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The main purpose of this study is to illustrate, with a simple two‐factor (skilled and unskilled labor) model, how a time‐saving improvement in business‐services trade benefitting from differences in time zones can have an impact on national factor markets. In doing so, we intend to capture the situation where the night‐shift work in one country is replaced by the day‐shift work in another country. In other words, we will show that trade with time zone differences will result in shifts of the relative supplies and demands for skilled labor around the globe. 相似文献
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This paper enquires the dynamics of current account and capital account in Sri Lanka for the period 2001:Q1 to 2016:Q1 and also examines the role of some policy variables such as exchange rate and interest rate in this dynamics. Estimated autoregressive distributed lag (ARDL) bound testing approach to cointegration followed by error correction representation of the ARDL model have found that current account is caused by capital account and exchange rate, where capital account causes to produce a deficit in current account. In the dynamic adjustment of current account due to exchange rate, an evidence of J-curve phenomenon is noticed. Capital account is neither caused by current account nor by exchange rate but interest rate has a positive impact on it. Robustness of these findings is testified by the vector autoregression model, Wald test of Granger causality followed by an impulse response analysis and a variance decomposition analysis. These analyses, in addition, establish a negative impact of interest rate on current account. With the best of knowledge this is the first study that reveals the dynamics of current and capital account of Sri Lanka. Such a dynamics is critical from the policy perspective. Policy makers should caution before capital account liberalization. 相似文献
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Informal economy involving unrecorded, unregistered, extra‐legal activities employs majority of the work force in the developing world. Such extra‐legal existence of informal production is facilitated through extortion by agents of political forces in power. Also, extortion activities themselves constitute an informal segment. Full‐scale general equilibrium consequences of such institutions are rarely discussed in the literature. We develop a well‐specified general equilibrium model to explore the possible consequences of reform. Economic reform may have an expansionary effect on the number of extortionists. Depending on capital mobility and factor intensity assumptions informal output and informal wage may increase. 相似文献
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Biswajit Banerjee 《Journal of development economics》1984,16(3):293-311
This paper examines the important determinants of the decision to remit and of the amount remitted by migrants in Delhi to their place of origin. The findings are compared with those obtained for Kenya by Knowles and Anker. The comparative exercise helps us to identify universal patterns of remittance behaviour from those which are time, place and sample specific. The paper also throws light on the validity of infering technological change in agriculture in rural areas from data on uses of remittances. 相似文献
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Despite widespread awareness that scientific record and grant funding reinforce one another, empirical models of scientific production normally consider laboratory inputs to be exogenous. The present article employs a cross-section of academic bioscientists to examine the mutual relationship between research output and financial support. Information's nonrival character is such that scientific output and funding success cannot be expressed in strictly supply-and-demand terms. We find the typical bioscience laboratory to operate in a range of decreasing returns to scale and to over-invest in laboratory equipment and materials. Publication and funding success strongly reinforce one another, explaining the right-skewed success distributions often observed in science. 相似文献
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What is strategic management,really? Inductive derivation of a consensus definition of the field 总被引:1,自引:0,他引:1
It is commonly asserted that the field of strategic management is fragmented and lacks a coherent identity. This skepticism, however, is paradoxically at odds with the great success that strategic management has enjoyed. How might one explain this paradox? We seek answers to this question by relying first on a large‐scale survey of strategic management scholars from which we derive an implicit consensual definition of the field—as tacitly held by its members. We then supplement this implicit definition with an examination of the espoused definitions of the field obtained from a group of boundary‐spanning scholars. Our findings suggest that strategic management's success as a field emerges from an underlying consensus that enables it to attract multiple perspectives, while still maintaining its coherent distinctiveness. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
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Ghosh Chinmoy Nag Raja Sirmans C.F. 《The Journal of Real Estate Finance and Economics》2000,20(2):137-154
The asymmetric information hypothesis states that IPO underpricing signals superior firm value. During the post-IPO period, the market learns the firms true worth such that good quality firms issue seasoned equity at favorable prices and recoup the loss sustained at IPO. Since REITs have no special incentive to issue debt because of their tax-exempt status, and since they must pay out 95 percent of net income as dividends, REIT managers are hard pressed to raise capital through seasoned equity. Consequently, the signaling link between IPOs and SEOs is critical for REITs. Consistent with the signaling model, we find strong evidence that (1) REITs that underprice IPOs more are likely to sell seasoned equity sooner, (2) higher IPO underpricing results in larger joint amount of capital raised through an IPO-SEO pair, and (3) firms that underprice IPOs underprice SEOs as well. IPO underpricing does not mitigate the valuation loss associated with seasoned offerings, however. 相似文献
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This paper focuses on studying the relationship between patent latent variables and patent price. From the existing literature, seven patent latent variables, namely age, generality, originality, foreign filings, technology field, forward citations, and backward citations were identified as having an influence on patent value. We used Ocean Tomo's patent auction price data in this study. We transformed the price and the predictor variables (excluding the dummy variables) to its logarithmic value. The OLS estimates revealed that forward citations and foreign filings were positively correlated to price. Both the variables jointly explained 14.79% of the variance in patent pricing. We did not find sufficient evidence to come up with any definite conclusions on the relationship between price and the variables such as age, technology field, generality, backward citations and originality. The Heckman two-stage sample selection model was used to test for selection bias. 相似文献
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