ERN: Econometric Modeling in Microeconomics (Topic)最新文献_第5页

Early Settlements and Errors in Merger Control 并购控制中的早期清算与失误

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-02-23 DOI: 10.2139/ssrn.1883590

B. Lyons, Luke Garrod

引用次数: 8

Flypaper Nonprofits: The Impact of Federal Grant Structure on Nonprofit Expenditure Decisions 非营利组织:联邦拨款结构对非营利组织支出决策的影响

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-02-20 DOI: 10.2139/ssrn.1868227

Jeremy Thornton

引用次数: 7

Life Satisfaction Dynamics with Quarterly Life Event Data 生活满意度动态与季度生活事件数据

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-02-17 DOI: 10.1111/j.1467-9442.2010.01638.x

P. Frijters, D. Johnston, M. Shields

引用次数: 237

Reestablishing the Income-Democracy Nexus 重建收入与民主的联系

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-02-01 DOI: 10.24148/WP2010-09

J. Benhabib, A. Corvalan, M. Spiegel

{"title":"Reestablishing the Income-Democracy Nexus","authors":"J. Benhabib, A. Corvalan, M. Spiegel","doi":"10.24148/WP2010-09","DOIUrl":"https://doi.org/10.24148/WP2010-09","url":null,"abstract":"A number of recent empirical studies have cast doubt on the \"modernization theory\" of democratization, which posits that increases in income are conducive to increases in democracy levels. This doubt stems mainly from the fact that while a strong positive correlation exists between income and democracy levels, the relationship disappears when one controls for country fixed effects. This raises the possibility that the correlation in the data reflects a third causal characteristic, such as institutional quality. In this paper, we reexamine the robustness of the income-democracy relationship. We extend the research on this topic in two dimensions: first, we make use of newer income data, which allows for the construction of larger samples with more within-country observations. Second, we concentrate on panel estimation methods that explicitly allow for the fact that the primary measures of democracy are censored with substantial mass at the boundaries, or binary censored variables. Our results show that when one uses both the new income data available and a properly non linear estimator, a statistically significant positive income-democracy relationship is robust to the inclusion of country fixed effects.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"7 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114107833","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: 57

Post-IPO Actions and Firm Survival: More than Signaling? ipo后的行动与企业生存:不仅仅是信号?

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-01-19 DOI: 10.2139/ssrn.1743706

K. T. Chandy, Nagaraj Sivasubramaniam

引用次数: 4

White Suburbanization and African-American Home Ownership, 1940-1980 白人郊区化和非裔美国人住房所有权，1940-1980

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-01-01 DOI: 10.3386/W16702

L. Boustan, R. Margo

引用次数: 6

Joint Bidding and Procurement Strategies Under Price Volatility 价格波动下的联合招标采购策略

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2010-12-29 DOI: 10.2139/ssrn.1732239

Xiaofeng Nie, Tamer Boyacı, M. Gumus, Saibal Ray, Dan Zhang

{"title":"Joint Bidding and Procurement Strategies Under Price Volatility","authors":"Xiaofeng Nie, Tamer Boyacı, M. Gumus, Saibal Ray, Dan Zhang","doi":"10.2139/ssrn.1732239","DOIUrl":"https://doi.org/10.2139/ssrn.1732239","url":null,"abstract":"We consider a rm buying a commodity from the spot market as raw material and selling a nal product by submitting bids in a continuous review environment. Bidding opportunities (i.e., demand arrivals) are random, and the likelihood of winning bids (i.e., selling the product) depends on the bid price. The price of the commodity raw material is also stochastic. The objective of the rm is to jointly decide on the procurement and bidding strategies to maximize its expected total discounted prot in the face of this demand and supply randomness. We model commodity price in the spot market as a Markov chain and the bidding opportunities as a Poisson process. Subsequently, we formulate the decision-making problem of the rm as an innite-horizon, stochastic dynamic program and analytically characterize its structural properties. We prove that the optimal procurement strategy follows a price-dependent base-stock policy and the optimal bidding price is decreasing with respect to the inventory level. We also formulate and analyze three intuitively appealing heuristic strategies, which either do not allow for carrying inventory or adopt simpler bidding policies (e.g. a constant bid price or myopically set bid prices). Using historical daily prices of several commodities, we then calibrate our model and conduct an extensive numerical study to compare the performance of the dierent strategies. Our study reveals the importance of adopting the optimal integrative procurement and bidding strategy, which is particularly rewarding when the raw material prices are more volatile and/or when there is signicant competition on the demand side. We establish that the relative performances of the three heuristic strategies depend critically on the holding cost of raw material inventory and on the competitive environment, and identify conditions under which the shortfall in prots from adopting such strategies is relatively less signicant.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132588428","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 Relative Utility Hypothesis With and Without Self-Reported Reference Wages 有和没有自我报告参考工资的相对效用假设

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2010-12-01 DOI: 10.2139/ssrn.1706546

Adrián G. de la Garza, G. Mastrobuoni, Atsushi Sannabe, Katsunori Yamada

{"title":"The Relative Utility Hypothesis With and Without Self-Reported Reference Wages","authors":"Adrián G. de la Garza, G. Mastrobuoni, Atsushi Sannabe, Katsunori Yamada","doi":"10.2139/ssrn.1706546","DOIUrl":"https://doi.org/10.2139/ssrn.1706546","url":null,"abstract":"This article uses survey data of 90,000 union employees working in 62 publicly-traded companies in Japan between 1990 and 2004 to study the effect of both own and self-reported reference wages on workers' subjective well-being levels. The availability of self-reported reference wages generates very robust findings that do not depend on questionable identifying assumptions. These findings confirm that higher estimates by workers of their peers' earnings are associated with lower levels of life and job satisfaction. These comparison effects are statistically and economically strong but are smaller in absolute value than the impact of workers' own wages on their own utility. We compare our results with standard tests of the relative utility hypothesis in the literature that recur to alternative proxies for comparison wages, including: (i) Mincer-predicted wages; (ii) cell averages defined over different groups within our dataset; (iii) cell wage averages estimated from an external data source; and (iv) colleagues' average wages. In spite of their potential flaws — that we discuss — these alternative empirical constructs employed in the literature do not introduce a simple classical measurement error problem and the bias attributed to this measurement error issue can go in both directions. We propose a simple IV strategy when the self-reported reference wage is not available that does not eliminate the bias but delivers a lower bound of the \"true\" effect. We also address the issue of endogeneity of self-reported reference wages in our subjective well-being regressions by accounting for workers' pessimistic attitudes at the workplace.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130394079","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

Is Company Performance Dependent on Outside Director 'Skin in the Game'? 公司业绩是否取决于外部董事的“切身利益”?

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2010-11-26 DOI: 10.2139/ssrn.1746536

P. Swan, Serkan Honeine

{"title":"Is Company Performance Dependent on Outside Director 'Skin in the Game'?","authors":"P. Swan, Serkan Honeine","doi":"10.2139/ssrn.1746536","DOIUrl":"https://doi.org/10.2139/ssrn.1746536","url":null,"abstract":"Whilst researchers extensively investigate executive incentives, very little appears in the literature on the effect of outside-director ‘skin in the game’ on board monitoring and thus firm performance. Utilizing a unique panel dataset, we observe a sizeable positive relationship between non-executive director ownership and firm performance. Companies with just one standard deviation greater non-executive director ownership, perform 28.2% better than the mean, as measured by Tobin’s Q. We also show that the effectiveness of monitoring improves as one reduces both board size and the proportion of outside directors. Greater skin in the game possessed by executive board members also improves firm performance over most but not all ownership ranges. We subject our results to a powerful event study: do investors recognize that outside and inside director skin in the game protects investors during a calamity, namely the Global Financial Crisis (GFC)? Yes, the relative stock price decline is far less for incentivized boards during the GFC, consistent with the panel data results utilizing Tobin’s Q. These results during a calamitous period have the added advantage of casting doubt on the reverse causality argument: directors of better performing firms have sufficient foresight to choose to hold more equity.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131162503","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: 9

Immigrant Heterogeneity and the Earnings Distribution in the United Kingdom and United States: New Evidence from a Panel Data Quantile Regression Analysis 移民异质性与英国和美国的收入分配:来自面板数据分位数回归分析的新证据

ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2010-10-25 DOI: 10.2139/ssrn.1696884

Sherrilyn M. Billger, Carlos Lamarche

{"title":"Immigrant Heterogeneity and the Earnings Distribution in the United Kingdom and United States: New Evidence from a Panel Data Quantile Regression Analysis","authors":"Sherrilyn M. Billger, Carlos Lamarche","doi":"10.2139/ssrn.1696884","DOIUrl":"https://doi.org/10.2139/ssrn.1696884","url":null,"abstract":"In this paper we use a relatively new panel data quantile regression technique to examine native-immigrant earnings differentials 1) throughout the conditional wage distribution, and 2) controlling for individual heterogeneity. No previous papers have simultaneously considered these factors. We focus on both women and men, using longitudinal data from the PSID and the BHPS. We show that country of origin, country of residence, and gender are all important determinants of the earnings differential. For instance, a large wage penalty occurs in the U.S. among female immigrants from non-English speaking countries, and the penalty is most negative among the lowest (conditional) wages. On the other hand, women in Britain experience hardly any immigrant-native wage differential. We find evidence suggesting that immigrant men in the U.S. and the U.K. earn lower wages, but the most significant results are found for British workers emigrating from non-English speaking countries. The various differentials we report in this paper reveal the value of combining quantile regression with controls for individual heterogeneity in better understanding immigrant wage effects.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"389 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116491521","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: 5