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ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)最新文献

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Optimal Dynamic Capital Budgeting 最优动态资本预算
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2018-07-24 DOI: 10.2139/ssrn.1710884
A. Malenko
{"title":"Optimal Dynamic Capital Budgeting","authors":"A. Malenko","doi":"10.2139/ssrn.1710884","DOIUrl":"https://doi.org/10.2139/ssrn.1710884","url":null,"abstract":"\u0000 I study optimal design of a dynamic capital allocation process in an organization in which the division manager with empire-building preferences privately observes the arrival and properties of investment projects, and headquarters can audit projects at a cost. Under certain conditions, a budgeting mechanism with threshold separation of financing is optimal. Headquarters: (1) allocate a spending account to the manager and replenish it over time; (2) set a threshold, such that projects below it are financed from the account, while projects above are financed fully by headquarters upon an audit. Further analysis studies when co-financing of projects is optimal and how the size of the account depends on past performance of projects.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"100 31","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113943713","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: 46
Firm-Level Productivity Dispersion and Convergence 企业层面的生产率分散与收敛
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2018-02-01 DOI: 10.2139/ssrn.3130605
G. Cette, Simon Corde, R. Lecat
{"title":"Firm-Level Productivity Dispersion and Convergence","authors":"G. Cette, Simon Corde, R. Lecat","doi":"10.2139/ssrn.3130605","DOIUrl":"https://doi.org/10.2139/ssrn.3130605","url":null,"abstract":"The productivity slowdown has been analysed as an effect of weaker technological progress, of the digital economy or of a less efficient reallocation process. Using data on firms operating in France, we highlight that, at the technological frontier, productivity has accelerated, especially over the recent period, which contradicts the hypothesis of a decline in innovation. The most productive firms in a given year do not, however, improve their relative advantage. The convergence of firms’ productivity does not seem to have slowed down in the 2000s, which does not confirm the hypothesis of a decrease in the dissemination of innovation. On the other hand, the dispersion of productivity between firms has increased, which suggests growing difficulties in reallocating production factors, labour and capital, between firms.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133885608","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
The Impact of Innovation Capital on Firm Values 创新资本对企业价值的影响
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2018-01-26 DOI: 10.2139/ssrn.3110483
Yulia Gareeva, Y. Dranev, A. Kucherov
{"title":"The Impact of Innovation Capital on Firm Values","authors":"Yulia Gareeva, Y. Dranev, A. Kucherov","doi":"10.2139/ssrn.3110483","DOIUrl":"https://doi.org/10.2139/ssrn.3110483","url":null,"abstract":"The current worldwide tendency to transform the global economy into a knowledge economy indicates that there is a need to analyze intellectual capital and approaches to its measurement, management and influence on company value. Taking into account the intangible nature of intellectual capital its measurement is an unconventional task for researchers with tough choices of adequate proxies. In this paper, we differentiate between components of intellectual capital and focus on innovation capital. We propose a methodology to measure intellectual capital and we analyze how intellectual capital influences company value in emerging markets. For this purpose, we investigate the relation between intellectual capital and the cost of equity influencing a company’s value through a discount rate","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"146 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133136453","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
Misallocation Measures: The Distortion that Ate the Residual 分配不当的措施:消耗剩余的扭曲
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2018-01-01 DOI: 10.2139/ssrn.3347179
J. Haltiwanger, Robert B. Kulick, C. Syverson
{"title":"Misallocation Measures: The Distortion that Ate the Residual","authors":"J. Haltiwanger, Robert B. Kulick, C. Syverson","doi":"10.2139/ssrn.3347179","DOIUrl":"https://doi.org/10.2139/ssrn.3347179","url":null,"abstract":"A large literature on misallocation and productivity has arisen in recent years, with Hsieh and Klenow (2009; hereafter HK) as its standard empirical framework. The framework’s usefulness and theoretical founding make it a valuable starting point for analyzing misallocations. However, we show this approach is sensitive to model misspecification. The model’s mapping from observed production behaviors to misallocative wedges/distortions holds in a single theoretical case, with strict assumptions required on both the demand and supply sides. We demonstrate that applying the HK methodology when there is any deviation from these assumptions will mean “distortions” recovered from the data may not be signs of inefficiency. Rather, they may simply reflect demand shifts or movements of the firm along its marginal cost curve, quite possibly in profitable directions. The framework may then not just spuriously identify inefficiencies; it might be more likely to do so precisely for businesses better in some fundamental way than their competitors. Empirical tests in our data, which allow us to separate price and quantity and as such directly test the model’s assumptions, suggest the framework’s necessary conditions do not hold. We then extend the HK framework to allow for more general demand and supply structures to quantify the discrepancy between the framework and the data. We find substantial deviations, particularly on the demand side. Using a decomposition derived from our extended framework, we find that much of the variation in revenue-based TFP (the measure of distortions in HK) reflects the influence of demand shifts, either directly or through distortions correlated with those shifts. We furthermore show that under general conditions, the variance of revenue-based TFP is not a sufficient statistic for efficiency losses due to misallocation.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"156 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122616897","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: 98
Progress Versus Production Costs of Live Broiler Chickens in Poland between 1994 and 2015 1994年至2015年波兰活肉鸡的生产成本与进步
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-09-12 DOI: 10.30858/ZER/83032
K. Utnik-Banaś
{"title":"Progress Versus Production Costs of Live Broiler Chickens in Poland between 1994 and 2015","authors":"K. Utnik-Banaś","doi":"10.30858/ZER/83032","DOIUrl":"https://doi.org/10.30858/ZER/83032","url":null,"abstract":"The paper presents analysis of influence of total agriculture progress on changes of unit costs in broiler chicken production in 1994-2015. Results of annual assessment of utility value of broiler chicken in Poland were taken as a measure of total progress in production. This assessment was carried out by Central Animal Breeding Office (1994-2000), National Centre of Animal Breeding (2001-2003), and National Poultry Council (2004- -2015). All analysed indices improved between 1994 and 2015 as followes: feed conversion ratio from 2.52 to 1.66 kg/kg, daily mass increment from 38.1 to 60.0 g/day, mortality from 9% to 4.3%. In 1994-2015, unit costs of broiler production (expressed in constant prices of 1994) decreased by 36%. Up to 2003, decrease in costs was on average 2.5% yearly and since 2004 the decrease was on average 1% yearly. The strongest influence on lowering broiler chickens production costs (22%) was exerted by the decrease in feed costs due to improvement of feed conversion ratio, decrease in other costs (9%) and the purchase amount of material for breeding and costs of purchase of one-day chicks (5%).","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114067379","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
The Demand and Supply of Favours in Dynamic Relationships 动态关系中利益的需求与供给
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-09-01 DOI: 10.2139/ssrn.3042792
Jean Guillaume Forand, Jan Zápal
{"title":"The Demand and Supply of Favours in Dynamic Relationships","authors":"Jean Guillaume Forand, Jan Zápal","doi":"10.2139/ssrn.3042792","DOIUrl":"https://doi.org/10.2139/ssrn.3042792","url":null,"abstract":"We characterise the optimal demand and supply of favours in a dynamic principal-agent model of joint production, in which heterogenous project opportunities arrive stochastically and are publicly observed upon arrival, utility from these projects is non-transferable and commitment to future production is limited. Our results characterise the optimal dynamic contract, and we establish that the principal's supply of favours (the production of projects that benefit the agent but not the principal) is backloaded, that the principal's demand for favours (the production of projects that benefit the principal but not the agent) is frontloaded, and that the production of projects is ordered by their comparative advantage, that is, by their associated efficiency in extracting (for demanded projects) and providing (for supplied projects) utility to the agent. Furthermore, we provide an exact construction of the optimal contract when project opportunities follow a Markov process.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"360 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121641149","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
Fertiliser Subsidy and Agricultural Productivity in Senegal 塞内加尔的肥料补贴和农业生产力
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-09-01 DOI: 10.1111/twec.12487
A. Seck
{"title":"Fertiliser Subsidy and Agricultural Productivity in Senegal","authors":"A. Seck","doi":"10.1111/twec.12487","DOIUrl":"https://doi.org/10.1111/twec.12487","url":null,"abstract":"In a consistent effort to raise productivity and unlock the economic and social potential of the agricultural sector, the Senegalese government has implemented heavy subsidy programs, some of which target the use of inputs. This paper assesses the potential impact of the fertilizer subsidy on farmers' productivity. We use data envelopment analysis to generate efficiency scores, which are then related to the subsidy program using an endogenous treatment-regression model that accounts for potential endogeneity and self-selectivity issues. The results indicate that the subsidy program appears to be associated with increased efficiency, hence providing empirical support to the political will to revamp the program. The results also suggest ways to improve the effectiveness of the subsidy program, as well as additional policy options to further unlock the agricultural potential.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125810342","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: 36
Typology and Literature Review on Multiple Supplier Inventory Control Models 多供应商库存控制模型的分类与文献综述
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-06-29 DOI: 10.2139/ssrn.2995134
J. Svoboda, S. Minner, Man Yao
{"title":"Typology and Literature Review on Multiple Supplier Inventory Control Models","authors":"J. Svoboda, S. Minner, Man Yao","doi":"10.2139/ssrn.2995134","DOIUrl":"https://doi.org/10.2139/ssrn.2995134","url":null,"abstract":"This paper presents a typology and classifies the literature on inventory models with multiple sourcing options. The categories for classification include the number of considered echelons, the source of uncertainty, the model structure, as well as the general research approach. By means of the classification, the existing research is reviewed and insights and gaps are identified. The literature shows that stochasticity, constraints, cost structures and lead times have a significant impact on the sourcing decision. High demand volatility as well as high uncertainty in the lead time, yield or disruption of a primary source indicates a significant value of a second, reliable, fast but more expensive source. The same is true if a buyer has limited storage space or if the primary supplier is constrained in capacity or order size. If the emergency supplier has a minimum order requirement or the buyer is limited financially, the opposite is true and single sourcing is viable. Furthermore, besides a small emergency cost premium, large lead time differences between suppliers and short emergency lead times favor multiple sourcing. The review identifies several research gaps. Firstly, one important gap is on multi-echelon supply chain structures. Secondly, simple policy structures for more realistic and complex problem settings with multiple suppliers, multiple decision criteria and multiple, possibly correlated, sources of uncertainty should be investigated. Lastly, data driven approaches in industry applications could be a focal point of future research efforts.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128605101","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: 64
Crop Disease and Agricultural Productivity 作物病害与农业生产力
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-06-01 DOI: 10.3386/w23513
Christine L. Carroll, C. Carter, R. Goodhue, C. Lin
{"title":"Crop Disease and Agricultural Productivity","authors":"Christine L. Carroll, C. Carter, R. Goodhue, C. Lin","doi":"10.3386/w23513","DOIUrl":"https://doi.org/10.3386/w23513","url":null,"abstract":"Crop diseases and how they are managed can have a large impact on agricultural productivity. This paper discusses the effects on agricultural productivity of Verticillium dahliae, a soil borne fungus that is introduced to the soil via infested spinach seeds and that causes subsequent lettuce crops to be afflicted with Verticillium wilt. We use a dynamic structural econometric model of Verticillium wilt management for lettuce crops in Monterey County, California to examine the effects of Verticillium wilt on crop-fumigation decisions and on grower welfare. We also discuss our research on the externalities that arise with renters, and between seed companies and growers due to Verticillium wilt, as these disease-related externalities have important implications for agricultural productivity.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114672968","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
Market‐Specific Sunk Export Costs: The Impact of Learning and Spillovers 特定市场沉没出口成本:学习和溢出效应的影响
ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic) Pub Date : 2017-06-01 DOI: 10.1111/twec.12420
P. Maurseth, Hege Medin
{"title":"Market‐Specific Sunk Export Costs: The Impact of Learning and Spillovers","authors":"P. Maurseth, Hege Medin","doi":"10.1111/twec.12420","DOIUrl":"https://doi.org/10.1111/twec.12420","url":null,"abstract":"Firms may face sunk costs when entering an export market. Previous studies have focused on global or country-specific sunk export costs. This study analyses the importance of market-specific sunk export costs (defining ‘market’ as a product–country combination). We also study how market-specific export costs can be affected by various kinds of learning and spillover effects. We use firm-level panel data for Norwegian seafood exports distributed on products and countries. The results lend support to the hypothesis of market-specific sunk costs. We also find evidence of learning and spillover effects, particularly within the same product group.","PeriodicalId":237187,"journal":{"name":"ERN: Production; Cost; Capital & Total Factor Productivity; Value Theory (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131739866","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
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