McDonough: Strategy [including Economics最新文献

{"title":"Mimetic Entry and Bandwagon Effect: The Rise and Decline of International Equity Joint Venture in China","authors":"Jun Xia, Justin Tan, David Tan","doi":"10.2139/ssrn.1552101","DOIUrl":"https://doi.org/10.2139/ssrn.1552101","url":null,"abstract":"The rise and decline of foreign entry strategies in transition economies is an important yet largely overlooked issue in the literature. This study is a step toward filling this gap by examining how mimetic entry within reference groups and the emergence of a competing strategy affect the bandwagon phenomenon of a dominant strategy in the context of China, where international equity joint ventures (EJVs) used to be a dominant entry strategy among foreign firms in the 1990s. Findings from a sample of 1,123 EJVs formed in China’s non-restricted industries from 1990 to 2003 show that the impact of home and host-country industry effects are not symmetric between the EJV rise and decline periods. Cross-border merger and acquisition (M&A) as a competing strategy has an important impact during the EJV decline period but not the rise period. The interactive effects between EJV and M&A strategies occur only in the host-country industries. We discuss such results and offer suggestions for future research.","PeriodicalId":387661,"journal":{"name":"McDonough: Strategy [including Economics","volume":"21 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114021877","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 Nature of Exchange Rate Regimes","authors":"Michael W. Klein, Jay C. Shambaugh","doi":"10.3386/W12729","DOIUrl":"https://doi.org/10.3386/W12729","url":null,"abstract":"The impermanence of fixed exchange rates has become a stylized fact in international finance. The combination of a view that pegs do not really peg with the \"fear of floating\" view that floats do not really float generates the conclusion that exchange rate regimes are, in practice, unimportant for the behavior of the exchange rate. This is consistent with evidence on the irrelevance of a country's choice of exchange rate regime for general macroeconomic performance. Recently, though, more studies have shown the exchange rate regime does matter in some contexts. In this paper, we attempt to reconcile the perception that fixed exchange rates are only a \"mirage\" with the recent research showing the effects of fixed exchange rates on trade, monetary autonomy, and growth. First we demonstrate that, while pegs frequently break, many do last and those that break tend to reform, so a fixed exchange rate today is a good predictor that one will exist in the future. Second, we study the exchange rate effect of fixed exchange rates. Fixed exchange rates exhibit greater bilateral exchange rate stability today and in the future. Pegs also display somewhat lower multilateral volatility.","PeriodicalId":387661,"journal":{"name":"McDonough: Strategy [including Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131982993","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":"Firms in International Trade","authors":"A. Bernard, J. Jensen, S. Redding, Peter K. Schott","doi":"10.2139/ssrn.1015617","DOIUrl":"https://doi.org/10.2139/ssrn.1015617","url":null,"abstract":"For most of its lengthy history the field of international trade largely ignored the role of the firm in mediating the flow of goods and services. Traditional trade theory explained the flow of goods between countries in terms of comparative advantage, that is, a variation in the opportunity costs of production across countries and industries. Even the research focusing on differentiated varieties and increasing returns to scale that followed Helpman and Krugman continued to retain the characterization of the representative firm. (1) However, the assumption of a representative firm, while greatly enhancing the tractability of general equilibrium analysis, is emphatically rejected in the data. My research over the past decade has been an attempt to explore international trade from below: to understand the decisions of heterogeneous firms in shaping international trade and their effects on productivity growth and welfare. Firm Heterogeneity and Trade My early work with J. Bradford Jensen was motivated by a simple question: what do we know about firms that trade? The answer at the time was \"very little\" and our initial efforts focused on locating firm-level data and describing the world of exporting firms. Our first study compared exporters and non-exporters for the entire U.S. manufacturing sector and established a set of facts about exporting plants and firms. (2) Two major results stand out. First, only a small fraction of firms are exporters at any given time. Even in sectors where the United States is thought to have comparative advantage, such as Instruments, a majority of firms produce only for the domestic market. Similarly, some firms are exporting even in net import sectors such as Textiles and Apparel. Second, exporters are substantially and significantly different than non-exporters, even in the same industry and region. Exporters are dramatically larger, more productive, pay higher wages, use more skilled workers, and are more technology-and capital-intensive than their nonexporting counterparts. In related work on German firms with Joachim Wagner, I again found these patterns of systematic differences between exporters and non-exporters and subsequent research by numerous authors has confirmed them to be robust across a wide range of industries, regions, time periods and countries at varied levels of economic development. (3) Exporting and Productivity The biggest question raised by this early research was the nature of the positive correlation between export status and productivity, that is, whether exporting leads to higher plant productivity. Research done with J. Bradford Jensen established that \"potential\" exporters have better characteristics years before they enter a foreign market, including higher productivity, higher wages, and larger size. (4) However, the most important finding was that exporters do not have higher productivity growth even though they have higher levels of productivity. Today's exporters have no advantage i","PeriodicalId":387661,"journal":{"name":"McDonough: Strategy [including Economics","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120951613","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":"Understanding Increasing and Decreasing Wage Inequality","authors":"A. Bernard, J. Jensen","doi":"10.7208/9780226239644-009","DOIUrl":"https://doi.org/10.7208/9780226239644-009","url":null,"abstract":"This paper uses data on inequality within U.S. states to test hypotheses about the sources of rising wage inequality during the 1970s and 1980s. State labor markets are found to respond to local demand shocks in the short and medium run and to national (industry) demand shocks only after long intervals. The measure of wage inequality employed in the paper is the (log) ratio of the weekly wage at the 90th percentile to that at the 10th percentile in the state after controlling for observable characteristics of the workers. Individual states are found to have very different levels and changes of inequality. For example, Pennsylvania and Georgia had the second lowest and ninth highest 90-10 ratios respectively in 1970. By 1990, Georgia's 90-10 ratio had fallen 4% while Pennsylvania's had risen 21%. This paper finds that changes in industrial composition, in particular the loss of durable manufacturing jobs, are strongly correlated with inequality increases.","PeriodicalId":387661,"journal":{"name":"McDonough: Strategy [including Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130291402","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}