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Non-Uniform Strategic Trade Policy and Aggregate Profit Creation Effect 非统一战略贸易政策与总利润创造效应
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-09-07 DOI: 10.1111/j.1467-9485.2010.00534.x
S. Jo
{"title":"Non-Uniform Strategic Trade Policy and Aggregate Profit Creation Effect","authors":"S. Jo","doi":"10.1111/j.1467-9485.2010.00534.x","DOIUrl":"https://doi.org/10.1111/j.1467-9485.2010.00534.x","url":null,"abstract":"This paper illustrates a new theoretical case for a strategic R&D policy in a two-country third-market international oligopoly model. Asymmetric treatment of domestic firms through a non-uniform R&D policy can create aggregate profits without a foreign retaliation concern and further improve national welfare in addition to what a uniform policy accomplishes. This effect occurs when the conventional Brander–Spencer incentive is entirely absent as well as when the uniformly optimal R&D policy initially prevailed. The superiority of non-uniform policy to uniform-policy is not guaranteed, however, when the number of firms becomes endogenous.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126725743","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
Why are Cash-Rich Firms More Likely to Pay for Acquisitions with Stock? 为什么现金充裕的公司更愿意用股票支付收购费用?
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-08-23 DOI: 10.2139/ssrn.1664051
Lee Pinkowitz, Jason Sturgess, Rohan Williamson
{"title":"Why are Cash-Rich Firms More Likely to Pay for Acquisitions with Stock?","authors":"Lee Pinkowitz, Jason Sturgess, Rohan Williamson","doi":"10.2139/ssrn.1664051","DOIUrl":"https://doi.org/10.2139/ssrn.1664051","url":null,"abstract":"We examine why cash-rich firms prefer to use stock to make acquisitions. Consistent with prior literature, we find that cash-rich firms are more likely to attempt acquisitions than other firms. However, cash-rich acquirers are more likely to employ stock as the method of payment. We investigate this finding further and show that cash-rich firms use overvalued equity to make acquisitions. Moreover, there is no evidence that firms waste excess cash on acquisitions; cash-rich firms that pay with cash actually acquire undervalued firms. Finally, in the post-acquisition period, cash-rich firms that acquire with stock are at least as likely to maintain high levels of excess cash as non-bidder cash-rich firms.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124713947","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
Exports Versus FDI in German Manufacturing: Firm Performance and Participation in International Markets 德国制造业出口与外国直接投资:企业绩效与国际市场参与
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-08-10 DOI: 10.1111/j.1467-9396.2010.00888.x
J. Arnold, K. Hussinger
{"title":"Exports Versus FDI in German Manufacturing: Firm Performance and Participation in International Markets","authors":"J. Arnold, K. Hussinger","doi":"10.1111/j.1467-9396.2010.00888.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2010.00888.x","url":null,"abstract":"This paper tests some of the predictions of recent advances in trade theory that have focused on different trade patterns of firms within the same sector. Helpman, Melitz and Yeaple (2005) develop a model in which innate productivity differences between firms determine the degree of international engagement of firms: The least productive firms produce for the domestic market, better performers engage in export activities, and the top firms establish foreign subsidiaries. Using German firm-level data from 1996 to 2002, we test this prediction using non-parametric methods, by examining the distribution functions of the three subsets of firms for stochastic dominance. Rather than just comparing first moments, this technique allows us to compare productivity over the entire distribution. Our results show robust support for the prediction from theory.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"40 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133399669","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: 177
Does Investing Abroad Reduce Domestic Activity? Evidence From Italian Manufacturing Firms 海外投资会减少国内经济活动吗?来自意大利制造企业的证据
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-07-01 DOI: 10.2139/ssrn.1786395
Raffaello Bronzini
{"title":"Does Investing Abroad Reduce Domestic Activity? Evidence From Italian Manufacturing Firms","authors":"Raffaello Bronzini","doi":"10.2139/ssrn.1786395","DOIUrl":"https://doi.org/10.2139/ssrn.1786395","url":null,"abstract":"The aim of this paper is to evaluate whether domestic and foreign activities of Italian firms are mainly substitutes or complements. We take advantage of a unique firm-level panel data set from the Bank of Italy Survey of Industrial and Service Firms, which provides information on the international activity of a representative sample of Italian enterprises. We use matching methods to compare the performance of firms that become multinationals with that of firms that had considered the possibility to invest abroad, but had not yet done so. Using a different approach, we supplement the counterfactual strategy by studying the conditional over-time correlation between domestic and foreign employment of a sample of multinational firms. Both methods suggest that domestic and foreign activities are more likely to be complements than substitutes. The positive correlation between domestic and foreign employment is higher for the domestic highly-skilled workforce and for firms that have adopted complex strategies of internationalization.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130458982","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: 28
New Low-Frequency Spread Measures 新的低频传播措施
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2009-05-26 DOI: 10.2139/ssrn.1410758
C. Holden
{"title":"New Low-Frequency Spread Measures","authors":"C. Holden","doi":"10.2139/ssrn.1410758","DOIUrl":"https://doi.org/10.2139/ssrn.1410758","url":null,"abstract":"I develop new spread proxies that pick up on three attributes of the low-frequency (daily) data: (1) price clustering, (2) serial price covariance accounting for midpoint prices on no-trade days, and (3) the quoted spread that is available on no-trade days. I develop and empirically test two different approaches: an integrated model and combined models. I test both new and existing low-frequency spread measures relative to two high-frequency benchmarks (percent effective spread and percent quoted spread) on three performance dimensions: (1) higher individual firm correlation with the benchmarks, (2) higher portfolio correlation with the benchmarks, and (3) lower distance relative to the benchmarks. I find that on all three performance dimensions the new integrated model and the new combined model do significantly better than existing low-frequency spread proxies.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121569171","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: 133
Mean and Variance of Portfolio Return under Transaction Costs Defined by a Piecewise Affine Function 交易成本下由分段仿射函数定义的投资组合收益均值和方差
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2009-05-03 DOI: 10.2139/ssrn.1398363
Y. Rakotondratsimba
{"title":"Mean and Variance of Portfolio Return under Transaction Costs Defined by a Piecewise Affine Function","authors":"Y. Rakotondratsimba","doi":"10.2139/ssrn.1398363","DOIUrl":"https://doi.org/10.2139/ssrn.1398363","url":null,"abstract":"The transaction costs applied by various european online brokers are now given by piecewise affine functions. So it is interesting to analyze the behaviour of any portfolio in this market context. Our purpose in this work is to determine the expected value and variance of a portfolio return under such real transaction costs. The results obtained here may be useful for any individual investor to complete her view of portfolio characteristics given by just the classical Markowitz mean-variance approach.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130998210","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
Effect of the Asset Change on the Portfolio Return in Presence of Transaction Costs 存在交易成本时资产变动对投资组合收益的影响
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2009-04-27 DOI: 10.2139/ssrn.1395499
Y. Rakotondratsimba
{"title":"Effect of the Asset Change on the Portfolio Return in Presence of Transaction Costs","authors":"Y. Rakotondratsimba","doi":"10.2139/ssrn.1395499","DOIUrl":"https://doi.org/10.2139/ssrn.1395499","url":null,"abstract":"Let us consider a portfolio made by a risky asset and cash. Any (individual) investor in such a portfolio is faced with two problems. She may ask about the possible returns whenever the asset relative change is expected to vary inside a given interval. Conversely, she might lead to determine the interval of asset changes corresponding to a stop-loss or return target she has fixed in advance. Solving these two problems is not so obvious whenever the transaction cost is defined by a piecewise affine function as can be encountered in the real french market. In this paper we will provide a full solution to the first problem.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121164089","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 Free-Rider Problem' as a Reflection on Transformation of Scandinavian Model of Liberal Political System “搭便车问题”:对自由政治制度斯堪的纳维亚模式转型的反思
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2009-03-09 DOI: 10.2139/ssrn.1356208
I. Ermolin
{"title":"'The Free-Rider Problem' as a Reflection on Transformation of Scandinavian Model of Liberal Political System","authors":"I. Ermolin","doi":"10.2139/ssrn.1356208","DOIUrl":"https://doi.org/10.2139/ssrn.1356208","url":null,"abstract":"In the article the author suggests an attempt to analyze three Advocacy Coalitions Framework's rationales for solution free-rider problem. The Joint Drafting Procedure on the EU issues in the Swedish political system is a suitable case study for this article. The basic conclusions are following: 1. the type of strong coordination is a main feature of actors' cooperation in the CDP, where congruent belief system overlaps with symbiotic interdependency. The strong type of coordination leads to the high transaction costs; 2. The reduction of transaction costs would be possibly carried out, when the recommendation and reference groups will be involved in the process of internal consultations (earliest stage of problem drafting), both governmental agencies and interest organizations in order to receive a powerful backing from significant part of authorities and legitimacy from society in the situation of weak coordination; 3. Information richness could be achieved by artificial broadening of information stream with assistance of all sides of coalition, where belief systems elements should be considered as incremental tools. 4. The involving of interest organizations in the process of drafting could be considered as the most important advantage of actors' participation in the coalitions in the frameworks of CDP, thus, more strong connection with society's structures will be set up and the degree of democratic society control will be increased.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127782045","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
Factor Content of Bilateral Trade: The Role of Firm Heterogeneity and Transaction Costs 双边贸易要素含量:企业异质性与交易成本的作用
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2008-12-01 DOI: 10.2139/ssrn.1414728
d'Artis Kancs, P. Ciaian
{"title":"Factor Content of Bilateral Trade: The Role of Firm Heterogeneity and Transaction Costs","authors":"d'Artis Kancs, P. Ciaian","doi":"10.2139/ssrn.1414728","DOIUrl":"https://doi.org/10.2139/ssrn.1414728","url":null,"abstract":"In this paper we study the determinants of the factor content of the CEE agricultural trade. Examining empirically three hypothesis, which relate cross-country differences in technology, relative factor abundance and transaction costs and market imperfections to the factor content of trade we find that the first two hypotheses are confirmed by the majority of developed EU countries, but rejected by roughly one half of the CEE transition country pairs. Second, we find that when accounting for transaction costs of farm (re)organisation, both hypotheses are confirmed by the majority of the CEE country pairs. These findings provide empirical evidence of market imperfections, and particularly, of transaction costs of farm (re)organisation in the CEE.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"403 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132402775","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
Inventory, Discounts, and the Timing Effect 存货、折扣和时间效应
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2008-11-19 DOI: 10.1287/msom.1080.0241
Hyun-Soo Ahn, M. Gümüş, Philip M. Kaminsky
{"title":"Inventory, Discounts, and the Timing Effect","authors":"Hyun-Soo Ahn, M. Gümüş, Philip M. Kaminsky","doi":"10.1287/msom.1080.0241","DOIUrl":"https://doi.org/10.1287/msom.1080.0241","url":null,"abstract":"We introduce and analyze a model that explicitly considers the timing effect of intertemporal pricing---the concept, found in practice, that demand during a sale is increasing in the time since the last sale. We present structural results that characterize the interaction between the decision to hold a sale and the inventory-ordering decision. We show that the optimal inventory-ordering policy is a state-dependent base-stock policy; however, the optimal pricing policy can be quite complicated due to both the value and the cost of holding inventory and delaying sales. In our computational analysis, we find that compared to a fixed-price policy, we see an average gain in profit of almost 5% from optimally varying promotion and inventory decisions accounting for intertemporal demand, and we find that this potential profit gain increases as demand variability decreases. We also develop a heuristic based on deterministic pricing and find that it performs well relative to the optimal policy.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132912130","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: 13
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