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Cross-Ownership and Endogenous Choices of Delegation in Mixed Markets 混合市场中的交叉所有权与委托的内生选择
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-06-12 Epub Date: 2026-01-07 DOI: 10.1111/manc.70035
Kangsik Choi
{"title":"Cross-Ownership and Endogenous Choices of Delegation in Mixed Markets","authors":"Kangsik Choi","doi":"10.1111/manc.70035","DOIUrl":"https://doi.org/10.1111/manc.70035","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how cross-ownership affects endogenous managerial delegation under Cournot competition in a mixed duopoly, in which either the public or the private firm holds shares in its rival. When the public firm owns shares in the private firm, three asymmetric equilibria may arise depending on the ownership share: only one firm delegates, the public firm delegates while the private firm does not, or the reverse. In this case, welfare is higher when delegation is undertaken by the private firm rather than by the public firm. Conversely, when the private firm holds shares in the public firm, two asymmetric equilibria emerge depending on the ownership share, and welfare is higher when the public firm delegates rather than the private firm. These results arise because a decrease (an increase) in the ownership share corresponds to a higher (lower) weight placed on private profit: the firm increasingly internalizes (or separates) the rival's profit in its strategic objectives. Extending the framework to allow for privatization yields additional welfare implications.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 4","pages":"361-377"},"PeriodicalIF":1.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148237551","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
Which Type of Government Expenditure Foster Growth? Panel VAR Evidence From European Union and African Union 哪种类型的政府支出能促进增长？来自欧盟和非洲联盟的面板VAR证据
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-06-12 Epub Date: 2026-04-14 DOI: 10.1111/manc.70043
Adem Gök, Merve Ünlüoğlu
{"title":"Which Type of Government Expenditure Foster Growth? Panel VAR Evidence From European Union and African Union","authors":"Adem Gök,&nbsp;Merve Ünlüoğlu","doi":"10.1111/manc.70043","DOIUrl":"https://doi.org/10.1111/manc.70043","url":null,"abstract":"<div>\u0000 \u0000 <p>To assess the direct, spillover and total effect of three types of government expenditure on economic growth, we analyzed 30 member states of AU and 27 member states of EU over the period of 2002–2023. The study reveals that education and health expenditure have positive direct effects and military expenditure has a negative direct effect on GDP per capita in the AU, while education and health expenditures have negative direct effects and military expenditure has positive direct effect in the EU. Education expenditure has positive spillover effects through the channels of human capital and technology in AU, while it has positive spillover effects through the channels of physical capital and technology. Health expenditure has positive spillover effects through the channels of human capital and technology in AU and EU. While military expenditure has a positive spillover effect through the channel of technology in AU, it has a positive spillover effect on GDP per capita through the channel of physical capital in EU. The total effect of education expenditure is larger in the EU, while health and military expenditure have vague effects in the AU.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 4","pages":"450-465"},"PeriodicalIF":1.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148238079","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
Profit-Raising Entry With Upstream Advertising 上游广告盈利进入
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-06-12 Epub Date: 2026-02-28 DOI: 10.1111/manc.70037
Qing Hu, Tomomichi Mizuno
{"title":"Profit-Raising Entry With Upstream Advertising","authors":"Qing Hu,&nbsp;Tomomichi Mizuno","doi":"10.1111/manc.70037","DOIUrl":"https://doi.org/10.1111/manc.70037","url":null,"abstract":"<div>\u0000 \u0000 <p>We consider a vertical market structure involving an upstream firm that invests in informative advertising and <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>n</mi>\u0000 </mrow>\u0000 <annotation> $n$</annotation>\u0000 </semantics></math> downstream firms producing differentiated products. We investigate whether the entry of new firms can enhance the profits of incumbents in the downstream market. Our findings show that entry may increase incumbent firms' profits when the degree of product substitutability is low or the number of downstream firms is small. This result reverses the conventional view that entry always harms the profits of incumbents by bringing competition. Additionally, we demonstrate that our main results hold under persuasive upstream advertising, downstream informative advertising, and Bertrand competition settings.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 4","pages":"413-420"},"PeriodicalIF":1.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148238198","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
Nonlinear Transmission of Monetary Policy and Housing Market Imbalances: Evidence From a Factor-Augmented Threshold VAR Analysis 货币政策与住房市场失衡的非线性传导：来自因子增强阈值VAR分析的证据
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2026-01-01 DOI: 10.1111/manc.70034
Pèter Horváth
{"title":"Nonlinear Transmission of Monetary Policy and Housing Market Imbalances: Evidence From a Factor-Augmented Threshold VAR Analysis","authors":"Pèter Horváth","doi":"10.1111/manc.70034","DOIUrl":"10.1111/manc.70034","url":null,"abstract":"<div>\u0000 \u0000 <p>In recent decades, persistently low rates have driven housing booms and prompted questions on how market imbalances interact with monetary policy. In this paper, I investigate how such imbalances affect the monetary transmission in the United States. I create a boom-bust cycle indicator from the rent-price ratio and credit-to-GDP gap, then embed it in a factor-augmented threshold VAR with two regimes to isolate the two parts of the cycle. Impulse responses show that monetary policy itself behaves differently conditional on the state of the housing market. Interest rates are eased much more gradually around booms, which suggests that broader macro-financial signals are incorporated into the policy framework in order to effectively manage deleveraging in the market. The transmission channel appears to be less affected, as real and financial aggregates show only somewhat larger contractions in response to a monetary policy shock in a booming market.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"341-349"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147714938","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
How Do Businesses Finance New Investment? 企业如何为新投资融资？
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2025-12-21 DOI: 10.1111/manc.70029
Marc Cowling, Nick Wilson, Weixi Liu, Huan Yang
{"title":"How Do Businesses Finance New Investment?","authors":"Marc Cowling,&nbsp;Nick Wilson,&nbsp;Weixi Liu,&nbsp;Huan Yang","doi":"10.1111/manc.70029","DOIUrl":"https://doi.org/10.1111/manc.70029","url":null,"abstract":"<p>This paper investigates how UK firms finance new investment and whether their choices follow a financing hierarchy consistent with leading theories of capital structure. Using a survey of 2886 firms conducted by the UK Department for Business and Trade and the Bank of England (2020–2023), we examine six financing sources: retained earnings, owner's capital, trade credit, bank loans, non-bank debt, and outside equity. Our findings show that retained earnings dominate investment financing, followed by injections of capital from owners, while bank and non-bank debt are secondary sources and outside equity remains marginal. Econometric analysis reveals that retained earnings substitute for all other sources, whereas owner's capital is complementary to both bank and non-bank debt. Financing patterns vary systematically by firm size, age, and investment type. Overall, the results provide strong support for the pecking order theory, with additional insights from life-cycle theory, and highlight the importance of policy in shaping SME access to finance during periods of economic disruption.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"278-295"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70029","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147715225","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
Debt—The First 100 Years: Fiscal Sustainability in Ireland 1924–2023 债务-第一个100年：爱尔兰财政可持续性1924-2023
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2025-12-30 DOI: 10.1111/manc.70031
Stephen Moore
{"title":"Debt—The First 100 Years: Fiscal Sustainability in Ireland 1924–2023","authors":"Stephen Moore","doi":"10.1111/manc.70031","DOIUrl":"https://doi.org/10.1111/manc.70031","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper assesses the sustainability of Ireland's public debt to modified gross national income ratio since 1924 using a smooth transition autoregressive model. Empirical findings show that Ireland's debt has historically been mean reverting, exhibiting both non-linear and asymmetric behaviour. The speed of adjustment was highest during two brief periods, centred around 1990 and 2016, characterised by simultaneous growth in nominal income and reductions in public debt.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"329-340"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147715270","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
Assessing Multidimensional Poverty in the European Union: Insights From SDG 1 and the Benefit of the Doubt Approach 评估欧盟的多维贫困：来自可持续发展目标1的见解和怀疑的好处方法
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2025-12-21 DOI: 10.1111/manc.70030
Fernando Henrique Taques, Miguel Gustavo Gomes da Silva, Antonio Reinaldo Silva Neto
{"title":"Assessing Multidimensional Poverty in the European Union: Insights From SDG 1 and the Benefit of the Doubt Approach","authors":"Fernando Henrique Taques,&nbsp;Miguel Gustavo Gomes da Silva,&nbsp;Antonio Reinaldo Silva Neto","doi":"10.1111/manc.70030","DOIUrl":"10.1111/manc.70030","url":null,"abstract":"<p>The eradication of poverty remains one of the greatest economic challenges of the 21st century, particularly in light of transformations in labour markets, demographic shifts, and recent crises such as the COVID-19 pandemic. Sustainable Development Goal 1 (SDG 1) acknowledges the need for broader approaches to measuring and addressing poverty, going beyond income-based metrics to include multiple social and economic dimensions. This article analyses the evolution of multidimensional poverty across European Union countries between 2015 and 2023, using 11 indicators linked to SDG 1. The benefit of the doubt (BoD) method is employed to construct a composite index with endogenously determined weights, allowing for cross-country comparisons that account for national specificities. The findings reveal distinct regional patterns: Northern and Western European countries, such as Finland and the Czech Republic, demonstrated stronger performance, while Southern and Eastern European countries continued to face persistent vulnerabilities.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"296-308"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70030","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147715222","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
Escaping the Middle-Income Trap: The Role of Strategic Public Investment and Industrial Structure Change 摆脱中等收入陷阱：战略性公共投资与产业结构变化的作用
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2025-12-28 DOI: 10.1111/manc.70032
Yuta Kato
{"title":"Escaping the Middle-Income Trap: The Role of Strategic Public Investment and Industrial Structure Change","authors":"Yuta Kato","doi":"10.1111/manc.70032","DOIUrl":"https://doi.org/10.1111/manc.70032","url":null,"abstract":"<div>\u0000 \u0000 <p>This article examines how the middle-income trap occurs in developing economies, and how fiscal policies and development strategies can help them avoid or escape this development challenge. Using a dual-sector model with public investment in infrastructure and education, we analyze how different policy choices affect growth trajectories and development outcomes. The findings suggest that appropriate fiscal policies and investment strategies are crucial for avoiding development traps and achieving sustainable economic growth. However, insufficient infrastructure investments can lead to the stagnation of industrialization and economic development, potentially leading to a middle-income trap. The model also reveals an important relationship between poverty and middle-income traps, showing that even after escaping initial poverty through external assistance, countries need appropriate fiscal policies to achieve sustainable development.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"309-328"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147715283","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
Nonlinear Transmission of Monetary Policy and Housing Market Imbalances: Evidence From a Factor-Augmented Threshold VAR Analysis 货币政策与住房市场失衡的非线性传导：来自因子增强阈值VAR分析的证据
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2026-01-01 DOI: 10.1111/manc.70034
Pèter Horváth
{"title":"Nonlinear Transmission of Monetary Policy and Housing Market Imbalances: Evidence From a Factor-Augmented Threshold VAR Analysis","authors":"Pèter Horváth","doi":"10.1111/manc.70034","DOIUrl":"https://doi.org/10.1111/manc.70034","url":null,"abstract":"<div>\u0000 \u0000 <p>In recent decades, persistently low rates have driven housing booms and prompted questions on how market imbalances interact with monetary policy. In this paper, I investigate how such imbalances affect the monetary transmission in the United States. I create a boom-bust cycle indicator from the rent-price ratio and credit-to-GDP gap, then embed it in a factor-augmented threshold VAR with two regimes to isolate the two parts of the cycle. Impulse responses show that monetary policy itself behaves differently conditional on the state of the housing market. Interest rates are eased much more gradually around booms, which suggests that broader macro-financial signals are incorporated into the policy framework in order to effectively manage deleveraging in the market. The transmission channel appears to be less affected, as real and financial aggregates show only somewhat larger contractions in response to a monetary policy shock in a booming market.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"341-349"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147714939","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
How Do Businesses Finance New Investment? 企业如何为新投资融资？
IF 1.1 4区 经济学
Manchester School Pub Date : 2026-04-03 Epub Date: 2025-12-21 DOI: 10.1111/manc.70029
Marc Cowling, Nick Wilson, Weixi Liu, Huan Yang
{"title":"How Do Businesses Finance New Investment?","authors":"Marc Cowling,&nbsp;Nick Wilson,&nbsp;Weixi Liu,&nbsp;Huan Yang","doi":"10.1111/manc.70029","DOIUrl":"10.1111/manc.70029","url":null,"abstract":"<p>This paper investigates how UK firms finance new investment and whether their choices follow a financing hierarchy consistent with leading theories of capital structure. Using a survey of 2886 firms conducted by the UK Department for Business and Trade and the Bank of England (2020–2023), we examine six financing sources: retained earnings, owner's capital, trade credit, bank loans, non-bank debt, and outside equity. Our findings show that retained earnings dominate investment financing, followed by injections of capital from owners, while bank and non-bank debt are secondary sources and outside equity remains marginal. Econometric analysis reveals that retained earnings substitute for all other sources, whereas owner's capital is complementary to both bank and non-bank debt. Financing patterns vary systematically by firm size, age, and investment type. Overall, the results provide strong support for the pecking order theory, with additional insights from life-cycle theory, and highlight the importance of policy in shaping SME access to finance during periods of economic disruption.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 3","pages":"278-295"},"PeriodicalIF":1.1,"publicationDate":"2026-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70029","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147715224","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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