ERN: Institutions in Markets (Topic)最新文献

{"title":"The Finance-Growth Nexus in the Context of Financial Structure","authors":"Ahmed Nassar","doi":"10.2139/ssrn.1977189","DOIUrl":"https://doi.org/10.2139/ssrn.1977189","url":null,"abstract":"Over recent decades, stock markets across the globe have developed tremendously taking a major role, similar to banks’ role, in financing firms. This persuaded economists to return with the old debate initiated by Goldsmith (1969) regarding financial structure. The bank-based system advocates favor the role of banks and criticize the role of markets in carrying out the financial growth-enhancing functions, whereas the market-based system proponents favor the role of markets and criticize the role of banks. On the other hand, proponents of the financial services and legal views are skeptical about the whole structure debate. Whether the market bank - based debate is genuine or myth; is a controversial question that should assist governments - especially with underdeveloped financial systems - to direct their financial development policies. This study has attempted to explore the finance-growth nexus in the context of the different financial structure hypotheses. Using pooled data from 65 developed and developing countries over the period 1988-2007 and employing graphical, correlation, and OLS regression analyses, the results support the market-based view over the bank-based and financial services views. Furthermore, by dividing the main sample according to the legal origins, evidence supporting the legal view and the relevancy of market-based systems in better legal environments has been found.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115890393","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}

{"title":"Informal Workers Across Europe: Evidence from 30 Countries","authors":"Mihails Hazans","doi":"10.2139/ssrn.1906174","DOIUrl":"https://doi.org/10.2139/ssrn.1906174","url":null,"abstract":"The European Social Survey data are used to analyze informal employment at the main job in 30 countries. Overall, informality decreases from South to West to East to North. However, dependent work without contract is more prevalent in Eastern Europe than in the West, except for Ireland, the UK and Austria. Between 2004 and 2009, no cases found when unemployment and dependent informality rates in a country went up together, suggesting that work without contract is pro-cyclical in Europe. Dependent informality rate is inversely related to skills (measured by either schooling or occupation). The low-educated, the young (especially students), the elderly, and persons with disabilities are more likely to work informally, other things equal. In Southern and Western Europe, immigrants from CEE and FSU feature the highest dependent informality rate, whilst in Eastern Europe this group is second after minorities without immigrant background. In Eastern, Southern and part of Western Europe, immigrants not covered by EU free mobility provisions are more likely to work without contracts than otherwise similar natives. We provide evidence that exclusion and discrimination play important role in pushing employees into informality, whilst this seems not to be the case for informal self-employed. Both on average and after controlling for a rich set of individual characteristics, informal employees in all parts of Europe are having the largest financial difficulties among all categories of employed population (yet they fare much better than the unemployed and discouraged), whilst informal self-employed are at least as well off as formal employees.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130174991","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}

{"title":"Revisiting Interpretation of 'Industry' as has Been Done in Bangalore Water Case from an Interpretation of Statute Perspective","authors":"A. Bhatnagar","doi":"10.2139/ssrn.1681528","DOIUrl":"https://doi.org/10.2139/ssrn.1681528","url":null,"abstract":"The Bangalore Water case (1978) expanded the scope of ‘industry’ considerably which was not in tune with the post-1960 trend, that by and large tried to confine the scope of ‘industry’ Justice Krishna Iyer who delivered the majority judgment seemed to be influenced by a lot of factors while determining the confines of ‘industry’. The researcher tries to analyze the interpretational approach adopted by Justice Krishna Iyer in the Bangalore Water case to resolve the issue as to what activities can be ‘industry’. The researcher also attempts to discuss as to how judges substitute their own intentions in the garb of interpreting the intention of the legislature. The researcher opines that the act of interpretation of ‘industry’ as has been done by Justice Krishna Iyer in the case of Bangalore Water supply, is nothing but an act of judicial legislation which is unacceptable.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114207479","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}

{"title":"The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments","authors":"S. Gollwitzer, M. Quintyn","doi":"10.2139/ssrn.1663855","DOIUrl":"https://doi.org/10.2139/ssrn.1663855","url":null,"abstract":"This paper analyzes the institutional conditions affecting the establishment and effectiveness of independent central banks and of budgetary institutions. It draws on the recent theory developed by North, Wallis and Weingast on the transition from a closed and fragile state to an open economic and political environment. The paper presents a composite indicator allowing for the identification of a country’s position along this transition path. The findings suggest that (i) while the establishment of autonomous central banks seems to be relatively independent from the broader institutional framework, sound budgetary institutions tend to be established in countries with higher levels of rule of law for the elites, and (ii) while central bank independence is effective in reducing inflation irrespective of a country’s position along the transition path, budget institutions seem to be most effective as a disciplining device in weak institutional environments.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115054909","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}

{"title":"The Role of Cooperative and Social Enterprises: A Multifaceted Approach for an Economic Pluralism","authors":"C. Borzaga, Sara Depedri, E. Tortia","doi":"10.2139/ssrn.1622143","DOIUrl":"https://doi.org/10.2139/ssrn.1622143","url":null,"abstract":"he role of cooperative and social enterprises in contemporary market economies has been downplayed and marginalised to date by the dominant economic approaches. This insufficient attention (Kalmi, 2008 su Cambridge Journal of Economics) derives from the limited applicability of the main assumptions of microeconomic to the case of cooperative and social enterprises. We mainly refer to models. the assumption of self-seeking individuals and of profit maximisation as the only possible firm objective. The mismatch between theoretical assumptions and empirical evidence has led to the underestimation of the growth potential, weight and role of cooperative and social enterprises. We maintain that the improvement of the scientific understanding of cooperative and social enterprises requires to enlarge and deepen the assumption of the relevant theoretical models. Individuals cannot be characterised any more as purely self-interested. Instead, the importance of motivational complexity, and the diverse nature of preferences needs to be introduced in the model as suggested by the behavioural approach. Furthermore, firms cannot be interpreted any more in an exclusive way as profit maximizers. They are instead coordination mechanisms of the economic activity, as suggested by the evolutionary approach. To this end they develop specific organisational routines, and their objectives can be diverse, ranging from purely private appropriation, to mutual benefit based on reciprocity, to public benefit aim supported by other-regarding preferences. (Le teorie economiche dominanti, ed in particolare li?½approccio ortodosso e quello neo-istituzionalista, hanno sottostimato e marginalizzato il ruolo delle cooperative e delle imprese sociali nei mercati economici contemporanei. Li?½insufficiente attenzione a queste organizzazioni deriva principalmente dalli?½impossibiliti?½ di applicare ad esse le assunzioni principali della teoria microeconomica ortodossa, ossia la presenza di individui auto-interessati e di organizzazioni che puntino solo alla massimizzazione del profitto. Anche la teoria neo-istituzionalista non riesce a spiegare la presenza e la crescita del ruolo ricoperto da cooperative e imprese sociali. Per questa ragione, il presente paper i?½ volto a dimostrare come, per spiegare il ruolo di cooperative ed imprese sociali da un punto di vista scientifico, i principali modelli teorici economici debbano essere estesi. Innanzitutto, tanto gli individui quanto le istituzioni non possono essere pii?½ assunti come soggetti meramente egoistici, ma ne vanno studiate la complessiti?½ motivazionale e le strutture di preferenze, cosi?½ come proposto dalla teoria comportamentale (behavioural economics). Inoltre, le imprese devono essere concepite come meccanismi di coordinamento delle attiviti?½ economiche, come suggerito dalli?½approccio evoluzionista, e devono quindi esserne analizzate le specifiche routine organizzative sviluppate al loro interno e gli obiettivi organizzat","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115080734","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}

{"title":"The Design of Corporate Debt Structure and Bankruptcy","authors":"Ernst-Ludwig von Thadden, Erik Berglöf, G. Roland","doi":"10.1093/RFS/HHQ019","DOIUrl":"https://doi.org/10.1093/RFS/HHQ019","url":null,"abstract":"This article integrates the problem of designing corporate bankruptcy rules into a theory of optimal debt structure. We show that, in an optimal contracting framework with imperfect renegotiation, having multiple creditors increases a firm's debt capacity while increasing its incentives to default strategically. The optimal debt contract gives creditors claims that are jointly inconsistent in case of default. Bankruptcy rules are therefore a necessary part of the overall financing contract, to make claims consistent and to prevent a value-reducing run for the assets of the firm. We characterize these rules, with predictions about the allocation of security rights, the right to trigger bankruptcy, and the symmetry of treatment of creditors in default. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125320115","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}

{"title":"The Five Stages of Analyst Careers: Coverage Choices and Changing Influence","authors":"Yinghua Li, P. Rau, Jin Xu","doi":"10.2139/ssrn.1460382","DOIUrl":"https://doi.org/10.2139/ssrn.1460382","url":null,"abstract":"We examine changes in analysts’ monitoring incentives and effectiveness as they progress along their career paths. We find that analysts are less likely to be elected all-stars in the annual Institutional Investor elections when the firms they covered in the year prior to the election have high absolute abnormal accruals. Consistent with the hypothesis that career concerns play an important role in their coverage decisions, up and coming analysts strategically choose firms to cover. Specifically, they drop firms with high earnings management and replace them with low earnings management firms. Once they are elected all-stars and become established in their careers, they replace low earnings management firms with high earnings management firms. Firms that gain all-star coverage reduce earnings management. In addition, investors value recommendation downgrades by all-stars significantly more than downgrades by incipient stars or ex-stars, suggesting that that analyst visibility/influence, rather than analyst innate ability, is the underlying source of the effective monitoring of star analysts.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123592557","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}

{"title":"Regulierungen Im Dienstleistungssektor (Regulations in the Services Sector)","authors":"Heinz Handler","doi":"10.2139/ssrn.3552565","DOIUrl":"https://doi.org/10.2139/ssrn.3552565","url":null,"abstract":"<b>German Abstract:</b> Wenn im Rahmen einer Tagung über die \"Beschäftigungsentwicklung im Dienstleistungssektor\" auch das Thema \"Regulierung\" zur Diskussion steht, wird wohl unterstellt, daß \"gute\" Regeln die Beschäftigung stützen und \"schlechte\" Regeln sie beeinträchtigen. \"Gut\" sind aber wohl nur jene Regeln, die der Beschäftigung nicht nur kurzfristig, sondern insbesondere langfristig zugute kommen. In dieser Differenzierung soll das Schlagwort von der \"Deregulierung\" hier mit Regulierungsreform und \"guter\" Regulierung (\"better regulation\") gleichgesetzt werden, indem sie als ein langfristig einkommens- und beschäftigungsschaffendes Instrument verstanden wird. Von diesem Verständnis geht auch die Behandlung bestimmter Regulierungsfragen des Dienstleistungssektors im Nationalen Aktionsplan (NAP) für Beschäftigung aus.<br><br><b>English Abstract:</b> When in 1995 Austria joined the European Union as a member state, large parts of the service sector were still part of the sheltered economy which was not exposed to international competition. To make the sector competitive, reforms were required to rid companies from gold-plating and other inimical regulations, in particular in the telecommunication and energy sectors.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"586 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116549659","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}