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A Model of Heterogeneous Firm Matches in Cross-Border Mergers & Acquisitions 跨国并购中的异质企业匹配模型
CESifo Working Paper Series Pub Date : 2018-06-06 DOI: 10.2139/ssrn.3214410
S. Brakman, H. Garretsen, M. Gerritse, Charles van Marrewijk
{"title":"A Model of Heterogeneous Firm Matches in Cross-Border Mergers & Acquisitions","authors":"S. Brakman, H. Garretsen, M. Gerritse, Charles van Marrewijk","doi":"10.2139/ssrn.3214410","DOIUrl":"https://doi.org/10.2139/ssrn.3214410","url":null,"abstract":"In contrast to empirical evidence, recent theories of cross-border mergers and acquisitions (M&As) assume perfect knowledge transfers – from high to low productivity firms – between acquirer and target. Using the Melitz (2003) model of heterogeneous firms, we develop a matching model of cross-border M&As which allows for both perfect and imperfect knowledge transfers, where the latter leads to assortative matching on productivity for firms in cross-border M&As. This is in line with stylized facts (because M&As frequently occur between firms of similar productivity) and in contrast to the proximity-concentration trade-off (in which only the most productive firms have a physical presence in foreign markets). Allowing for M&As raises the firm viability cut-off level, average productivity and welfare in our model. The welfare benefits are weaker for more imperfect knowledge transfers.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126252231","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
Jean-Michel Grandmont - A Forthcoming Mind 让-米歇尔·格朗蒙特——即将到来的心灵
CESifo Working Paper Series Pub Date : 2018-06-01 DOI: 10.2139/ssrn.3210535
Laurent Linnemer, M. Visser
{"title":"Jean-Michel Grandmont - A Forthcoming Mind","authors":"Laurent Linnemer, M. Visser","doi":"10.2139/ssrn.3210535","DOIUrl":"https://doi.org/10.2139/ssrn.3210535","url":null,"abstract":"This profile of Jean-Michel Grandmont is based on several interviews we had with him between September 2016 and April 2017. The interviews took place at our CREST offices, located at that time in Malakoff, just south of Paris. The objective of the profile is twofold. First, we trace the career of this highly influential mathematical economist who made seminal contributions to the fields of monetary economics, temporary equilibrium, business cycle theory, and aggregation of individual behavior. Second, we show how Grandmont and his colleagues contributed to changing the French landscape of economic research.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128256377","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
Compliance in Teams - Implications of Joint Decisions and Shared Consequences 团队中的合规性——共同决策和共享结果的含义
CESifo Working Paper Series Pub Date : 2018-05-24 DOI: 10.2139/SSRN.3184169
Tim Lohse, Sven A. Simon
{"title":"Compliance in Teams - Implications of Joint Decisions and Shared Consequences","authors":"Tim Lohse, Sven A. Simon","doi":"10.2139/SSRN.3184169","DOIUrl":"https://doi.org/10.2139/SSRN.3184169","url":null,"abstract":"In today’s business environment, team work is omnipresent. But might teams be more prone toward non-compliance with laws and regulations than single individuals despite imminent neg-ative consequences of uncovering misconduct? The recent prevalence of corporate delinquencies gives rise to this concern. In our laboratory experiment, we investigate the determinants of teams’ compliance behavior. In particular, we disentangle the effect of deciding jointly as a team of two from sharing the economic consequences among both team members. Our findings provide evidence that teams are substantially less compliant than individuals are. This drop in compliance is driven by the joint, rather than the individual, liability of team members. In contrast, whether subjects make their decisions alone or together does not influence the overall compliance rate. When coordinating their compliance decision teams predominately discuss the risk of getting caught in an audit, and team decision-making is characterized by behavioral spillovers between team members. Holding each team member fully liable is a promising means to deter them from going astray.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131157133","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: 7
Is the Anchoring of Consumers' Inflation Expectations Shaped by Inflation Experience? 消费者通胀预期的锚定是否受通胀经验影响?
CESifo Working Paper Series Pub Date : 2018-05-15 DOI: 10.2139/ssrn.3207182
Lena Dräger, M. Lamla
{"title":"Is the Anchoring of Consumers' Inflation Expectations Shaped by Inflation Experience?","authors":"Lena Dräger, M. Lamla","doi":"10.2139/ssrn.3207182","DOIUrl":"https://doi.org/10.2139/ssrn.3207182","url":null,"abstract":"In this paper, we explore the degree of anchoring of consumers’ individual long-run inflation expectations utilizing the University of Michigan Survey of Consumer’s rotating panel micro-structure. Our results indicate that long-run inflation expectations became more anchored over the last decades, as the degree of co-movement between short- and long-run expectations fell significantly. While we observe that the anchoring of expectations increases for all age and birth cohorts, it seems that older cohorts, who experienced the high inflation period of the 1970s, remain less anchored in their long-run inflation expectations as compared to the young cohorts. Older cohorts show a higher volatility in their degree of anchoring and react more to adverse news shocks. This alludes to potentially long-lasting costs of high inflation spells.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125180747","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
Local Candidates and Distributive Politics Under Closed-List Proportional Representation 封闭名单比例代表制下的地方候选人与分配政治
CESifo Working Paper Series Pub Date : 2018-05-14 DOI: 10.2139/ssrn.3207136
Jon H. Fiva, A. Halse, Daniel M. Smith
{"title":"Local Candidates and Distributive Politics Under Closed-List Proportional Representation","authors":"Jon H. Fiva, A. Halse, Daniel M. Smith","doi":"10.2139/ssrn.3207136","DOIUrl":"https://doi.org/10.2139/ssrn.3207136","url":null,"abstract":"Geographic representation is an important consideration in candidate nominations, even under closed-list proportional representation (PR), and may even matter for distributive policy outcomes. However, since nominations are determined strategically, the causal effects of local representation are difficult to identify. We investigate the relationship between local representation and electoral and distributive politics in the closed-list PR setting of Norway. Exploiting as-good-as-random election outcomes for marginal candidates, we find that parties obtain higher support in subsequent elections in the hometowns of narrowly-elected candidates. This effect appears to be driven by the local candidate appearing at the top of the party list in the next election. However, we find no evidence that representation results in geographically targeted policy benefits going to the candidates’ hometowns.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"322 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115922256","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
Social Polarization and Partisan Voting in Representative Democracies 代议制民主的社会极化和党派投票
CESifo Working Paper Series Pub Date : 2018-05-14 DOI: 10.2139/ssrn.3207178
Dominik Duell, Justin Valasek
{"title":"Social Polarization and Partisan Voting in Representative Democracies","authors":"Dominik Duell, Justin Valasek","doi":"10.2139/ssrn.3207178","DOIUrl":"https://doi.org/10.2139/ssrn.3207178","url":null,"abstract":"While scholars and pundits alike have expressed concern regarding increasing social polarization based on partisan identity, there has been little analysis of how social polarization impacts voting. In this paper, we incorporate social identity into a principal-agent model of political representation and characterize the influence of social polarization on partisan voting. We show that social identity has an indirect effect on voting through voters’ beliefs regarding the ex post decision of political representatives on top of a direct effect through an expressive channel. We conduct a laboratory experiment designed to identify the relative effect of the two channels. We find that social polarization causes partisan voting, and that up to fifty-five percent of partisan voting is due to the indirect effect of social identity.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117033688","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
In Support of the Turner Hypothesis for the 19th Century American West: A Biological Response to Recent Criticisms 支持19世纪美国西部的特纳假说:对最近批评的生物学反应
CESifo Working Paper Series Pub Date : 2018-04-16 DOI: 10.2139/ssrn.3186396
S. Carson
{"title":"In Support of the Turner Hypothesis for the 19th Century American West: A Biological Response to Recent Criticisms","authors":"S. Carson","doi":"10.2139/ssrn.3186396","DOIUrl":"https://doi.org/10.2139/ssrn.3186396","url":null,"abstract":"In 1893, Frederick Jackson Turner proposed that America’s Western frontier was an economic ‘safety-valve,’ a place where settlers could migrate when conditions in eastern states and Europe crystalized against their upward economic mobility. However, recent studies suggest the Western frontier’s material conditions may not have been as advantageous as Jackson proposed because settlers lacked the knowledge and human capital to succeed on the Plains and Far Western frontier. This study illustrates that current and cumulative net nutrition on the Central Plains improved during the late 19th and early 20th centuries, indicating that recent challenges to the Turner hypothesis are not well supported by net nutrition studies. Net nutrition improve with agricultural innovations and biotechnologies on the western frontier, and rural agricultural workers net nutrition was better than from elsewhere within the US.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133543222","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
Intersectoral Markup Divergence 部门间价差
CESifo Working Paper Series Pub Date : 2018-04-09 DOI: 10.2139/ssrn.3185974
K. Behrens, S. Kichko, Philip Ushchev
{"title":"Intersectoral Markup Divergence","authors":"K. Behrens, S. Kichko, Philip Ushchev","doi":"10.2139/ssrn.3185974","DOIUrl":"https://doi.org/10.2139/ssrn.3185974","url":null,"abstract":"We develop a general equilibrium model of monopolistic competition with a traded and a non-traded sector. Using a broad class of homothetic preferences—that generate variable markups, display a simple behavior of their elasticity of substitution, and nest the ces as a limiting case—we show that trade liberalization: (i) reduces domestic markups and increases imported markups in the traded sector; (ii) increases markups in the non-traded sector; and (iii) increases firm sizes in both sectors. Thus, while domestic and export markups in the traded sector converge across countries, markups diverge across sectors within countries. The negative welfare effects of higher markups and less consumption diversity in the non-traded sector dampen the positive welfare effects of lower markups and greater diversity in the traded sector.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121331970","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
Agricultural Price Shocks and Business Cycles - A Global Warning for Advanced Economies 农产品价格冲击和商业周期——对发达经济体的全球警告
CESifo Working Paper Series Pub Date : 2018-04-01 DOI: 10.2139/ssrn.3207129
Jasmien De Winne, G. Peersman
{"title":"Agricultural Price Shocks and Business Cycles - A Global Warning for Advanced Economies","authors":"Jasmien De Winne, G. Peersman","doi":"10.2139/ssrn.3207129","DOIUrl":"https://doi.org/10.2139/ssrn.3207129","url":null,"abstract":"For a panel of 75 countries, we find that increases in global agricultural commodity prices that are caused by unfavorable harvest shocks in other regions of the world significantly curtail domestic economic activity. The effects are much larger than for average global agricultural price shifts. The impact is also considerably stronger in high-income countries, despite the lower shares of food in household expenditures these countries have compared to low-income countries. On the other hand, we find weaker effects in countries that are net exporters of agricultural products, have higher shares of agriculture in GDP or lower shares of non-agricultural trade in GDP; that is, characteristics that typically apply to low-income countries. When we control for these country characteristics, we find indeed that the effects on economic activity become smaller when income per capita is higher. Overall, our findings imply that the consequences of climate change on advanced economies are likely larger than previously thought.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126316790","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
Institutions, Trade and Development: A Quantitative Analysis 制度、贸易与发展:定量分析
CESifo Working Paper Series Pub Date : 2018-03-05 DOI: 10.2139/ssrn.3167749
Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov
{"title":"Institutions, Trade and Development: A Quantitative Analysis","authors":"Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov","doi":"10.2139/ssrn.3167749","DOIUrl":"https://doi.org/10.2139/ssrn.3167749","url":null,"abstract":"We propose and apply methods to quantify the impact of national institutions on international trade and development. We are able to identify the direct impact of country-specific institutions on international trade within the structural gravity framework. Our approach naturally addresses the prominent issue of endogenous institutions. The empirical analysis offers robust evidence that stronger institutions promote trade. A counterfactual analysis reveals that the changes in institutional quality in the poor countries in our sample between 1996 and 2006 have had, via their impact on imports from rich countries, significant and heterogeneous real GDP effects, varying between -5 and 5 percent. Our methods are readily applicable to identifying the impact of a wide range of country-specific variables on international trade.","PeriodicalId":360530,"journal":{"name":"CESifo Working Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126773462","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: 65
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