ERN: Firm Behavior & Competition (Topic)最新文献

{"title":"Who Consumes the Credit Union Tax Subsidy?","authors":"Robert DeYoung, J. Goddard, D. Mckillop, John O. S. Wilson","doi":"10.2139/ssrn.3429208","DOIUrl":"https://doi.org/10.2139/ssrn.3429208","url":null,"abstract":"Credit unions are exempt from paying income taxes, and these tax savings are supposed to subsidize the provision of financial services to credit union members. In this paper, we investigate whether the entire credit union tax subsidy is being passed along to credit union members — in the form of increased quantities of financial services and/or better-than-market interest rates — or whether some of the credit union tax subsidy is being consumed by inefficient credit union operations. We estimate a structural model of profit inefficiency for US commercial banks between 2005 through 2017, and use the estimated parameters to evaluate the relative performance of US credit unions and commercial banks. When inputs and outputs are valued in terms of market prices, profit inefficiencies at credit unions exceed those at similar commercial banks by an economically significant order. About half of this inefficiency gap can be attributed to legally mandated credit union activities — such as producing loans and issuing deposits — while the remainder can be attributed to operational inefficiencies at credit unions relative to banks. When inputs and outputs are valued in terms of the prices that credit unions actually pay, our results suggest that over nine-tenths of the tax subsidy is simply passed through to credit union members in the form of higher deposit interest rates.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131198096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Accounting Comparability, Financial Reporting Quality, and the Pricing of Accruals","authors":"Anthony Chen, J. Gong","doi":"10.2139/ssrn.3455830","DOIUrl":"https://doi.org/10.2139/ssrn.3455830","url":null,"abstract":"Abstract This study examines the impact of accounting comparability on financial reporting quality and the extent to which financial statement users understand the implications of firms' accruals. We predict that comparability improves the information environment, which not only enhances the ability of managers to estimate accruals more accurately and signal their private information, but also improves investors' comprehension of accruals. Utilizing restatements, the mapping of accruals into cash flows, earnings persistence, and audit fees as measures of financial reporting quality, we find that prior-period comparability is associated with higher financial reporting quality. We also provide evidence that comparability is positively associated with managerial forecast accuracy and precision, consistent with comparability improving the ability of managers to predict future firm performance. Furthermore, we find that when prior-period comparability is higher, current period discretionary accruals are less positively correlated with contemporaneous returns and less negatively correlated with future returns, consistent with our prediction that comparability improves the pricing efficiency of accruals. Our results are robust to controlling for the endogeneity of accounting comparability and several different empirical model specifications. Overall, our findings suggest that enhanced accounting comparability is beneficial to both preparers and users of financial statements.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133440189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Welfare-Deteriorating Construction of Public Infrastructure","authors":"H. Kawarazaki","doi":"10.2139/ssrn.3395197","DOIUrl":"https://doi.org/10.2139/ssrn.3395197","url":null,"abstract":"This study examines an extension of the Hotelling model of spatial competition in which there are two separated linear cities with two roads connecting them at the edges of the cities. Initially, the cost of passing them for consumers is too high so they are impassible, but one of them is improved and passible. This simple setting gives an asymmetric set of Nash equilibria which has not been discussed in the literature before. Further, it leads to the counterintuitive result that, under reasonable assumptions, connecting the two cities decreases social welfare, even when the cost of doing so is zero. Moreover, improving two roads simultaneously may recover social welfare.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115853261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Alternative Perspective for Assessing Abuse of Dominance in Emerging Markets","authors":"A. Al-Ameen","doi":"10.4337/9781788117340.00027","DOIUrl":"https://doi.org/10.4337/9781788117340.00027","url":null,"abstract":"There is without doubt a populist rhetoric behind the idea of implementing competition rules. It often sounds like a sure route to usher in a system that either makes the market more efficient and prosperous or it should help in rebalancing the entitlements of market participants and the public at large. However, immediately we step beyond this flowery abstraction, we face a dilemma on various fronts – what should be the target of our competition law and policy? How can we decipher the presence of competition problems? How can we avoid unintended negative consequences? \u0000 \u0000All competition regimes – new or old, developed or developing – are bound to continuously struggle to answer the above questions. However, the developing economies who are just at the nascent stage of implementing their competition laws and policies face a dire position when attempting to answer the questions. This is because while the more experienced regimes might have a local experience to help them navigate troubled waters, these nascent competition regimes would be restricted to learning vicariously through the experience of others which may not be suitable to their socio-economic and political conditions. Given that the adoption of economic formulas in the detection, assessment, and solving of competition has become more prevalent in mature competition regimes, the fear is that new competition regimes that do not have such expertise or whose economy does not mirror the underlying assumptions embedded in such economic formulas face significantly high risk of getting things wrong. As such wrong steps may have severe consequences for their economy, it is advisable that new regimes take an incremental approach in adopting complex economic formulas in their competition assessments. In the meantime, these regimes could deploy familiar concepts to kickstart their competition assessment till they acquire the skills, or their economic conditions become suitable for the various economic models. \u0000 \u0000This paper therefore proposes that new competition regimes, particularly those of developing and underdeveloped economies, should take advantage of more amenable and more familiar legal tools such as the doctrine of unconscionability in their abuse of dominance assessments. This is because the pure economic models mainly deployed by the more mature regimes might be unsuitable for them at least in the early years. This chapter will therefore explore how the doctrine can be infused into their competition laws and policies, serving either as a major basis for assessment or as a stopgap while developing countries they gain concrete knowledge of the true economic and developmental implications of applying complex economic models in abuse of dominance cases.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121322240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"КОНКУРЕНТОСПОСОБНОСТЬ ЭКОНОМИКИ – КАК ОСНОВНОЙ ФАКТОР ЭКОНОМИЧЕСКОГО РАЗВИТИЯ СТРАНЫ (The Competitiveness of the Economy - As the Main Factor of Economic Development)","authors":"L. Hajiyeva","doi":"10.2139/ssrn.3304447","DOIUrl":"https://doi.org/10.2139/ssrn.3304447","url":null,"abstract":"<b>Russian Abstract:</b> В статье рассматриваются вопросы создания конкурентоспособной инновационной экономики, обеспечивающей страну всеми необходимыми благами и соответствующей международным социально-экономическим стандартам. Автор отмечает, что имеется несколько концепций конкурентоспособности, наиболее популярным из<br>которых является теория Майкла Портера, известного исследователя в сфере конкуренции и конкурентных преимуществ. Схема национальных конкурентных преимуществ и их<br>взаимодействие отражаются в известной «бриллиантовой» модели «конкурентного<br>ромба» (Diamond Model), предложенной Портером. Изучение и анализ основных факторов данной модели может способствовать повышению конкурентоспособности национальных экономик и увеличению индекса глобальной конкурентоспособности страны.<br><br><b>English Abstract:</b> This article discusses about development of a competitive innovative economy, providing the country with all the necessary goods and complying with international socioeconomic standards. The author notes that there are several concepts of competitiveness, the most popular of which is the theory of Michael Porter, known researcher in the field of competition and competitive advantages. The scheme of national competitive advantages and their interactions are recorded in the famous \"diamond\" model of \"competitive rhombus\" (Diamond Model), proposed by Porter. The study and analysis of the main factors of this model can enhance the competitiveness of national economies and an increase in the global competitiveness index.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"138 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115594577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Firm Leverage and Supplier Diversification","authors":"Ben Charoenwong","doi":"10.2139/ssrn.3207057","DOIUrl":"https://doi.org/10.2139/ssrn.3207057","url":null,"abstract":"Using a dataset of both public and private firm connections, I find a 1.5-percentage-point increase in long-term book leverage of a firm leads to a 10-percentage-point increase in the probability it adds an additional supplier. At the same time, I do not find significant increases in sales or accounts payable. The supplier diversification effect is slightly but not significantly larger for bigger firms and those in more concentrated industries and smaller for B2B firms and those with higher input specificity. These findings are consistent with firms simultaneously optimizing capital structure and supplier networks to trade-off disruption risks.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133342332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SME Growth, Financing Constraints, and Corruption: Evidence from Transition Economies","authors":"B. Ullah","doi":"10.2139/ssrn.3307943","DOIUrl":"https://doi.org/10.2139/ssrn.3307943","url":null,"abstract":"In this study, using a unique firm-level survey database, I investigate which firm constraints in the business environment directly affect growth for over 15,000 mostly small- and medium-sized firms in 30 Eastern European and Central Asian countries. I also examine how financing constraints inhibit firm growth, the determinants of firm financing constraints, and the relevant role of country-level development, institutions, and corruption. I find that out of a full set of ten different growth constraints in the business environment that firms report, only financing and legal constraints negatively affect both firm sales and employment growth. I also find that older, larger, and foreign-owned firms report lower financing constraints while exporting firms report higher financing constraints. In countries with higher levels of GDP per capita, stock market development, legal systems and property rights, and lower levels of corruption, firms face lower levels of financing constraints. I provide novel empirical evidence that both firm- and country-level corruption hinder firms’ access to financing.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130070590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Efficiency with a Heart: A Case for Competition Policy with a Public Interest Dimension","authors":"A. Darr","doi":"10.2139/ssrn.3266789","DOIUrl":"https://doi.org/10.2139/ssrn.3266789","url":null,"abstract":"Do developing countries mostly experience old competition problems or do they also experience new ones? And even when developing countries experience old problems do they do so in new ways? Are the perceptions of competition and solutions for competition problems generally accepted and prevalent in the developed world adequate for and beneficial to developing countries? Or do developing countries require their own unique approach to addressing their particular competition concerns? The volume edited by Tembinkosi Bonakale, Eleanor M. Fox and Liberty Mncube combines the regulatory experience of Bonakale and McNube as Commissioner and Chief Economist of the Competition Commission of South Africa respectively and Fox’s extensive experience of competition in the developing world to ask these and related questions and to bring an invaluable insight into and solutions for competition challenges faced by BRICS and developing countries which are not only practical but also anchored in sound competition theory.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128323104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inferring the Economics of Store Density from Closures: The Starbucks Case","authors":"Ali Umut Guler","doi":"10.1287/mksc.2017.1078","DOIUrl":"https://doi.org/10.1287/mksc.2017.1078","url":null,"abstract":"This paper proposes a method that makes use of firms’ mass store closures to measure the store network effects of cannibalization and density economies. I calculate each store’s contribution to cha...","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132385984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Quality, Variable Markups, and Welfare: a Quantitative General Equilibrium Analysis of Export Prices","authors":"Haichao Fan, Y. Li, Sichuang Xu, S. Yeaple","doi":"10.2139/ssrn.3134321","DOIUrl":"https://doi.org/10.2139/ssrn.3134321","url":null,"abstract":"Modern trade models attribute the dispersion of international prices to physical and man-made barriers to trade, to the pricing-to-market by heterogeneous producers and to differences in the quality of output offered by firms. This paper presents a tractable general equilibrium model that incorporates all three of these mechanisms. Our model allows us to confront Chinese firm-level data on the prices charged and revenues earned within and across markets. We show that all three mechanisms are necessary to fit the distribution of prices and revenues across firms and markets. Accounting for endogenous quality heterogeneity across firms and markets is shown to be critical for the response of prices to trade and tariff shocks.","PeriodicalId":166155,"journal":{"name":"ERN: Firm Behavior & Competition (Topic)","volume":"480 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132132693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}