{"title":"Regime change and recovery in 1930s Britain","authors":"Tadeusz Gwiazdowski, George Chouliarakis","doi":"10.2139/ssrn.3943130","DOIUrl":"https://doi.org/10.2139/ssrn.3943130","url":null,"abstract":"By analysing narrative evidence from British newspapers, this paper examines when expectations of deflation ended during the recovery of the 1930s. Examining monthly macroeconomic data, contemporary price reports, and daily policy announcements, we show that despite a speculative boom and rising prices in summer 1932, deflation then returned in Britain. In contrast, in spring 1933, inflationary news shocks in the US, new British capital to support the pound, and joint British and US rejection of a return to the gold standard contributed to the end of deflationary expectations and economic recovery in Britain.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"2016 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132860965","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":"A New Shifted Log-Normal Distribution for Mitigating 'exploding' Implicit Prices in Mixed Multinomial Logit Models","authors":"Romain Crastes dit Sourd","doi":"10.2139/ssrn.3878952","DOIUrl":"https://doi.org/10.2139/ssrn.3878952","url":null,"abstract":"This paper introduces a new shifted negative log-normal distribution for the price parameter in Mixed Multinomial logit models. The new distribution, labelled as the u-shifted negative log-normal distribution, has desirable properties for welfare analysis and in particular a point-mass which is further away from zero than the negative log-normal distribution. This contributes to mitigating the 'exploding' implicit prices issue commonly found when the price parameter is specified as negative log-normal and the model is in preference space. The new distribution is tested on 10 stated preference datasets. Comparisons are made with standard alternative approaches such as the willingness-to-pay space approach. It is found that the new u-shifted distribution yields much lower mean marginal WTP estimates compared to the negative log-normal specification (up to 99% lower) and similar to the values derived from a multinomial logit while at the same time fitting the data as well as the negative log-normal specification and much better than the willingness-to-pay space approach.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127074689","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}
P. Howley, Mirko Moro, M. Waqas, L. Delaney, Tony Heron
{"title":"Immigration and Self-Reported Well-Being in England","authors":"P. Howley, Mirko Moro, M. Waqas, L. Delaney, Tony Heron","doi":"10.2139/ssrn.3184812","DOIUrl":"https://doi.org/10.2139/ssrn.3184812","url":null,"abstract":"Much recent research suggests that immigration has had little, if any, negative impact on the labour market outcomes of natives. In this study we focus on ascertaining the effect of immigration on subjective as opposed to objective indicators of native well-being. Our analytical approach exploits spatial and temporal variation in the net inflows of foreign-born individuals across local areas in England. We find using both a fixed effects and instrumental variable specification that net inflows of foreign-born individuals are associated with modest negative subjective well-being effects for the population as a whole, but that there is a notable degree of heterogeneity in this relationship. Specifically, relatively older individuals (60 ), those with below average household incomes, the unemployed and finally those without any formal educational qualifications experience much more pronounced well-being losses than their younger, financially better-off and employed counterparts. These observed well-being differentials across social groups are similar to voting patterns evident in the recent UK referendum on EU membership. We put forward perceived labour market competition as one of the mechanisms underpinning these results. In support of this premise, we find that the negative relationship between inflows of foreign-born individuals and the subjective well-being of the native-born population in England is much more substantive when macroeconomic conditions are relatively less favourable.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128695104","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":"Entrepreneurship, Business Strategy and Philanthropy: Competition and Regulation in Nineteenth Century British Cotton Textiles","authors":"A. Shepherd, S. Toms","doi":"10.2139/ssrn.2993304","DOIUrl":"https://doi.org/10.2139/ssrn.2993304","url":null,"abstract":"The paper analyses the relationship between entrepreneurial philanthropy and the competitive process. In doing so, it constructs a typology of entrepreneurial philanthropic behaviour. Such behaviour is conditioned by a combination of ideology and business strategy variables. Ideological differences can be traced to nineteenth century philosophical responses to the ethical problems posed by the rapid emergence of factory production following the British Industrial Revolution. Attitudes to regulation and the labour process are used to identify the key differences and similarities with respect to competitive behaviour. Each type of entrepreneurial behaviour is explored using nineteenth century case studies and examples of philanthropy and competitive behaviour.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114310184","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}
Abhishek Srivastav, K. Keasey, Sabur Mollah, Francesco Vallascas
{"title":"CEO Turnover in Large Banks: Does Tail Risk Matter?","authors":"Abhishek Srivastav, K. Keasey, Sabur Mollah, Francesco Vallascas","doi":"10.2139/ssrn.2966033","DOIUrl":"https://doi.org/10.2139/ssrn.2966033","url":null,"abstract":"In a cross-country setting we show the probability of a forced CEO turnover in large banks is positively associated with idiosyncratic tail risk. This finding is strengthened the greater the competition in the banking industry and when stakeholders have more to lose in the case of distress. Overall, the exposure to idiosyncratic tail risk offers valuable signals to bank boards on the quality of the choices made by CEOs. In contrast, systematic tail risk becomes important for forced CEO turnovers only in the presence of a major variation in the costs this risk generates for shareholders and the organization.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127613095","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":"Do Chinese MNEs Always Improve Their Innovation Performance from Internationalization?","authors":"S. Elia, M. Kafouros, L. Piscitello","doi":"10.2139/ssrn.3111899","DOIUrl":"https://doi.org/10.2139/ssrn.3111899","url":null,"abstract":"We examine how the innovative performance of Chinese MNEs is affected by the way in which they configure their portfolio of subsidiaries. To this end, we acknowledge that innovation performance is not an one-dimensional construct, but can vary in terms of scale and quality. We rely on an empirical analysis based on 178Chinese MNEs operating in medium-high and high tech industries, tracking their subsidiaries portfolios and the relative foreign direct investments. . Our preliminary results show that the geographical breadth (i.e. the number of countries in which each MNE has at least one subsidiary) and the geographical depth (i.e. the average number of subsidiaries in each country) are negatively associated to firm’s innovation scale but positively associated to its innovation quality. Additionally, results show that the predominance of acquisitions as entry mode is positively associated to innovation quality. Finally, high average cultural distance is negatively associated to innovation quality; however, different effects arise when considering separately individual aspects of cultural distance (i.e. educational and religious distance).","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121451967","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":"The Internalization of Societal Failures by Multinational Enterprises","authors":"P. Buckley, J. Boddewyn","doi":"10.1108/MBR-08-2014-0041","DOIUrl":"https://doi.org/10.1108/MBR-08-2014-0041","url":null,"abstract":"The market-internalization framework can be applied to non-economic institutions because society’s nonmarket subsystems – political, social and cultural – are subject to failures just like economic markets, and firms can contribute to their repair or replacement by selectively, strategically and responsibly internalizing the market and nonmarket arenas for these subsystems’ functions. In other words, internalization theory can be applied to the joint failures of economic and non-economic institutions, and this helps explain the growing “political role” of multinational enterprises in economies in transition as well as the phenomenon of increasing multinational-firm activity in underdeveloped economies. The limits and implications of internalization are drawn in terms of theory development, legitimacy and managerial strategies.","PeriodicalId":183681,"journal":{"name":"Leeds University Business School Research Paper Series","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116659973","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}