Econometric Modeling: Microeconometric Models of Firm Behavior eJournal最新文献_第10页

Supply and Demand for Cereals in Pakistan, 2010-2030 2010-2030年巴基斯坦谷物供需情况

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-10-01 DOI: 10.2139/ssrn.2185441

H. Nazli, H. Haider, A. Tariq

引用次数: 22

The Influence of Financial Performance on Payout Policy: A Study of Estonian Firms 财务绩效对股利政策的影响:爱沙尼亚公司的研究

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-06-15 DOI: 10.15157/TPEP.V20I1.784

Argo Teral, O. Lukason, P. Sander

引用次数: 1

Export Decisions of Services Firms between Agglomeration Effects and Market-Entry Costs 集聚效应与市场进入成本之间的服务企业出口决策

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-05-30 DOI: 10.2139/ssrn.2870428

H. Kox

{"title":"Export Decisions of Services Firms between Agglomeration Effects and Market-Entry Costs","authors":"H. Kox","doi":"10.2139/ssrn.2870428","DOIUrl":"https://doi.org/10.2139/ssrn.2870428","url":null,"abstract":"The paper tests the role of agglomeration effects on the export decision of services firms. Recent theories on trade with heterogeneous firms predict that export participation goes along with sunk market-entry costs. Only the more productive firms will be able to overcome these sunk costs. This leads to a process of - ex ante - self selection. These predictions are tested for the services industry, with due account for the possible role of agglomeration effects in large-city areas. Standard empirical tests of the new trade models consistently find productivity-based ex ante self selection by exporters, and this effect is mostly explained by unobserved sunk entry costs that exporters have to absorb in new foreign markets. Recent research by urban economists (e.g. Combes et al., 2012) suggests, however, that operating in large-city areas also goes along with positive productivity sorting. Ignoring this leads to upwardly biased estimates of the effect of foreign market entry costs. A large set of micro-data for establishments in Dutch services is used to investigate this hypothesis. I find evidence that positive productivity self-selection is based on the combined effects of agglomeration and anticipated market-entry cost for export starters. This effect is strongest in markets with more or less homogeneous products. I also find evidence that the productivity self-selection effect (of exporters compared to non-traders) is stronger in non-urban areas and smaller agglomerations.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127822953","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}

引用次数: 1

Does Corporate Governance Reform Necessarily Boost Firm Performance? Recent Evidence from Russia 公司治理改革是否一定能提高公司绩效?来自俄罗斯的最新证据

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-05-05 DOI: 10.2139/ssrn.2051362

M. Kuznecovs, S. Pal

{"title":"Does Corporate Governance Reform Necessarily Boost Firm Performance? Recent Evidence from Russia","authors":"M. Kuznecovs, S. Pal","doi":"10.2139/ssrn.2051362","DOIUrl":"https://doi.org/10.2139/ssrn.2051362","url":null,"abstract":"This paper examines whether the introduction of corporate governance (CG) reforms in general and that of transparency and disclosure (T&D) rules in particular can necessarily boost firm performance. Existing literature suggests that CG reforms can boost performance because it can resolve the conflict of interest between the controlling and the minority owners, especially in societies with highly skewed distribution of ownership. We however argue that the success of CG reform would, in addition, depend on whether the reforms may initiate further conflict, e.g., that between the state and the controlling owners. Using recent data from Russia for 2000-2008, we find that the introduction of corporate governance codes in Russia had limited success to improve indices of firm performance in our sample. We argue that this arises from the predatory behavior of the central and local governments: greater transparency make businesses easy targets for aggressive tax enforcement policy by the central government while the decentralized local governments may increase the bribe price to protect businesses from high central taxes, which may also induce some businesses to go underground, thus harming firm performance.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128164625","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}

引用次数: 15

The Dividend Policy of the Merged Firm, Method of Payment, and Takeover Premium 被合并企业的股利政策、支付方式与收购溢价

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-04-25 DOI: 10.2139/ssrn.2084892

Sébastien Dereeper, Aymen Turki

{"title":"The Dividend Policy of the Merged Firm, Method of Payment, and Takeover Premium","authors":"Sébastien Dereeper, Aymen Turki","doi":"10.2139/ssrn.2084892","DOIUrl":"https://doi.org/10.2139/ssrn.2084892","url":null,"abstract":"Dividends, particularly of acquiring firms are influenced by several structural adjustments especially after mergers. Using the dividend clientele hypothesis, we hypothesize that acquirer dividend policy is more likely to change after the merger if dividend policies of firms involved in a stock-based merger are quite different, while it remains unaffected in cash deals. Initially, we analyze the relationship between the acquirer dividends after the announcement and the pre-merger dividend policy of the target. In a second step, a multivariate analysis will be conducted to detect dynamics of takeover premium with the differences in dividend policy between merged firms. From the observation of 663 M&As, we find that acquiring firms are more disposed to adjust their dividend policies to those of targets in case of stock mergers than for mergers in cash. Additional analyses show some evidence that higher acquirer dividend is associated with higher takeover premium in cash deals, but there’s no significant association between difference in dividend policies and takeover premium in stock deals. These results highlight the role of the premium to offset the opportunity cost of target shareholders to receive more dividends in the merged entity when they agree a cash merger, and justify the triviality of the premium in stock deals by the disposal of the acquirer to adjust its dividend policy.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126085762","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}

引用次数: 3

Platform, Meet Apps: Pricing and Quality Under Cross-Sided Externalities 平台与应用:横向外部性下的定价与质量

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-03-28 DOI: 10.2139/ssrn.2044551

Raymond G. Sin, Jia Jia

引用次数: 0

Adverse Selection in the Credit Life Insurance Market 信用寿险市场中的逆向选择

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-03-13 DOI: 10.2139/ssrn.2024740

L. Colquitt, Stephen G. Fier, R. Hoyt, Andre P. Liebenberg

引用次数: 3

Modelling Default Correlations in a Two-Firm Model with Dynamic Leverage Ratios 动态杠杆率下两企业模型的违约相关性建模

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-03-01 DOI: 10.2139/ssrn.2162752

C. Chiarella, C. Lo, M. Huang

引用次数: 1

Are Order Imbalances Indicative of Private Information? 订单不平衡是否代表了私人信息?

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-03-01 DOI: 10.2139/ssrn.2022642

Sukwon Thomas Kim, H. Stoll

引用次数: 7

Rule-Based LTV and Penalty Function for Concentration Risk 基于规则的LTV和集中风险的惩罚函数

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-02-18 DOI: 10.2139/ssrn.2007563

Yongwoong Lee, Yiran Zhang, S. Poon

{"title":"Rule-Based LTV and Penalty Function for Concentration Risk","authors":"Yongwoong Lee, Yiran Zhang, S. Poon","doi":"10.2139/ssrn.2007563","DOIUrl":"https://doi.org/10.2139/ssrn.2007563","url":null,"abstract":"This paper implements a simple and transparent procedure for setting loan-to-value (LTV) ratio based on the market risk of the underlying collateralized portfolio. The loan hair cut (i.e. 1-LTV) is closely related to value-at-risk (VaR) which is very sensitive to model assumptions and complicated to estimate in the non-Gaussian multi-variate case. Our calculation first employs a Rule-Based LTV based on the sum of the individuals VaRs, which in turns is individually calibrated to historical volatility-VaR relationship. Next, in order to correct for the concentration-diversi\u001ccation effect of the portfolio, we propose a variance adjusted concentration measure which generalizes the Her\u001cndahl-Hirschman index by weights reflecting the variance of the individual assets. Furthermore, to adjust for the correlation relationship, we adopt a multi-factor framework where the correlations are driven by the regional and industry sectors. The combined adjustment factor is derived in closed form. In the empirical tests, we collect 10-day returns of the most frequently pledged stocks from 1998 and 2010 and group them into 10 regions and 10 industries sectors. The MSCI country and industry indices are used to construct region and industry risk factors. Our empirical tests show the accuracy of the Rule-Base value-at-risk is greatly improved by our adjustment factor in both in-sample and out-of-sample periods.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131978596","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}

引用次数: 0