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What Does Economics Have to Say about Afghanistan's Future?: Western Economic Naiveté and the Afghanistan Mess 经济学对阿富汗的未来有什么看法?西方经济的幼稚和阿富汗的混乱
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2013-01-09 DOI: 10.2139/ssrn.2198395
J. Dew
{"title":"What Does Economics Have to Say about Afghanistan's Future?: Western Economic Naiveté and the Afghanistan Mess","authors":"J. Dew","doi":"10.2139/ssrn.2198395","DOIUrl":"https://doi.org/10.2139/ssrn.2198395","url":null,"abstract":"Using three market examples: opium, grapes, and timber; this paper illustrates mismanagement of Afghan economic affairs. These examples show an adverse effect of Western influence since the 9/11 invasion. Economic policy in Afghanistan is based on the history of capitalism, not the principles of economics. This mistake has been catastrophic. The Science of Economics has predictive power in Afghanistan if Afghan beliefs are distinguished from Western beliefs. Once Afghan attitudes are understood, Afghanistan is more easily managed. The greatest economic distinction between the West and Afghanistan is the absence of individual rights, particularly, in economic terms, property rights – in Afghanistan. A focus on self-interests of Afghans, instead of property rights and foreign spending would lead to better economic outcomes in Afghanistan.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126502137","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
Tax Haven Incorporation for U.S. Headquartered Firms: No Exodus Yet 总部设在美国的公司在避税天堂注册:尚未出现大规模外流
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-12-20 DOI: 10.2139/SSRN.1950760
Eric J. Allen, S. Morse
{"title":"Tax Haven Incorporation for U.S. Headquartered Firms: No Exodus Yet","authors":"Eric J. Allen, S. Morse","doi":"10.2139/SSRN.1950760","DOIUrl":"https://doi.org/10.2139/SSRN.1950760","url":null,"abstract":"U.S. income tax rules may encourage a U.S.-headquartered multinational corporation (“MNC”) to adopt a tax-haven-parented structure. We study data from firms that conducted initial public offerings in the United States between 1997 and 2010 and offer evidence that U.S.-headquartered MNCs rarely incorporate in tax havens. Of the 918 U.S.-headquartered MNCs that we identify, only 27 are incorporated in tax havens. Others have pointed to the recent increase in the proportion of firms conducting U.S. IPOs that incorporate in tax havens as possible evidence that U.S.-headquartered MNCs increasingly make this decision. We show instead that Chinese-headquartered firms drive this increase. We list the U.S.-headquartered firms that we find have incorporated in tax havens and offer some analysis and ideas for further research.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134429909","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: 12
What Do Journals Do? – Voluntary Public Goods and the Doomsday of Commercial Science Publishing 日志有什么用?——自愿公共产品与商业科学出版的末日
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-12-14 DOI: 10.2139/SSRN.2189631
Stefan Winter
{"title":"What Do Journals Do? – Voluntary Public Goods and the Doomsday of Commercial Science Publishing","authors":"Stefan Winter","doi":"10.2139/SSRN.2189631","DOIUrl":"https://doi.org/10.2139/SSRN.2189631","url":null,"abstract":"Commercial (and non-commercial) science publishing has evolved as a solution to a number of problems in the market for research results. It has reduced transaction costs by bringing together authors and readers, which is just the simple advantage of market intermediaries. It has delivered added value to readers by filtering out bad work. It has added value to authors by delivering signals of high quality work. It has added value by sorting, relieving readers from the necessity to identify relevant work in some field of interest. And it has contributed to the value of published work by delivering guidance from reviewers to authors. But technological changes already have and will continue to erase the value of these services. These services can be provided in much better quality and at much lower costs via open access science networks like SSRN. All we need to make this work are some simple technical improvements and a few new but simple modes of peer interaction. My conjecture is that commercial science publishing will not survive for more than a couple of years.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"735 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131091991","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
South Africa’s Land Reform Debate: Progress and Challenges 南非土地改革辩论:进展与挑战
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-11-27 DOI: 10.2139/ssrn.2181379
R. Makhado
{"title":"South Africa’s Land Reform Debate: Progress and Challenges","authors":"R. Makhado","doi":"10.2139/ssrn.2181379","DOIUrl":"https://doi.org/10.2139/ssrn.2181379","url":null,"abstract":"This paper is an analysis of papers, reports and legislation that deals with land reform in South Africa. Perceptions regarding land reform debate, progress made and challenges encountered in redressing land reform were also analysed and discussed. The analysis shows that land reform in South Africa is slow, mainly due to financial, infrastructural and capacity challenges. Over 3 million hectares were delivered through land redistribution and tenure programmes between 1994 and March 2010, while over 2 million hectares were settled through land restitution programme. The ‘willing seller-willing buyer’ principle has also proved to be less effective in speeding-up land reform.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128982419","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
Determinants of State Tort Costs: The Predictive Power of the Harris State Liability Systems Ranking Study 国家侵权成本的决定因素:哈里斯国家责任制度排序研究的预测能力
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-09-28 DOI: 10.2139/ssrn.2154124
P. Hinton, David. McKnight, Ronald I. Miller
{"title":"Determinants of State Tort Costs: The Predictive Power of the Harris State Liability Systems Ranking Study","authors":"P. Hinton, David. McKnight, Ronald I. Miller","doi":"10.2139/ssrn.2154124","DOIUrl":"https://doi.org/10.2139/ssrn.2154124","url":null,"abstract":"We study the determinants of tort costs using a novel establishment-cohort level dataset of commercial tort costs. We find that state rankings of perceptions of the fairness of the tort system produced for the Harris State Liability Systems Ranking Study conducted on behalf of the U.S. Chamber Institute for Legal Reform provide substantial predictive power for tort costs faced by business establishments. Direct measures of tort activity also help explain commercial tort costs. Other factors, such as state demographics have expected effects in explaining tort costs.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122519637","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
Regulating Insider Trading in the Post-Fiduciary Duty Era: Equal Access or Property Rights? 后受托责任时代的内幕交易监管:平等准入还是产权?
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-05-08 DOI: 10.4337/9780857931849.00012
Stephen M. Bainbridge
{"title":"Regulating Insider Trading in the Post-Fiduciary Duty Era: Equal Access or Property Rights?","authors":"Stephen M. Bainbridge","doi":"10.4337/9780857931849.00012","DOIUrl":"https://doi.org/10.4337/9780857931849.00012","url":null,"abstract":"This essay was prepared for a forthcoming book on the law and economics of insider trading. In Chiarella and Dirks, the Supreme Court based insider trading liability on a breach of a disclosure obligations arising out of a fiduciary relationship. The resulting narrowing of the scope of insider trading liability met substantial resistance from the Securities and Exchange Commission (SEC) and the lower courts. Through both regulatory actions and judicial opinions, the SEC and the courts gradually chipped away at the fiduciary duty rationale. In recent years, the trend has accelerated, with several developments having substantially eviscerated the fiduciary duty requirement. The current unsettled state of insider trading jurisprudence necessitates rethinking the foundational premises of that jurisprudence from first principles. This essay argues that the correct rationale for regulation insider trading is protecting property rights in information. Although that rationale obviously has little to do with the traditional concerns of securities regulation, this article further argues that the SEC has a sufficiently substantial advantage in detecting and prosecuting insider trading that it should retain jurisdiction over the offense.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123765911","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
The Extensive Margin of Intrafirm Trade 企业内部贸易的广泛利润
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-03-01 DOI: 10.1504/IJEBR.2012.044254
Xiang Gao
{"title":"The Extensive Margin of Intrafirm Trade","authors":"Xiang Gao","doi":"10.1504/IJEBR.2012.044254","DOIUrl":"https://doi.org/10.1504/IJEBR.2012.044254","url":null,"abstract":"The firm-level approach to intraindustry trade reveals that the variation in the number of exporters or exported varieties (extensive margin) accounts for a greater share of the changes in aggregate trade than the variation in the average exports per firm variety (intensive margin). This paper shows vertical intrafirm trade follows a similar pattern. The share of intrafirm imports in total US imports is found to be higher, the higher the headquarters service intensity by industry of foreign affiliate. This increase materialises mostly in terms of new affiliates than in terms of more sales per existing affiliate. The endogenous choice of optimal number of affiliates can be rationalised in a theoretical framework that combines three ingredients – a multiproduct setup, Antras’ property-rights model and Melitz’s heterogeneity view on productivity applied to affiliates.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126919020","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
Estimating Distribution Costs with the Eaton-Kortum Model 用Eaton-Kortum模型估计配送成本
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-03-01 DOI: 10.2139/ssrn.2019597
Xuebing Yang
{"title":"Estimating Distribution Costs with the Eaton-Kortum Model","authors":"Xuebing Yang","doi":"10.2139/ssrn.2019597","DOIUrl":"https://doi.org/10.2139/ssrn.2019597","url":null,"abstract":"In this work we use an augmented Eaton-Kortum model to estimate the distribution costs of a group of consumption goods for 60 countries. Our results accord well with the distribution costs derived directly from the input-output tables for a slightly different group of goods. Our counterfactual analysis shows that lowering the distribution costs can result in large welfare gains.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"32 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120925989","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
Venture Capital Investments in China: Usage of Offshore Financing Structure and Corporate Relocations 中国风险投资:离岸融资结构的使用与企业迁移
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-01-20 DOI: 10.2139/SSRN.1741448
Jing Li
{"title":"Venture Capital Investments in China: Usage of Offshore Financing Structure and Corporate Relocations","authors":"Jing Li","doi":"10.2139/SSRN.1741448","DOIUrl":"https://doi.org/10.2139/SSRN.1741448","url":null,"abstract":"Based on an analysis of the relevant Chinese laws and regulations governing the corporate governance structure of venture capital (“VC”)-invested firms, as well as a discussion on the feasibility of employing different alternatives to make direct and indirect VC investments in Chinese portfolio firms, this article studies a hand-collected sample consisting of the twenty-nine VCbacked Chinese portfolio firms that have been financed and listed from 1990 to 2005 in order to empirically show how these investments were actually made in practice. The findings show that twenty-three out of the twentynine firms received their VC investments in various offshore holding entities, while only four firms were financed domestically, reflecting the common practice of using offshore investment structures to invest in Chinese firms. Although using such structures can be technically viewed as relocating VCfinanced Chinese firms abroad, doing so is different from strategic corporate relocations motivated by the need to access more efficient legal and economic conditions. Instead of being relocated to the United States, most firms actually move to foreign tax havens, such as the Cayman Islands or the British Virgin Islands. It can be argued that the corporate relocation phenomenon in China’s financings actually reflects more of a contracting technique to circumvent unfavorable Chinese laws and more conveniently implement United States-style contracts. In this sense, and within the particular setting of China, real strategic corporate relocation in VC finance is not really yet an issue.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122449585","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
Billionaires 亿万富翁
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2012-01-02 DOI: 10.2139/ssrn.2051036
Tino Sanandaji, P. Leeson
{"title":"Billionaires","authors":"Tino Sanandaji, P. Leeson","doi":"10.2139/ssrn.2051036","DOIUrl":"https://doi.org/10.2139/ssrn.2051036","url":null,"abstract":"Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This paper investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting kinds of entrepreneurs. We …find that the institutions consistent with self-employed entrepreneurs differ markedly from the ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do billionaires. But self-employed entrepreneurs don't. Where private property rights are weakly protected and interventionist institutions flourish, so do self-employed entrepreneurs. But billionaires don't.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133624157","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: 24
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