发布求助
文献互助 智能选刊 最新文献

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal最新文献

筛选
英文 中文
Dynamics of Firms and Trade in General Equilibrium 一般均衡下的企业动态与贸易
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-06-01 DOI: 10.2139/ssrn.2574454
R. Dekle, Hyeok Jeong, N. Kiyotaki
{"title":"Dynamics of Firms and Trade in General Equilibrium","authors":"R. Dekle, Hyeok Jeong, N. Kiyotaki","doi":"10.2139/ssrn.2574454","DOIUrl":"https://doi.org/10.2139/ssrn.2574454","url":null,"abstract":"This paper develops a dynamic general equilibrium model that tries to reconcile the observation that aggregate movements of exports and imports are \"disconnected\" from real exchange rate movements, while firm-level exports co-move significantly with the real exchange rate. Firms are heterogenous, facing recurrent aggregate and firm-product specific productivity shocks, choose which goods to export, and decide to enter and exit the business endogenously. We calibrate and estimate the model with both aggregate and firm level data from Japan.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121855775","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: 11
Specialization, Productivity and Financing Constraints 专业化、生产率和融资约束
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-05-08 DOI: 10.2139/ssrn.1595715
R. Marquez, M. Yavuz
{"title":"Specialization, Productivity and Financing Constraints","authors":"R. Marquez, M. Yavuz","doi":"10.2139/ssrn.1595715","DOIUrl":"https://doi.org/10.2139/ssrn.1595715","url":null,"abstract":"We analyze financial contracting when the specificity of investments is endogenous. Specialization decreases the liquidation value of assets, but it also improves a firm's long term productivity. While the first effect is known to make financing more difficult, we show that the second effect can ease financing constraints by improving an entrepreneur's incentive to pay. An entrepreneur's inability to commit to a given level of specialization introduces inefficiencies and may result in over or under specialization depending on which of the above effects dominates. The tradeoff we identify persists across various forms of specialized investments and generates new predictions. For example, we show that investment in human capital introduces a strategic incentive to specialize since entrepreneurs benefit from their investments even under liquidation.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114451828","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: 23
Do Financially Constrained Firms Suffer from More Intense Competition by the Informal Sector? Firm-Level Evidence from the World Bank Enterprise Surveys 资金受限的公司是否会受到非正式部门更激烈竞争的影响?来自世界银行企业调查的企业层面证据
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-05-01 DOI: 10.2139/SSRN.2267998
J. Friesen, K. Wacker
{"title":"Do Financially Constrained Firms Suffer from More Intense Competition by the Informal Sector? Firm-Level Evidence from the World Bank Enterprise Surveys","authors":"J. Friesen, K. Wacker","doi":"10.2139/SSRN.2267998","DOIUrl":"https://doi.org/10.2139/SSRN.2267998","url":null,"abstract":"This paper investigates which firms suffer from informal competition and highlights the role of access to finance in this context. We use cross-sectional data from the World Bank Enterprise Surveys covering 42,000 firms in 114 developing and transition countries for the period 2006 to 2011 and take discrete responses on the perceived severity of financial constraints and informal competition for our empirical analysis. We find that financially constrained firms face significantly more intense competition by the informal sector and that this effect is economically large. In fact, financial constraints are the most important reason why firms suffer from informal competition. Other influential variables are ill-designed labor market regulations, corruption, and firm size. A wide range of robustness checks substantiates this finding.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124184779","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: 17
R-Squared and the Economy r平方和经济
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-05-01 DOI: 10.2139/ssrn.2256670
R. Morck, B. Yeung, W. Yu
{"title":"R-Squared and the Economy","authors":"R. Morck, B. Yeung, W. Yu","doi":"10.2139/ssrn.2256670","DOIUrl":"https://doi.org/10.2139/ssrn.2256670","url":null,"abstract":"Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative destruction, wherein creative winner firms outpace destroyed losers, who can be last year's winners. This elevation in firm-specific fundamentals volatility elevates firm-specific return volatility in a sufficiently informationally efficient stock market. These linkages are interconnected feedback loops, rather than unidirectional chains of causality.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127170470","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: 37
Measuring Persistence in Volatility Spillovers 衡量波动性溢出效应的持久性
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-04-15 DOI: 10.2139/ssrn.2251141
Christian Conrad, Enzo Weber
{"title":"Measuring Persistence in Volatility Spillovers","authors":"Christian Conrad, Enzo Weber","doi":"10.2139/ssrn.2251141","DOIUrl":"https://doi.org/10.2139/ssrn.2251141","url":null,"abstract":"This paper analyzes volatility spillovers in multivariate GARCH-type models. We show that the cross-effects between the conditional variances determine the persistence of the transmitted volatility innovations. In particular, the effect of a foreign volatility innovation on a conditional variance is even more persistent than the effect of an own innovation unless it is offset by an accompanying negative variance spillover of sufficient size. Moreover, ignoring a negative variance spillover causes a downward bias in the estimate of the initial impact of the foreign volatility innovation. Applying the concept to portfolios of small and large firms, we find that shocks to small firm returns affect the large firm conditional variance once we allow for (negative) spillovers between the conditional variances themselves.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133707339","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: 10
The Importance of Being Steve: An Econometric Analysis of the Contribution of Steve Jobs's Patents to Apple's Market Valuation 成为史蒂夫的重要性:乔布斯专利对苹果公司市值贡献的计量经济学分析
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-03-26 DOI: 10.2139/ssrn.2239933
Daniel K. N. Johnson, Sylvie Scowcroft
{"title":"The Importance of Being Steve: An Econometric Analysis of the Contribution of Steve Jobs's Patents to Apple's Market Valuation","authors":"Daniel K. N. Johnson, Sylvie Scowcroft","doi":"10.2139/ssrn.2239933","DOIUrl":"https://doi.org/10.2139/ssrn.2239933","url":null,"abstract":"This paper evaluates the contribution of patent-related events to changes in stock prices, proposing that economics has traditionally failed to find much effect for two reasons which we identify and correct. First, patents vary widely in quality so we use quantile analysis and alternative measures of patent quality to identify effects. Second, we permit the possibility that information leaks out into investor sentiment during the long and uncertain time until patent grant, so evaluate the stock price effect at four different dates in the life of each patent. As a case study to test this approach, track all patents over a 27-year period for Apple Inc., permiting design patents to have different effects that traditional utility-model patents, and isolate the effect that Steve Jobs’s name on a patent has at each stage of a patent’s life.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127062141","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
Business, Bankruptcy, and Beliefs: The Financial Demise of NBA Stars 商业、破产和信仰:NBA球星的财务衰退
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-03-09 DOI: 10.2139/ssrn.2230800
Ruby Henry
{"title":"Business, Bankruptcy, and Beliefs: The Financial Demise of NBA Stars","authors":"Ruby Henry","doi":"10.2139/ssrn.2230800","DOIUrl":"https://doi.org/10.2139/ssrn.2230800","url":null,"abstract":"The financial troubles of professional athletes are an ongoing topic of intrigue. In general, the zealousness brought to private equity schemes are a common factor in observed financial insolvency. Considering the behavioral attribute of self-confidence I propose a simple model which explains entrepreneurial activity and adverse financial outcomes. The model implies that investment effort increases with self-confidence, while promoting financial solvency. Constructing a unique database of NBA players affords a singular opportunity to measure confidence directly from behavior, avoiding bias from self-reported surveys. In addition, I observe for-profit business ventures and use this data to test the model's implications for the outcomes of both entrepreneurial activity (investment effort) and bankruptcy. Without correcting for endogeneity it does appear that starting businesses causes bankruptcy. After using charitable foundations as an instrument, however, the data confirms the model's prediction – that investment effort is associated with financial solvency. That said, I also find that the effect of confidence on bankruptcy to be non-monotonic. Having some confidence decreases the probability of bankruptcy, but high levels increase this probability.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"74 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130825266","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: 2
Joint Ownership of Production Projects as a Commitment Device Against Interest Groups 生产项目共同所有制作为对抗利益集团的承诺手段
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-02-01 DOI: 10.2139/ssrn.2166513
N. Berardi, P. Seabright
{"title":"Joint Ownership of Production Projects as a Commitment Device Against Interest Groups","authors":"N. Berardi, P. Seabright","doi":"10.2139/ssrn.2166513","DOIUrl":"https://doi.org/10.2139/ssrn.2166513","url":null,"abstract":"This paper investigates a hitherto unexplored rationale for firms to have joint ownership of a production project. We model risky projects with autocorrelated productivity shocks as creating an option value of investing over time so that later investments benefit from the information revealed by the realization of earlier investments. However, internal and external interest groups are likely to pressurize owners into paying out early revenues from such investments precisely when the autocorrelation of productivity implies they should be reinvesting them in the project. Joint ownership provides a commitment mechanism against interest groups, thereby enabling more efficient levels of investment. The Business Environment and Enterprises Performance survey data corroborate the model's prediction that organizations under conditions favorable to internal or external lobbying pressure are more likely than other firms to choose joint ownership.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117210928","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
The Decision Usefulness of Comprehensive Income Reporting: Evidence from Canada 综合收益报告的决策有用性:来自加拿大的证据
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2013-01-10 DOI: 10.2139/ssrn.2198742
Harjinder Deol, J. Nazari
{"title":"The Decision Usefulness of Comprehensive Income Reporting: Evidence from Canada","authors":"Harjinder Deol, J. Nazari","doi":"10.2139/ssrn.2198742","DOIUrl":"https://doi.org/10.2139/ssrn.2198742","url":null,"abstract":"In this study, we empirically investigate the decision usefulness of mandatory reporting of comprehensive income in Canada. Drawing upon Ohlson’s (1999) discussion of the attributes of transitory earnings, we used a sample of 324 firms listed on the Toronto Stock Exchange for the study period to test whether OCI and its individual components (namely, unrealized gains and losses on cash flow hedges, unrealized gains and losses on available for sale investments, and foreign currency translation adjustment on foreign subsidiaries) possess forecasting relevance, predictability and value relevance. We found that aggregate OCI and some of its individual components are relevant in forecasting future abnormal earnings. We also found that OCI is predictable, and incrementally value relevant to net income. The results of our study suggest that Ohlson’s description of transitory earnings might not apply to OCI, and that the reporting of comprehensive income in Canada did enhance the decision usefulness of accounting numbers.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127493819","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
Does Family Ownership Create or Destroy Value: Evidence from Canada 家族所有权是创造价值还是破坏价值:来自加拿大的证据
Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2012-12-23 DOI: 10.1108/17439131311298511
Heng Du, Kuntara Pukthuanthong, D. Thiengtham, Thomas J. Walker
{"title":"Does Family Ownership Create or Destroy Value: Evidence from Canada","authors":"Heng Du, Kuntara Pukthuanthong, D. Thiengtham, Thomas J. Walker","doi":"10.1108/17439131311298511","DOIUrl":"https://doi.org/10.1108/17439131311298511","url":null,"abstract":"Purpose - – The purpose of this paper is to examine whether and how family ownership enhances or damages firm value. Design/methodology/approach - – The paper studies a sample of Canadian companies listed on the Toronto Stock Exchange (TSX) between 1999 and 2007 and apply multivariate regression with firm value as a dependent variable. The paper measures firm value as Tobin ' - s Q and ROA based either on net income or EBITDA. The independent variables include family firm dummy and ownership percentage. Findings - – It is found that control-enhancing mechanisms which are often employed by family companies add value to companies. Furthermore, it is found that agency conflicts between ownership and management are less costly than those between majority and minority shareholders, suggesting that family ownership helps resolve the agency conflicts between ownership and management and in turn enhances firm value. Finally, it is found that family companies with founders as CEOs outperform those with descendants as CEOs. Research limitations/implications - – The paper studies Canadian family firms; as such, the sample size is not relatively large. Nonetheless, the results should be generalized as Canada is one of the largest markets in the world and have high integration with the rest of the world. Practical implications - – The results suggest investors should invest in family ownership firms. Originality/value - – The paper shows whether firm ownership increases firm value and the determinant of family firm value.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131557762","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: 32
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信