ERN: Econometric Modeling in Microeconomics (Topic)最新文献

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Interlocking Directorships and Cross-Shareholdings Among the Italian Blue Chips 意大利蓝筹股的连锁董事和交叉持股
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-30 DOI: 10.2139/ssrn.1799168
Carlo Drago, Stefano Manestra, P. Santella
{"title":"Interlocking Directorships and Cross-Shareholdings Among the Italian Blue Chips","authors":"Carlo Drago, Stefano Manestra, P. Santella","doi":"10.2139/ssrn.1799168","DOIUrl":"https://doi.org/10.2139/ssrn.1799168","url":null,"abstract":"We contribute to the literature on cross shareholdings and board interlocks in Italy which finds possible evidence of enlarged collusion, that is, collusion established through board interlocks among companies that do not necessarily operate in the same business sector. We focus on the Italian Blue Chips (about 80% of the total market capitalization) in 1998 and in 2008, examining the entire network of cross-shareholdings of at least 2% of total voting rights which we compare to the entire network of interlocking directorates among the same Blue Chips. We find that in 1998 enlarged collusion only takes place among those Blue Chips that are also linked by cross-shareholdings (the Mediobanca Galaxy), which reinforces the hypothesis that in Italy this form of collusion is functional to shareholder expropriation. In addition, we find that in 2008 new shareholders appear on top of the Galaxy and the Galaxy extends its reach through board interlockers to the rest of the Blue Chips.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127958953","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
The Spread of Anti-Trafficking Policies: Evidence from a New Index 反人口贩卖政策的传播:来自一个新指数的证据
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-17 DOI: 10.2139/ssrn.1790670
Seo-Young Cho, A. Dreher, E. Neumayer
{"title":"The Spread of Anti-Trafficking Policies: Evidence from a New Index","authors":"Seo-Young Cho, A. Dreher, E. Neumayer","doi":"10.2139/ssrn.1790670","DOIUrl":"https://doi.org/10.2139/ssrn.1790670","url":null,"abstract":"We analyze the spread of policies dealing with international trafficking in human beings. Arguing that countries are unlikely to make independent choices, we identify pressure, externalities and learning or emulation as plausible diffusion mechanisms for spatial dependence in anti-trafficking policies. We develop a new index measuring governments’ overall anti-trafficking policies for 177 countries over the 2000-2009 period. We also assess a country’s level of compliance in the three main constituent dimensions of anti-trafficking policies – prosecution, protection and prevention. Employing a spatial autoregressive model, we find that, with the exception of victim protection measures, anti-trafficking policies diffuse across contiguous countries and main trading partners due to externality effects. We find evidence for learning or emulation effects in all policy domains, with countries looking toward peers with similar political views or cultural values. Surprisingly, major destination countries do not seem to exert pressure on relevant main countries of origin or transit to ratchet up their policies.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131257698","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: 86
A Compromise Stable Extension of Bankruptcy Games: Multipurpose Resource Allocation 破产博弈的妥协稳定扩展:多目的资源分配
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-14 DOI: 10.2139/ssrn.1785326
P. Borm, S. Grundel, H. Hamers
{"title":"A Compromise Stable Extension of Bankruptcy Games: Multipurpose Resource Allocation","authors":"P. Borm, S. Grundel, H. Hamers","doi":"10.2139/ssrn.1785326","DOIUrl":"https://doi.org/10.2139/ssrn.1785326","url":null,"abstract":"This paper considers situations characterized by a common-pool resource, which needs to be divided among agents. Each of the agents has some claim on this pool and an individual reward function for assigned resources. This paper analyzes not only the problem of max- imizing the total joint reward, but also the allocation of these rewards among the agents. Analyzing these situations a new class of transferable utility games is introduced, called multipurpose resource games. These games are based on the bankruptcy model, as intro- duced by O'Neill (1982). It is shown that every multipurpose resource game is compromise stable. Moreover, an explicit expression for the nucleolus of these games is provided.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127032813","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: 6
Why Do Vacant Houses Sell for Less: Holding Costs, Bargaining Power or Stigma? 为什么空置房屋卖得更低:持有成本、议价能力还是耻辱?
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-14 DOI: 10.1111/j.1540-6229.2010.00285.x
G. Turnbull, Velma Zahirovic-Herbert
{"title":"Why Do Vacant Houses Sell for Less: Holding Costs, Bargaining Power or Stigma?","authors":"G. Turnbull, Velma Zahirovic-Herbert","doi":"10.1111/j.1540-6229.2010.00285.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2010.00285.x","url":null,"abstract":"This article introduces Nash bargaining into a search model to identify various channels through which vacancy affects selling price and liquidity in the resale market for houses. The model shows the various vacancy effects in the form of greater seller holding cost, lower seller bargaining power and unobserved negative attributes or stigma. We use a 20-year data series on house transactions to test for these effects in a simultaneous model of price and liquidity, using the long data series to allow for variation across market phases. The robust vacancy effects on price and liquidity across all market phases primarily reflect greater seller holding cost and diminished bargaining power. Repeatedly, vacant houses also exhibit significant stigma effects in the rising market but not in stable or declining market phases. At the same time, vacant houses enjoy stronger shopping externality effects from surrounding houses for sale than do their occupied counterparts.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114953529","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: 44
Are Self-Employed Really Happier than Employees? An Approach Modelling Adaptation and Anticipation Effects to Self-Employment and General Job Changes 自由职业者真的比雇员更快乐吗?自雇和一般职业变动的适应和预期效应建模方法
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-11 DOI: 10.2139/ssrn.1784285
D. Hanglberger, J. Merz
{"title":"Are Self-Employed Really Happier than Employees? An Approach Modelling Adaptation and Anticipation Effects to Self-Employment and General Job Changes","authors":"D. Hanglberger, J. Merz","doi":"10.2139/ssrn.1784285","DOIUrl":"https://doi.org/10.2139/ssrn.1784285","url":null,"abstract":"Empirical analyses using cross-sectional and panel data found significantly higher levels of job satisfaction for self-employed than for employees. We argue that those estimates in previous studies might be biased by neglecting anticipation and adaptation effects. For testing we specify several models accounting for anticipation and adaptation to self-employment and job changes. Based on data from the German Socio-Economic Panel Survey (SOEP) we find that becoming self-employed is associated with large negative anticipation effects. In contrast to recent literature we find no specific long term effect of self-employment on job satisfaction. Accounting for anticipation and adaptation to job changes in general, which includes changes between employee jobs, reduces the effect of self-employment on job satisfaction by 70%. When controlling for anticipation and adaptation to job changes, we find no further anticipation effect of self-employment and a weak positive but not significant effect of self-employment on job satisfaction for three years. Thus adaptation wipes out higher satisfaction within the first three years being self-employed. According to our results previous studies at least overestimated possible positive effects of self-employment on job satisfaction.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128330219","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: 34
Client Risk Factors and Audit Resource Allocation Decisions 客户风险因素与审计资源分配决策
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-02 DOI: 10.1111/j.1467-6281.2011.00332.x
Theodore J. Mock, A. Wright
{"title":"Client Risk Factors and Audit Resource Allocation Decisions","authors":"Theodore J. Mock, A. Wright","doi":"10.1111/j.1467-6281.2011.00332.x","DOIUrl":"https://doi.org/10.1111/j.1467-6281.2011.00332.x","url":null,"abstract":"While contemporary auditing standards such as ISA 315 provide broad categories of client risks, prior research regarding audit resource allocation decisions has been based on individual client risks. This study contributes to the literature by using factor analysis to examine how individual client risks are categorized into broad risk factors and by examining the extent to which such broad risk factors are associated with audit engagement planning decisions. These issues are important because auditing standards direct auditors to consider risk patterns and interrelationships in addition to individual risks. Finally, we consider additional individual client risks that reflect those relevant to contemporaneous audit approaches and have not been examined in prior studies. Based on archival data extracted from the working papers of 228 clients of a Japanese audit firm, we find that individual client risks empirically group together in a way that is similar to categories discussed in recent auditing standards. We also find significant relationships between audit resource allocation decisions and broad risk factors that have not been found in prior studies which use individual risk assessments in their models. Finally, we find that client risks that are emphasized in holistic audit approaches such as aggressiveness of forecasts and industry decline also have a significant impact on audit resource allocations.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122924001","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: 25
Institutional Quality and Firm Survival 制度质量与企业生存
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-01 DOI: 10.2139/ssrn.1824958
Yi Che, Yi Lu, Z. Tao
{"title":"Institutional Quality and Firm Survival","authors":"Yi Che, Yi Lu, Z. Tao","doi":"10.2139/ssrn.1824958","DOIUrl":"https://doi.org/10.2139/ssrn.1824958","url":null,"abstract":"The existing literature on …rm survival focuses almost exclusively on …rm- and industry-level determinants. What is generally overlooked, albeit extremely important for …rm survival in developing countries, is the impact of institutional quality. Using data from manufacturing …rms in China for the 1998-2005 period, we …nd that institutional quality has a signi…cant and positive impact on the survival of private enterprises. Speci…cally, a one-standard-deviation increase","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131969224","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
Estimating the Return to College Selectivity Over the Career Using Administrative Earning Data 利用行政收入数据估计大学择优录取对职业生涯的回报
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-01 DOI: 10.3386/W17159
S. Dale, A. Krueger
{"title":"Estimating the Return to College Selectivity Over the Career Using Administrative Earning Data","authors":"S. Dale, A. Krueger","doi":"10.3386/W17159","DOIUrl":"https://doi.org/10.3386/W17159","url":null,"abstract":"We estimate the monetary return to attending a highly selective college using the College and Beyond (C&B) Survey linked to Detailed Earnings Records from the Social Security Administration (SSA). This paper extends earlier work by Dale and Krueger (2002) that examined the relationship between the college that students attended in 1976 and the earnings they self-reported reported in 1995 on the C&B follow-up survey. In this analysis, we use administrative earnings data to estimate the return to various measures of college selectivity for a more recent cohort of students: those who entered college in 1989. We also estimate the return to college selectivity for the 1976 cohort of students, but over a longer time horizon (from 1983 through 2007) using administrative data. We find that the return to college selectivity is sizeable for both cohorts in regression models that control for variables commonly observed by researchers, such as student high school GPA and SAT scores. However, when we adjust for unobserved student ability by controlling for the average SAT score of the colleges that students applied to, our estimates of the return to college selectivity fall substantially and are generally indistinguishable from zero. There were notable exceptions for certain subgroups. For black and Hispanic students and for students who come from less-educated families (in terms of their parents' education), the estimates of the return to college selectivity remain large, even in models that adjust for unobserved student characteristics.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131793032","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: 209
The Productivity Advantage and Global Scope of U.S. Multinational Firms 美国跨国公司的生产力优势和全球范围
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-01 DOI: 10.2139/ssrn.1920708
R. Mataloni
{"title":"The Productivity Advantage and Global Scope of U.S. Multinational Firms","authors":"R. Mataloni","doi":"10.2139/ssrn.1920708","DOIUrl":"https://doi.org/10.2139/ssrn.1920708","url":null,"abstract":"This paper examines whether the productivity of U.S. business es- tablishments is related to the extent to which their parent rms are globally engaged{from being an exporter to being a edgling multi- national that has taken a few cautious forays into foreign markets to being a seasoned multinational with extensive foreign operations.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121809374","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: 8
What Makes an Effective Teacher? Quasi-Experimental Evidence 怎样才能成为一名优秀的教师?准实验证据
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-03-01 DOI: 10.3386/w16885
Victor Lavy
{"title":"What Makes an Effective Teacher? Quasi-Experimental Evidence","authors":"Victor Lavy","doi":"10.3386/w16885","DOIUrl":"https://doi.org/10.3386/w16885","url":null,"abstract":"I estimate in this article the effect of teaching practices on student achievements. I find that teaching based on the instilment of knowledge and comprehension (‘traditional’ teaching), and techniques that endow pupils with analytical and critical skills (‘modern’ teaching) has strong positive effect on test scores. However, a second element of modern teaching, instilment of the capacity for individual study has no effect while transparency, fairness, and feedback in teachers’ conduct with their students improve marginally academic performance. Heterogeneity in these effects suggests that it is best to target the two teaching practices differentially to students of different genders and abilities.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131538253","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: 110
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