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Anchoring in Takeovers Under Mandatory Bid Rule: Evidence From an Emerging Market 强制性收购规则下的收购锚定：来自新兴市场的证据
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-03-28 DOI: 10.1111/ecot.12451
Adrian Pop, Diana Pop
{"title":"Anchoring in Takeovers Under Mandatory Bid Rule: Evidence From an Emerging Market","authors":"Adrian Pop,&nbsp;Diana Pop","doi":"10.1111/ecot.12451","DOIUrl":"https://doi.org/10.1111/ecot.12451","url":null,"abstract":"<p>This article documents the existence of an anchoring bias in the pricing and acceptance of takeover bids in a blockholder regime where the mandatory bid rule applies. Our analysis, performed on the Romanian market for corporate control, shows that the 52-week high price of the target and the pricing of direct privatisations conducted by the government are strong predictors of both bid premium and outcome. The tender decision depends also on the scope of expropriation perceived by minority shareholders. Our results suggest that stronger capital market discipline is also important for insuring an effective protection of minority shareholders.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"875-896"},"PeriodicalIF":1.3,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12451","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Healthy Diet Choices: Does Internet Use Help Promote Healthy Food Consumption in Indonesia? 健康饮食选择：互联网的使用是否有助于促进印尼的健康食品消费？
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-03-26 DOI: 10.1111/ecot.12450
Moh Shadiqur Rahman, Wanglin Ma, Hery Toiba, Agus Widarjono
{"title":"Healthy Diet Choices: Does Internet Use Help Promote Healthy Food Consumption in Indonesia?","authors":"Moh Shadiqur Rahman,&nbsp;Wanglin Ma,&nbsp;Hery Toiba,&nbsp;Agus Widarjono","doi":"10.1111/ecot.12450","DOIUrl":"https://doi.org/10.1111/ecot.12450","url":null,"abstract":"<p>This study examines the impact of Internet use on healthy food consumption, captured by the share of healthy food expenditure in total household food expenditure. The inverse probability weighted regression adjustment and Tobit models combined with the Lewbel approach help address the selection bias issues and estimate data of 334,229 households collected by the National Economics Survey in Indonesia. The results show that Internet use significantly reduces household healthy food consumption, and the effect on rural households is larger than that on urban households. Internet use diversity, measured by the number of Internet activities and services people access, also significantly reduces healthy food consumption. The disaggregated analyses reveal that with incomes increasing from low (quartile 1) to high (quartile 4), the impacts of Internet use on healthy food consumption for urban households become positive at quartile 2 and the effects increase monotonously. In comparison, the impacts of Internet use on healthy food consumption for rural households are negative at the different income quartiles.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"831-843"},"PeriodicalIF":1.3,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12450","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investment-Oriented Remittances Inflows and the Strength of Patent Right Protection in Developing Countries 投资导向型汇款流入与发展中国家专利权保护力度
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-03-26 DOI: 10.1111/ecot.12453
Sèna Kimm Gnangnon
{"title":"Investment-Oriented Remittances Inflows and the Strength of Patent Right Protection in Developing Countries","authors":"Sèna Kimm Gnangnon","doi":"10.1111/ecot.12453","DOIUrl":"https://doi.org/10.1111/ecot.12453","url":null,"abstract":"<div>\u0000 \u0000 <p>The present analysis has investigated the effect of investment-oriented remittances (IOR) flows on the strength of patent right protection in developing countries. The analysis has relied on an unbalanced panel dataset of 88 countries over the period from 1970 to 2015. It has shown that higher IOR flows are associated with the betterment of patent right protection. The positive effect is larger in countries that had weaker patent right protection, as well as in those countries that improved their capacity to acquire the knowledge diffused by migrants residing abroad. Additionally, higher IOR flows have been associated with the weakening (strengthening) of patent right protection in poor countries (nonpoor countries) in the post-Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement period compared to the pre-TRIPS Agreement period. Finally, countries adopt stronger patent laws as they participate in a higher number of regional trade agreements.</p>\u0000 </div>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"845-874"},"PeriodicalIF":1.3,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Institutions and Growth Dynamics in Latin America, 1801–2015 拉丁美洲的制度与增长动态，1801-2015
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-03-14 DOI: 10.1111/ecot.12449
Miethy Zaman
{"title":"Institutions and Growth Dynamics in Latin America, 1801–2015","authors":"Miethy Zaman","doi":"10.1111/ecot.12449","DOIUrl":"https://doi.org/10.1111/ecot.12449","url":null,"abstract":"<p>Institutions are regularly blamed for poor economic performance, and Latin America is often used as the prime example of the potentially damaging effects of inadequate institutions on economic development. In this paper, annual data is constructed over the past two centuries for seven Latin American countries and for few advanced settler economies to (1) test for the influence of institutions on innovations, education and fixed investment using instruments for institutions; and (2) simulate the growth path of the Latin American countries using the institutional path of today's most successful settler economies. Findings show that institutions have been statistically highly significant determinants of economic development; however, they can only explain a small fraction of the widening income gap between the Latin American countries and the most successful settler economies over the past two centuries, suggesting that complementary explanations for economic development are called for.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"813-829"},"PeriodicalIF":1.3,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12449","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mining and Structural Change: How Does Mining Affect Participation in the Global Value Chain? 矿业与结构变革：矿业如何影响全球价值链的参与？
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-03-06 DOI: 10.1111/ecot.12448
Manegdo Ulrich Doamba
{"title":"Mining and Structural Change: How Does Mining Affect Participation in the Global Value Chain?","authors":"Manegdo Ulrich Doamba","doi":"10.1111/ecot.12448","DOIUrl":"https://doi.org/10.1111/ecot.12448","url":null,"abstract":"<p>We examine the relationship between mining activity and participation and positioning in the global value chain in 74 developing countries from 1995–2018. Mining activity can impact countries' participation and especially their positioning in this chain through the changes it induces in the industrial and institutional structure of countries. We use the event study method, taking the activation of mines as the event to be studied, with a study time horizon of 5 years. Our relatively robust results show that mining activity harms positioning in the global value chain through specialisation towards start-of-the-chain industries. The type of mineral extracted, and the mode of extraction plays an essential role in this relationship. Institutional quality, level of openness, and geographical position of countries condition our results.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"785-811"},"PeriodicalIF":1.3,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12448","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Corruption Impede the Accumulation of Human Capital in Developing Countries? 腐败是否阻碍了发展中国家人力资本的积累？
IF 1.3 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-02-10 DOI: 10.1111/ecot.12447
Issa Dianda
{"title":"Does Corruption Impede the Accumulation of Human Capital in Developing Countries?","authors":"Issa Dianda","doi":"10.1111/ecot.12447","DOIUrl":"https://doi.org/10.1111/ecot.12447","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the heterogeneous effect of various types of corruption on human capital accumulation in a sample of 88 developing countries from 2000 to 2018. Quantiles via moments regression is used for our empirical investigation. We find that corruption exerts an adverse effect on human capital accumulation. Moreover, the harmful effect of corruption on human capital accumulation is higher in countries with low stock of human capital and lower in countries with high stock of human capital. In addition, both public sector corruption and regime corruption are detrimental to human capital accumulation, although public sector corruption is the most detrimental. Furthermore, corruption disproportionately affects female human capital compared to male human capital. These results imply that anti-corruption strategies should be taken into account in the formulation and implementation of policies to improve human capital in developing countries.</p>\u0000 </div>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 4","pages":"767-783"},"PeriodicalIF":1.3,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Firms Pollute Less in Special Economic Zones? Firm-Level Evidence From China 经济特区的企业污染少吗？来自中国的企业层面证据
IF 1 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-02-10 DOI: 10.1111/ecot.12445
Lihua Zhang, Tian Gan, Zheng Xu
{"title":"Do Firms Pollute Less in Special Economic Zones? Firm-Level Evidence From China","authors":"Lihua Zhang,&nbsp;Tian Gan,&nbsp;Zheng Xu","doi":"10.1111/ecot.12445","DOIUrl":"https://doi.org/10.1111/ecot.12445","url":null,"abstract":"<div>\u0000 \u0000 <p>Using micro-level data, this paper examines the effects of special economic zones (SEZs) on firms' pollution emissions in China. Our results show that the establishment of SEZs in China lowers SEZ firms' air pollution by at least 13%. Incumbents play the major role in generating this effect. Surrounding non-SEZ firms' emissions also decrease through spillover effects. We also employ the boundary discontinuity difference-in-differences (BD-DID) approach to tackle the endogeneity problem. Our results are robust when focusing on SEZs whose boundaries are more exogenous to local firms. SEZs' export promotion, innovation stimulation, environmental regulation and public abatement facilities potentially contribute to these effects.</p>\u0000 </div>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 3","pages":"741-761"},"PeriodicalIF":1.0,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144244976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Attack on Climate: The Persistent Effects of Authoritarianism on Climate Policy Equilibria 对气候的攻击：威权主义对气候政策平衡的持续影响
IF 1 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2025-02-08 DOI: 10.1111/ecot.12446
Vlad Surdea-Hernea
{"title":"Attack on Climate: The Persistent Effects of Authoritarianism on Climate Policy Equilibria","authors":"Vlad Surdea-Hernea","doi":"10.1111/ecot.12446","DOIUrl":"https://doi.org/10.1111/ecot.12446","url":null,"abstract":"<p>In this paper, I examine whether exposure to authoritarian rule, which often focuses on preventing the emergence of pro-environmental groups that might threaten regime stability, persists after regime collapse and the onset of democratisation. Empirically, I exploit the post-World War II division of Germany into two states, one of which became a liberal democracy and the other a Soviet-style autocracy, in a geographic regression discontinuity design. I show that districts from the former East have lower climate policy equilibrium levels, which means that more climate-ambitious political parties are less likely to receive strong electoral support. Crucially, these effects are independent of East Germans' preferences over other political conflicts, suggesting that authoritarian rule had a direct and persistent effect on environmental attitudes. Moreover, I show that the authoritarian legacy also manifests itself in increased polarisation over climate change policies, which, combined with lower demand for such measures, makes the former East Germany a breeding ground for climate-sceptical political parties.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 3","pages":"719-739"},"PeriodicalIF":1.0,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12446","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144244121","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital market distortions and skills demand in a transitional economy: The case of Vietnam 转型经济中的资本市场扭曲和技能需求：以越南为例
IF 1 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2024-12-13 DOI: 10.1111/ecot.12444
Diep Phan, Ian Coxhead
{"title":"Capital market distortions and skills demand in a transitional economy: The case of Vietnam","authors":"Diep Phan,&nbsp;Ian Coxhead","doi":"10.1111/ecot.12444","DOIUrl":"https://doi.org/10.1111/ecot.12444","url":null,"abstract":"<p>We model and investigate differences in factor demand by private and state-owned enterprises in Vietnam, an economy in transition, to market-driven growth. We postulate that state firms, who have privileged access to financial capital and face lower borrowing costs, choose technologies that are capital intensive and demand more skilled labour, a complementary input, while private firms rely on low-technology methods and less-skilled labour. Propositions generated by the model are supported by analysis using data from Vietnam's enterprise census. Because the private sector is by far the larger employer, a more level capital market playing field would likely raise aggregate demand for skills, thereby strengthening incentives to invest in higher education.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 3","pages":"695-717"},"PeriodicalIF":1.0,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12444","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144244997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Structural change and inequality in a general equilibrium model of a transition economy 转型经济一般均衡模型中的结构变化和不平等
IF 1 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2024-12-11 DOI: 10.1111/ecot.12443
Joanna Tyrowicz, Krzysztof Makarski, Jan Lutynski
{"title":"Structural change and inequality in a general equilibrium model of a transition economy","authors":"Joanna Tyrowicz,&nbsp;Krzysztof Makarski,&nbsp;Jan Lutynski","doi":"10.1111/ecot.12443","DOIUrl":"https://doi.org/10.1111/ecot.12443","url":null,"abstract":"<p>The paper studies the role of economic transition in the evolution of wealth inequality. We build a novel overlapping generations model that features heterogeneous workers and exogenous changes: (i) a structural change shifting employment from manufacturing to services and increasing educational attainment, (ii) TFP growth along the path of macroeconomic convergence and (iii) gains in longevity. Using this model, we quantify the role of structural change in the evolution of wealth inequality in Poland as of 1990. We show that a rise in wealth inequality because of growing longevity is lower in an economy undergoing structural change. Thus, structural change per se lowers wealth inequality, at least initially. We also provide an evaluation of a policy-relevant redistribution instrument.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"33 3","pages":"667-693"},"PeriodicalIF":1.0,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12443","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144245082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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