measure depends on the format of the text (stylistic versus rhetorical) and the type of reading (comprehension versus interpretation). Namely, Cohen’s kappa and Bennett, Alpert and Goldstein’s \(S\) emerge as reliability measures particularly suited for perspectival reading of rhetorical texts. Outcomes of the content analysis of 57 texts performed by four coders with the help of computer program QDA Miner inform the analysis. 相似文献
10.
By synthesizing several theoretical perspectives, we explore the determinants of early and rapid internationalization of firms from China as an example of an emerging economy. Specifically, we examine the symbiosis of foreign knowledge, networks, and government support and their impact on the emergence of born globals (BGs). We use the dataset covering 368 Chinese exporting SMEs. The results provide new insights regarding the nature of their strategic behavior and shed light on the reasons for heterogeneity among exporters. 相似文献