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  • ddc:330  (152,149)
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  • 1
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: Simulations of agent-based models have shown that the stylized facts (unit-root, fat tails and volatility clustering) of financial markets have a possible explanation in the interactions among agents. However, the complexity, originating from the presence of non-linearity and interactions, often limits the analytical approach to the dynamics of these models. In this paper we show that even a very simple model of a financial market with heterogeneous interacting agents is capable of reproducing realistic statistical properties of returns, in close quantitative accordance with the empirical analysis. The simplicity of the system also permits some analytical insights using concepts from statistical mechanics and physics. In our model, the traders are divided into two groups : fundamentalists and chartists, and their interactions are based on a variant of the herding mechanism introduced by Kirman [22]. The statistical analysis of our simulated data shows long-term dependence in the auto-correlations of squared and absolute returns and hyperbolic decay in the tail of the distribution of the raw returns, both with estimated decay parameters in the same range like empirical data. Theoretical analysis, however, excludes the possibility of ’true’ scaling behavior because of the Markovian nature of the underlying process and the finite set of possible realized returns. The model, therefore, only mimics power law behavior. Similarly as with the phenomenological volatility models analyzed in LeBaron [25], the usual statistical tests are not able to distinguish between true or pseudo-scaling laws in the dynamics of our artificial market.
    Keywords: G12 ; C61 ; ddc:330 ; Speculative Dynamics ; Fat Tails ; Volatility Clustering ; Herd Behavior ; Kapitalertrag ; Börsenkurs ; Finanzmarkt ; Noise Trading ; Devisenspekulation ; Mikrostrukturanalyse ; Anlageverhalten ; Zeitreihenanalyse ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 2
    Publication Date: 2017-08-04
    Description: The paper uses a unique dataset comprising a population of new ventures that enter the UK market in 1998. The data comprises services as well as manufacturing industries. The central hypothesis is that new ventures are differently affected by industry competition and growth in dynamic compared to static markets. Estimation of a hazard function supports this hypothesis. In dynamic markets the survival of new ventures is increasing in industry concentration and decreasing in growth. The same is not true for static markets. The results shed new insights into the dynamics of entrants and highlight some important effects for competition policy.
    Keywords: L11 ; M13 ; ddc:330 ; Start-ups ; Survival ; Tubulence ; Dynamic markets ; New firms ; Unternehmensgründung ; Unternehmensentwicklung ; Industrieökonomik ; Schätzung ; Großbritannien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 3
    Publication Date: 2017-10-05
    Description: We investigate the predictability of both volatility and volume for a large sample of Japanese stocks. The particular emphasis of this paper is on assessing the performance of long memory time series models in comparison to their short-memory counterparts. Since long memory models should have a particular advantage over long forecasting horizons, we consider predictions of up to 100 days ahead. In most respects, the long memory models (ARFIMA, FIGARCH and the recently introduced multifractal model) dominate over GARCH and ARMA models. However, while FIGARCH and ARFIMA also have quite a number of cases with dramatic failures of their forecasts, the multifractal model does not suffer from this shortcoming and its performance practically always improves upon the na?ve forecast provided by historical volatility. As a somewhat surprising result, we also find that, for FIGARCH and ARFIMA models, pooled estimates (i.e. averages of parameter estimates from a sample of time series) give much better results than individually estimated models.
    Keywords: C53 ; G12 ; C22 ; ddc:330 ; Long memory models ; Volume ; Volatility ; Forecasting ; Börsenkurs ; Volatilität ; Börsenumsatz ; Prognoseverfahren ; Zeitreihenanalyse ; Schätzung ; Aktienmarkt ; Japan
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 4
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: Financial markets (share markets, foreign exchange markets and others) are all characterized by a number of universal power laws. The most prominent example is the ubiquitous finding of a robust, approximately cubic power law characterizing the distribution of large returns. A similarly robust feature is long-range dependence in volatility (i.e., hyperbolic decline of its autocorrelation function). The recent literature adds temporal scaling of trading volume and multi-scaling of higher moments of returns. Increasing awareness of these properties has recently spurred attempts at theoretical explanations of the emergence of these key characteristics form the market process. In principle, different types of dynamic processes could be responsible for these power-laws. Examples to be found in the economics literature include multiplicative stochastic processes as well as dynamic processes with multiple equilibria. Though both types of dynamics are characterized by intermittent behavior which occasionally generates large bursts of activity, they can be based on fundamentally different perceptions of the trading process. The present chapter reviews both the analytical background of the power laws emerging from the above data generating mechanism as well as pertinent models proposed in the economics literature.
    Keywords: ddc:330 ; Finanzmarkt ; Börsenkurs ; Kapitalertrag ; Theorie ; Zeitreihenanalyse ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 5
    Publication Date: 2017-10-05
    Description: This paper revisits the Kareken-Wallace model of exchange rate formation in a two-country overlapping generations world. Following the seminal paper by Arifovic (Journal of Political Economy, 104, 1996, 510 – 541) we investigate a dynamic version of the model in which agents? decision rules are updated using genetic algorithms. Our main interest is in whether the equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates (unit roots in levels together with fat tails in returns and volatility clustering). Our time series analysis of simulated data indicates that for particular parameterizations, the characteristics of the exchange rate dynamics are, in fact, very similar to those of empirical data. The similarity appears to be quite insensitive with respect to some of the ingredients of the GA algorithm (i.e. utility-based versus rank-based or tournament selection, binary or real coding). However, appearance or not of realistic time series characteristics depends crucially on the mutation probability (which should be low) and the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses its realistic appearance and instead exhibits regular periodic oscillations of the agents? choice variables.
    Keywords: D83 ; F31 ; D84 ; ddc:330 ; learning ; genetic algorithms ; exchange rate dynamics ; Wechselkurs ; Volatilität ; Monetäre Wechselkurstheorie ; Overlapping Generations ; Zwei-Länder-Modell ; Lernprozess ; Heuristisches Verfahren ; Zeitreihenanalyse ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 6
    Publication Date: 2017-08-28
    Description: Die Arbeit untersucht mittels IAB-Beschäftigtenstichprobe, Sozioökonomischem Panel und Informationen über tödliche Arbeitsunfälle die Existenz kompensatorischer Lohndifferentiale zur Bestimmung desWertes eines statistischen Lebens (WSL) in Deutschland. Querschnittsregressionen auf Basis aller Erwerbstätigen ergeben mit 7,4 (IABS) bzw. 3,5 (SOEP) Mio. – WSL-Schätzungen in der Grö?enordnung von querschnittsbasierten US-Studien. Zur Berücksichtigung individueller Heterogenität werden Panelregressionen durchgeführt, die zu einem geringeren WSL (3,0 bzw. 2,3 Mio. ?) führen und damit auf eine Verzerrung der Querschnittsschätzungen (national und international) hinweisen. Zusätzliche (Differenzen-)Schätzungen auf Basis von Berufswechslern bestätigen die Panelergebnisse. Die ermittelten WSL können in Kosten-Nutzen-Analysen von staatlichen Projekten zur Reduktion von Todesrisiken in Gesundheits-, Verbraucherschutz-, Umwelt-, Verkehrs- und Kriminalpolitik eingesetzt werden.
    Keywords: K00 ; I10 ; J28 ; J31 ; J17 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 7
    Publication Date: 2017-08-04
    Description: The increased importance of knowledge as a source of competitiveness for modern economies suggests that the organization of industries most conducive to innovative activity and unrestrained competition will be linked to higher growth rates. Entrepreneurial activity is generally assumed to be an important aspect of this organization. In the present paper we investigate whether a new and promising concept, Total Entrepreneurial Activity, influences GDP growth for 36 countries in a recent period. We will also test whether this influence depends upon the level of economic development measured as GDP per capita. With this test we aim to investigate to what extent the role of entrepreneurship has changed in the last decades of the 20th century. Although the limited number of observations does not allow for many competing explanatory variables, we will examine the role of the so-called Growth Competitiveness Index. This variable captures a range of alternative explanations for achieving sustained economic growth. In addition, we incorporate the initial level of economic development to correct for convergence. We find that entrepreneurial activity indeed affects economic growth, but that this effect depends upon the level of per capita income. This suggests that entrepreneurship plays a different role in countries in different stages of economic development.
    Keywords: M13 ; L16 ; ddc:330 ; Entrepreneurship ; economic growth ; economic development ; Unternehmer ; Wirtschaftswachstum ; Vergleich ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 8
    Publication Date: 2017-08-04
    Description: This paper examines the relationship between business dynamics (entry and exit of firms) and employment growth at the country-industry level. We use a cross-country data set with harmonized data on numbers of entries and exits for a selection of fast-growing and innovative industries in six developed economies. In our regression analysis we allow for separate effects of both the extent of business dynamics (volatility of firms) and the composition of business dynamics (net-entry of firms). We also test for the existence of an 'optimal' level of business volatility, possibly indicating that entry and exit levels are too high in certain industries. We find positive employment effects of net-entry rates, both for manufacturing industries and for services industries. Regarding volatility, we find a positive effect for manufacturing but no significant effect for services. This implies that different government policies may be required to achieve growth in these sectors. We find no evidence for an 'optimal' level of business volatility.
    Keywords: M13 ; L10 ; O57 ; J23 ; ddc:330 ; business dynamics ; employment growth ; enterpreneurship ; Markteintritt ; Marktaustritt ; Beschäftigungseffekt ; Verarbeitendes Gewerbe ; Unternehmensdienstleistung ; Belgien ; Dänemark ; Deutschland ; Japan ; Niederlande ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 9
    Publication Date: 2017-08-04
    Description: In our analysis of the impact of new business formation on regional employment change we identified considerable time lags. We investigated the structure and extent of these time lags by applying the Almon lag model and found that new firms can have both a positive and a negative effect on regional employment. The results indicate that the indirect effects of new business formation (crowding-out of competitors, improvement of supply conditions and improved competitiveness) are of greater magnitude than the direct effect, i.e. the jobs that are created in the new entities. The peak of the positive impact of new businesses on regional development is reached about eight years after entry.
    Keywords: R11 ; O18 ; O1 ; M13 ; ddc:330 ; Regional growth ; new businesses ; entrepreneuship ; time lags ; Unternehmensgründung ; Unternehmer ; Regionale Entwicklung ; Lag-Modell ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
    Publication Date: 2017-08-04
    Description: This paper examines how Sweden and the United States have been impacted by philanthropic activities, commercialization of university-based knowledge and international entrepreneurship. The analysis comprises a detailed case study of Swedish and U.S. universities, as well as a statistical analysis of the impact of philanthropy on economic growth. The results show that the United States has prompted a university system based on competition and variety, with an emphasis on philanthropy, promoting knowledge creation. International entrepreneurship has been an important mechanism by which this knowledge is globalized leading to increased economic growth. Conversely, Swedish universities were characterized by less commercialized R&D and weak links to the commercial sector, rooted traditionally in dependence on tax -financed and homogenous university structure. The Swedish model has begun to change with important implications for development in smaller domestic markets. The analysis has important implications for knowledge creation as a source of economic growth through international entrepreneurship taking advantage of globalization, especially for smaller countries.
    Keywords: ddc:330 ; Unternehmer ; Multinationales Unternehmen ; Hochschulfinanzierung ; Sponsoring ; Wohltätigkeit ; Forschungskooperation ; Wirtschaftswachstum
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 11
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: This paper examines the impact of locational choice as a firm strategy to access knowledge spillovers from universities. Based on a large data set of young high-technology start-ups publicly listed in Germany, this study tests the propositions that geographic proximity to the university is shaped by different spillover mechanisms, research and human capital, and by different types of knowledge spillover, natural sciences and social sciences. The results suggest that spillover mechanisms as well as the type of spillovers are heterogeneous. Furthermore, it turns out that spillover effects are locally bounded.
    Keywords: M13 ; R30 ; L20 ; ddc:330 ; university spillover ; new firm location ; spillover mechanisms ; Spillover-Effekt ; Betriebliche Standortwahl ; Unternehmensgründung ; Hochtechnologiesektor ; Forschungskooperation ; Hochschule ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 12
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: Technological change is a central element in macroeconomic growth explanation. Endogenous growth models take a revolutionary step towards better understanding the economic growth process by deriving technological change from profit-motivated individual behavior. In endogenous growth theory knowledge spillovers play a fundamental role in the determination of the rate of technological progress. As such the efficiency of transmitting knowledge into economic applications is a crucial factor in explaining macroeconomic growth. Endogenous growth models take this factor exogenous. We argue that variations across countries in entrepreneurship and the spatial structure of economic activities could potentially be the source of different efficiencies in knowledge spillovers and ultimately in economic growth. We develop an empirical model to test both the entrepreneurship and the geography effects on knowledge spillovers. To date the only international data that are collected on the basis of exactly the same principles in each country are the Global Entrepreneurship Monitor (GEM) data. We use the 2001 GEM cross-country data to measure the level of entrepreneurship in each particular economy. For this purpose we apply the TEA index developed within the framework of the GEM project and calculated for each country participating in this international research. Additionally, data on employment, production, patent applications, public and private R&D expenditures originating from different international and national sources are applied in the paper.
    Keywords: ddc:330 ; Unternehmer ; Regionale Konzentration ; Wirtschaftsgeographie ; Wissenstransfer ; Technischer Fortschritt ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 13
    Publication Date: 2017-08-04
    Description: This paper deals with explaining the sizable differences in the rate of self-employment (business ownership) across 15 European countries in the period 1978-2000, within a framework of occupational choice, focusing on the influence of dissatisfaction and of per capita income. Using two different measures of dissatisfaction, in addition to the level of economic development and controlling for several other variables, we find that, in addition to a negative and significant impact of per capita income, dissatisfaction at the level of societies has a positive and significant influence on self-employment levels. Both dissatisfaction with life and dissatisfaction with the way democracy works are found to influence self-employment. It is concluded that these are proxies for job dissatisfaction and at the same time represent other negative 'displacements' known to promote self-employment. The findings indirectly point at the potential importance of push factors within the incentive structures of modern economies.
    Keywords: M13 ; Z1 ; O57 ; P52 ; O11 ; ddc:330 ; comparative analysis of economies ; cultural economies ; entrepreneurship ; macroeconomic analyses of economic development ; Selbstständige ; Lebensqualität ; Meinung ; Sozialprodukt ; Vergleich ; Europa ; Lebenszufriedenheit
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
    Publication Date: 2017-08-04
    Description: The importance of IPR regimes for large firm innovation is well documented but less is known about their impact on typically less innovative self-employed entrepreneurship. The paper sets out to estimate the net effect of the various elements that comprise an IPR regime including the political system, the laws, and institutions as well as a general familiarity with and respect for IPR related products. Cumulatively, the analysis indicates that a well developed IPR regime has a net positive effect on the self-employed sector. Since the self-employed sector is possibly the only segment of the enterprise base where IPRs may be expected to have a negative effect it provides a useful contribution to our empirical understanding of the welfare effects of IPRs on the entrepreneurial economy more widely.
    Keywords: L2 ; P48 ; O34 ; O33 ; L2 ; ddc:330 ; self-employment ; intellectual property rights ; law ; imitation ; Immaterialgüterrechte ; Unternehmer ; Selbstständige ; Schätzung ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 15
    Publication Date: 2017-08-04
    Description: Although human capital externalities are a key variable in theories of economic growth, there has been little investigation of the mechanism by which these externalities are realized. We examine the relationship between the local levels of human capital and firm formation rates and find that formation rates differ with the share of adults with college degrees, especially for industries that normally require college-educated founders. They also differ strongly with the local concentration of existing establishments in the same sector, especially for industries serving non-local markets, suggesting that an important mechanism is the spillover of relevant knowledge.
    Keywords: R1 ; M13 ; J24 ; L80 ; O3 ; ddc:330 ; Firm formation ; Knowledge spillovers ; Entrepreneuship ; Human capital ; Regional growth ; Dienstleistungssektor ; Unternehmensgründung ; Humankapital ; Regionale Disparität ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 16
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: Modeling the spatial aspect of growth has finally become an important subject of economics as exemplified by the increasing popularity of the new economic geography. However, new economic geography models have still not been able to develop a consistent approach to integrate innovation, space and economic growth into a coherent theoretical framework A potential reason for this is that the spatial dimension of knowledge production is still only partly understood in the empirical literature. To shed some additional light on the spatial dimension of innovation we present results of a first-cut analysis building on a recently developed cross sectional-time series data set of US innovation, private and university research and high technology employment. The novelty of this data set is that it opens up the possibilities to incorporate the time dimension into knowledge production function analysis at an appropriate level of spatial aggregation (i.e., US metropolitan areas) that has not been possible in empirical research yet.
    Keywords: O40 ; H41 ; O31 ; ddc:330 ; innovations ; patents ; high technology R&D ; knowledge production function ; Innovation ; Forschung ; Regionale Disparität ; Regionale Entwicklung ; Wissen ; Produktionsfunktion ; Schätzung ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 17
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: An important new literature on gross employment flows has produced a great outpouring of stylized facts. In this paper we examine one aspect of this literature through the lens of dynamic models and theories of industrial evolution. We extend the Davis and Haltiwanger methodology for analysis of the persistence of gross job creation, distinguishing the persistence of new jobs from business births and from expansions. The persistence rates are then compared with those expected in each sector if average annual job creation and destruction were distributed across the business population independently of the prior year's changes. The results provide a basis for discussing aspects of the different dynamics of job creation in services and manufacturing. Download Info
    Keywords: M13 ; L6 ; J6 ; L8 ; ddc:330 ; Entrepreneurship ; Industry Evolution ; Job Flows ; Services ; Beschäftigung ; Dienstleistungssektor ; Verarbeitendes Gewerbe ; Evolutionsökonomik ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
    Publication Date: 2017-08-04
    Description: This paper investigates some crucial aspects of the recent development of industrial districts in the Emilia-Romagna region of Italy, where this type of spatial agglomeration of industrial firms has flourished since the period immediately after the Second World War. In particular, it is aimed at comparing the technological strength (in terms of patents registered with the European Patent Office) of innovative firms located within and outside industrial districts, in order to determine whether the prediction that innovative activity favors those firms or industries with direct access to knowledge producing inputs applies also to the case of industrial districts in the Emilia-Romagna region. The analysis deals with the population of firms with their headquarters in the region which registered at least one patent with the European Patent Office during the 1986-1995 period. Results from panel model estimates show that being located within an industrial district resulted in a technological advantage during the overall 1986-1995 period. However, on breaking down this period into two sub-periods (1986-1990 and 1991-1995) it is found that such advantage was strong in the first one, whereas it was lost in the first half of the 1990s.
    Keywords: R12 ; R15 ; R11 ; ddc:330 ; Innovation ; Patent ; Unternehmensentwicklung ; Industriegebiet ; Regionale Konzentration ; Schätzung ; Emilia-Romagna ; Italien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
    Publication Date: 2017-08-04
    Description: We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional firms. Ownership by CEOs has no influence on firm survival when introducing measurements of human capital and intellectual property rights. This confirms assumptions that firms in the knowledge based industries differ also in their governance structure from traditional firms.
    Keywords: C14 ; M13 ; L11 ; G32 ; ddc:330 ; Firm Survival ; Corporate Governance ; New Economy ; Entrepreneurship ; Unternehmensgründung ; Unternehmensentwicklung ; Neuer Markt ; Eigentümerstruktur ; Corporate Governance ; Humankapital ; Wissen ; Wertpapieremission ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 20
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: According to Gibrat' Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. In contrast to the previous literature on the subject, this paper seeks to test the Law by taking account of both the entry process and the role of survival/failure in reshaping a given population of firms over time. It does so by focusing on the entire population of firms (including newborn ones) in the Italian Radio, TV & Telecommunications equipment industry and tracking them over seven years. Consistently with the previous literature, it finds that - in general - Gibrat' Law is to be rejected, since smaller firms tend to grow faster than their larger counterparts. However, the paper' main finding is that this rejection of Gibrat? Law may be due to market dynamics and selection. In other words, it is due to the entry process and the presence of transient smaler firms. Indeed, whilst it is found that Gibrat' Law has to be rejected over a seven-year period during which both incumbent and newborn firms are considered, for both sub-populations of surviving firms a convergence towards Gibrat-like behavior over time can be detected. Thus, market selection "leans" the original population of firms and the resulting industrial "ore" (mature, larger, well-established and most efficient firms) does not seem to depart from a Gibrat-like patern of growth.
    Keywords: L60 ; L11 ; ddc:330 ; Gibrat's Law ; manufactering ; industrial dynamics ; entry ; survival ; selection bias ; Elektroindustrie ; Klein- und Mittelunternehmen ; Unternehmenswachstum ; Industrieökonomik ; Schätzung ; Italien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
    Publication Date: 2017-08-04
    Description: Administrative burdens are known to be a major business constraint for incumbent SMEs in modern economies. Far less is known about the influence of these burdens on the startup of new firms. The current paper examines to what extent perceived administrative complexity related to starting a new business influences the number of business owners across 18 OECD countries. We test this relationship combining data on business ownership from EIM's COMPENDIA data base and data on perceived administrative complexity from the Eurobarometer public opinion surveys coordinated by the European Commission. Our regression model enables to explicitly control for the influence of unemployment on the level of business ownership ('refugee effect'). We also control for risk tolerance and access to finance. Our results suggest that perceived administrative complexity has a negative impact on the level of business ownership. However, the effect is not immediate but rather seems to emerge in the long run.
    Keywords: M13 ; L50 ; O57 ; ddc:330 ; business ownership ; administrative burdens ; unemployment ; Unternehmer ; Selbstständige ; Eigentümerstruktur ; Bürokratie ; Folgekosten ; Schätzung ; OECD-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    Jena: Max-Planck-Institut für Ökonomik
    Publication Date: 2017-08-04
    Description: A multinomial logit model and survey data from the 25 EU member states and the US are used to establish the effect of demographic and other variables on various entrepreneurial engagement levels. These engagement levels range from "never thought about starting a business" to "thinking about it", "taking steps for starting up", "having a young business", "having an older business" and "no longer being an entrepreneur". Data of the 2004 Entrepreneurship Flash Eurobarometer survey containing over 13,500 ob-servations is used. Other than demographic variables such as gender, age, education level and whether par-ents are self-employed, the set of explanatory variables used includes country specific effects, measures of risk tolerance, internal and external locus of control and four perceptions of 'obstacles'. The 'obstacle' vari-ables include the perception by respondents of administrative complexities, of availability of financial sup-port, of accessibility of information for start-up and whether the current economic climate is favorable. Among the four perception variables only administrative complexities displays an unambiguous obstacle profile in that its presence has a significant negative impact on higher entrepreneurial engagement levels. Country effects suggest a clear underperformance of Europe relative to the US in less mature entrepreneu-rial phases.
    Keywords: J23 ; H10 ; M13 ; R12 ; ddc:330 ; dterminants of entrepreneurship ; nascent entrepreneurship ; multinominal logit ; barries to entry ; Europe ; Unternehmer ; Unternehmensgründung ; Markteintritt ; Schätzung ; EU-Staaten
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  • 23
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: In their article ?An Arbitrage-Free Approach to Quasi-Option Value? [J. Environm. Econom. Management 35, 103-125, 1998], Coggins and Ramezani interpreted the concept of quasi-option value introduced by Arrow and Fisher [Quart. J. Econom. 88, 1974, 312-319] as being identical to Dixit and Pindyck?s real option value. This means their approach differs from the approach by Fisher and Hanemann [J. Environm. Econom. Management 14, 183-190, 1987] who formalized the concept of quasi-option value a decade before. By indirectly characterizing Dixit and Pindyck?s real option value Coggins and Ramezani confirmed classic results in the field of real options theory.
    Keywords: ddc:330 ; Realoption ; Optionspreistheorie ; Theorie
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  • 24
    Publication Date: 2017-10-05
    Description: Leaky?bucket transactions can be regarded as a generalization of the transfer principle allowing for transaction costs. In its most rudimentary form, leaky?bucket transactions trace out the maximum leakage of transaction costs such that a transfer still pays at the margin. Yet ?to pay at the margin? bears at least two different connotations: It could refer to the minimum transactions costs before a welfare loss is experienced, or before income inequality is exacerbated. These two aspects have not always be made explicit in earlier work. This notion suggests that a smaller, but positive amount of income has to reach the transferee in order to keep the degree of income inequality or the aggregate social welfare at the same level. However, this conjecture is theoretically wrong for the degree of income inequality, and partly wrong for aggregate social welfare. Rather there exists a unique benchmark such that the above holds only for transfers among income recipients below the benchmark. When they are both above the benchmark, then the transferee has to be given more than the amount taken from the transferor, and when they are on opposite sides of the benchmark, both should experience an income loss. Notice that these three cases cover only progressive transfers. Three more cases apply to regressive transfers, and six more cases apply to income donations. Each of these twelve cases ordains different theoretical results. Yet experimental research, calibrated against the Atkinson, generalized Gini, and entropy income inequality measures and their associated social welfare functions, shows that this generalized theory of the transfer principle is as poorly evidenced as is the plain transfer principle. This applies both to the income?inequality approach and to the social?welfare approach. At most one third of the subjects behave sometimes according to theory. The rest seems to follow some notion of compensating justice: If someone loses (gains) income, the other person involved should be negatively (positively) compensated to maintain the alleged degree of income inequality. This behavioral pattern is, however, at variance with theory.
    Keywords: C91 ; D63 ; D31 ; ddc:330 ; Einkommensverteilung ; Disparitätsmass ; Einkommensumverteilung ; Transaktionskosten ; Soziale Wohlfahrtsfunktion ; Experiment
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  • 25
    Publication Date: 2017-10-05
    Description: In this paper we present results of an experimental study on the performance of three mechanisms which are designed to deal with non-point source pollution : collective fining, random fining, and a tax-subsidy scheme. Our results show that collective and random fining schemes do not induce the subjects to play the efficient equilibrium. Experience from participation in similar treatments further enforces the tendency to under-abate. The taxsubsidy mechanism, by contrast, induces the efficient equilibrium action to be played more frequently than the fining mechanisms, with a slight tendency to over-abate. Experience enforces this tendency. Controlling for the subjects? risk attitude, we find that for risk averse subjects the random fining mechanism outperforms the collective fine.
    Keywords: ddc:330 ; Non-point source pollution ; environmental policy ; collective fining ; random fining ; tax-subsidy scheme ; experiments ; Umweltabgabe ; Strafe ; Subvention ; Umweltökonomik ; Experiment
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  • 26
    Publication Date: 2017-10-05
    Description: On the basis of abundant facility and firm-level data for German manufacturing, originating from a recent OECD-survey, this paper empirically investigates the relevance of a variety of incentives for environmentally innovative behavior of facilities, the respective influence of pressure groups, and the impact of both regulatory and market-based policy instruments, such as eco-taxes. Since the early 1990s, Environmental Management Systems (EMS), specifically, have become a vital voluntary complement to mandatory environmental policies based on regulation and legislation. EMS may be perceived as an organizational environmental innovation that may lead to improved environmental performance. While the paper provides a descriptive analysis of the determinants for EMS-adoption and incentives that may trigger environmental innovation activities within German facilities, the major questions that will be addressed in this paper are: (1) How can public authorities support the introduction of management practices that may lead to improved environmental performance? (2) What are the main determinants of environmentally innovative behavior of firms? Specifically, we are interested in the role that market forces and regulation play in the process of complex firm decisions on innovation and environmental performance. While the relevant literature on these issues is dominated by case studies, our large-scale survey indicates that the most important reasons why firms contemplate introducing EMS are to improve the efforts to achieve regulatory compliance, to improve the corporate image, and to create cost savings with respect to both waste management and resource input. Among pressure groups, internal stakeholders - management employees and corporate headquarters - appear to be more influential with respect to EMS-adoption and environmental innovation than external forces, such as public authorities.
    Keywords: Q50 ; L50 ; ddc:330 ; Environmental Management Systems ; EMAS ; Environmental Policy Instruments ; Umweltpolitik ; Umweltmanagement ; Innovation ; Einführung ; Stakeholder ; Deutschland
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  • 27
    Publication Date: 2017-10-05
    Description: In this study we forecast the term structure of FIBOR/EURIBOR swap rates by means of recursive vector autoregressive (VAR) models. In advance, a principal components analysis (PCA) is adopted to reduce the dimensionality of the term structure. To evaluate ex?ante forecasting performance for particular short, medium and long term rates and for the level, slope and curvature of the swap term structure, we rely on measures of both statistical and economic performance. Whereas the statistical performance is investigated by means of the Henrikkson?Merton statistic, the economic performance is assessed in terms of cash flows implied by alternative trading strategies. Arguing in favor of local homogeneity of term structure dynamics, we propose a data driven, adaptive model selection strategy to ?predict the best forecasting model? out of a set of 100 alternative implementations of the PCA/VAR model. This approach is shown to outperform forecasting schemes relying on global homogeneity of the term structure.
    Keywords: G29 ; E43 ; C53 ; C32 ; ddc:330 ; Principal components ; Factor Analysis ; Ex?ante forecasting ; EURIBOR swap rates ; Term structure ; Trading strategies ; Geldmarkt ; Zinsstruktur ; Zinsswap ; Schätzung ; Deutschland ; EU-Staaten
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  • 28
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: Amiel et al. (1999) use the Atkinson and the Gini social welfare functions to measure income inequality attitudes based on data from leaky-bucket experiments. Yet the experimental de-sign does not allow their subjects to perceive income inequality according to the Gini or the Atkinson inequality measures. Moreover, their experimental design tries to measure inequal-ity aversion by forcing their subjects to behave in accordance with inequality predilection.
    Keywords: C91 ; D63 ; ddc:330 ; Inequality aversion ; leaky-bucket experiment. ; Einkommensverteilung ; Disparitätsmaß ; Meinung ; Experiment ; Theorie
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  • 29
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: According to New Growth Theory one can not rely on the convergence mechanisms inherent in traditional neoclassical constant returns to scale models. Convergence as well as divergence is possible, in general, depending on the assumptions about technology, factor mobility and ease of knowledge diffusion. The paper shows by a two-regions endogenous growth model under what conditions divergence, convergence or a stable centre-periphery structure emerge. The model allows for different degrees of knowledge diffusion as well as for different degrees of labor and capital mobility. The paper also evaluates dynamic market equilibria with respect to allocative efficiency. It is shown that the market solution tends to be under-agglomerated, except for parameter constellations generating particularly low agglomeration forces. If agglomeration forces are low enough, no concentration emerges, and this is also socially desirable. For higher agglomeration forces, however, concentration becomes desirable though the market may not bring it about or brings it about to an insufficient degree only.
    Keywords: O41 ; F43 ; O33 ; R13 ; R11 ; ddc:330 ; Convergence ; divergence ; agglomeration ; endogenous growth ; knowledge diffusion ; Regionale Wachstumstheorie ; Regionale Entwicklung ; Neue Wachstumstheorie ; Entwicklungskonvergenz ; Wissenstransfer ; Regionale Konzentration ; Kern-Peripherie-Beziehung ; Theorie
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  • 30
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: In this paper we survey the theoretical literature on both pollution-reducing and resource-saving technological progress. The literature can be divided into two strands. One strand deals with microeconomic models which investigate incentives to adopt and to develop environmentally more friendly technologies for different policy tools and in different economic environments, such as market structure or timing and commitment structures. It turns out that, firstly, price based instruments such as emission taxes and tradable permits perform better than command and control policies, and secondly, that under competitive conditions ex ante end ex post optimal policies are equivalent. Under imperfect market conditions the policy conclusions are more subtile. The second strand of literature deals with both pollution-reducing and resource-saving technological progress within endogenous growth models. Most of these models are characterized by three market imperfections : market power for new (intermediate) products, positive R&D spillovers, and pollution. These imperfections can be mitigated by subsidies on intermediate products, subsidies on R&D effort, and a tax on emissions. Moreover, in most models there occurs a trade-off between the speed of growth and environmental quality.
    Keywords: ddc:330 ; pollution-reducing technological progress ; resource-saving technological progress ; environmental innovation ; endogenous growth models ; Technischer Fortschritt ; Umwelttechnik ; Innovation ; Energiesparen ; Neue Wachstumstheorie ; Ökosteuer ; Umweltabgabe ; Emissionsrechte ; Theorie
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  • 31
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: This paper studies the signalling effect of the consumption-wealth ratio (cay) on German stock returns via vector error correction models (VECMs). The effect of cay on U.S. stock returns has been recently confirmed by Lettau and Ludvigson with a two-stage method. In this paper, performances of the VECMs and the two-stage method are compared in both German and U.S. data sets. It is found that the VECMs are more suitable to study the effect of cay on stock returns than the two-stage method. Using the Conditional-Subset VECM, cay signals real stock returns and excess returns in both data sets significantly. The estimated coefficient on cay for stock returns turns out to be two times greater in U.S. data than in German data. When the two-stage method is used, cay has no significant effect on German stock returns. Besides, it is also found that cay signals German wealth growth and U.S. income growth significantly.
    Keywords: G10 ; C32 ; ddc:330 ; stock returns ; consumption-wealth ratio ; VECM ; Kapitalertrag ; Erwartungstheorie ; Prognoseverfahren ; Gesamtwirtschaftlicher Konsum ; Vermögen ; Einkommen ; Theorie ; Fehlerkorrekturmodell ; Schätzung ; Vereinigte Staaten ; Deutschland
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  • 32
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: In this article I survey the theoretical literature on environmental policy in the presence of imperfect competition, ranging from early contributions in the 1960s to the present. I cover the following market structures when polluting firms have market power in the output market: monopoly, Cournot oligopoly, Bertrand duopoly with homogeneous products, pricesetting duopoly with differentiating commodities, and models of monopolistic competition. Among the latter I consider Cournot oligopoly with free entry, the Dixit-Stiglitz model, and Salop?s model of the circular city with polluting firms. The regulation instruments I concentrate on are emission taxes, tradable permits, and both absolute and relative standards. I also discuss taxation when firms have market power in the input market, and I study models where firms exercise market power in the market of tradable permits. In the latter case I also survey some recent results from the literature on experimental economics. Finally, I briefly discuss environmental policy in open economies when firms have market power in international markets. Here I suggest different decompositions of the unilateral second-best optimal tax rate, thus attempting to unify alternative interpretations of these decompositions in the literature.
    Keywords: ddc:330 ; Umweltpolitik ; Umweltökonomik ; Unvollkommener Wettbewerb ; Theorie
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  • 33
    Publication Date: 2017-10-05
    Description: Empirical evidence suggests a sharp volatility decline of the growth in U.S. gross domestic product (GDP) in the mid-1980s. Using Bayesian methods, we analyze whether a volatility reduction can also be detected for the German GDP. Since statistical inference for volatility processes critically depends on the specification of the conditional mean we assume for our volatility analysis different time series models for GDP growth. We find across all specifications evidence for an output stabilization around 1993, after the downturn following the boom associated with the German reunification. However, the different GDP models lead to alternative characterizations of this stabilization : In a linear AR model it shows up as smaller shocks hitting the economy, while regime switching models reveal as further sources for a stabilization, a narrowing gap between growth rates during booms and recessions or flatter trajectories characterizing the GDP growth rates. Furthermore, it appears that the reunification interrupted an output stabilization emerging already around 1987.
    Keywords: C11 ; C15 ; C32 ; E32 ; ddc:330 ; business cycle models ; Gibbs sampling ; Markov Chain Monte Carlo ; regime switching ; structural breaks ; Konjunktur ; Sozialprodukt ; Volatilität ; Zeitreihenanalyse ; Schätzung ; Deutschland
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  • 34
    Publication Date: 2017-10-05
    Description: The question of whether two drugs – namely alcohol and tobacco – are used as complements or substitutes is of crucial interest if side-effects of anti-drug policies are considered. Numerous papers have empirically addressed this issue by estimating demand systems for alcohol and tobacco and subsequently calculating cross-price effects. However, this traditional approach often is seriously hampered by insufficient price-variation observed in survey data. We, therefore, suggest an alternative instrumental variables approach that statistically mimics an experimental study and does not rely on prices as explanatory variables. This approach is applied to German survey data. Our estimation results suggest that a reduction in tobacco consumption results in a reduction in alcohol consumption, too. It is shown theoretically that this implies that alcohol and tobacco are complements. Hence, we conclude that successful antismoking policies will not result in the unintended side-effect of an increased (ab)use of alcohol.
    Keywords: C31 ; I12 ; D12 ; ddc:330 ; interdependence in consumption ; tobacco and alcohol ; instrumental variables approach ; Drogenkonsum ; Rauchen ; Alkoholkonsum ; Konsuminterdependenz ; Komplementärgut ; Instrumentalvariablen-Schätzmethode ; Schätzung ; Deutschland
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  • 35
    Publication Date: 2017-10-05
    Description: This paper presents a cost-benefit analysis of three different use systems for the remaining cloud forests in Ethiopia which at present are being depleted at a rate of 8% per year. These use systems are traditional conversion to crop land, sustainable management of the forest (e.g. by growing high-quality semi-forest coffee), and strict protection. We find that conversion to cropland yields the highest net present income value for the local population, and at discount rates of 10% is even in the best interests of the country. For discount rates of at 5% or lower, sustainable forest use is in the best interests of the country. Taking into account the global benefits of biodiversity conservation and carbon storage, sustainable forest management yields the highest total economic value.
    Keywords: ddc:330 ; cost-benefit analysis ; biodiversity ; coffee ; Ethiopia
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  • 36
    Publication Date: 2017-10-05
    Description: We use panel probit models with unobserved heterogeneity and serially correlated errors in order to analyze the determinants and the dynamics of current-account reversals for a panel of developing and emerging countries. The likelihood evaluation of these models requires high-dimensional integration for which we use a generic procedure known as Efficient Importance Sampling (EIS). Our empirical results suggest that current account balance, terms of trades, foreign reserves and concessional debt are important determinants of the probability of current-account reversal. Furthermore we find under all specifications evidence for serially correlated error components and weak evidence for state dependence.
    Keywords: C23 ; F32 ; C15 ; C25 ; ddc:330 ; Panel data ; Dynamic discrete choice ; Current account reversals ; Importance Sampling ; Monte Carlo integration ; State dependence
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  • 37
    Publication Date: 2017-10-05
    Description: This paper analyzes the dynamics of trade policy reform under democracy. In an overlapping generations model, heterogeneous agents may acquire skills when young, thereby determining the skill composition of their cohort. Current and anticipated trade policies influence education decisions, and thus the identity of the median voter. We show that there may exist two political steady states: one protectionist and one liberal. Transition from the former to the latter can be achieved by government announcements, temporary educational subsidies, or (exogenous) tariff liberalization by trading partners, but not, in general, by transfer payments to adversely affected workers. We find additionally that reform is politically feasible only if the proposed liberalization is sufficiently large, suggesting that radical reform may be necessary for escaping a ?protectionist rut.?
    Keywords: D72 ; E60 ; F13 ; F16 ; ddc:330 ; Political Economy ; Trade Policy ; Skill Acquisition ; Politically Stable Policy Paths ; Referenda ; Außenhandelsliberalisierung ; Public Choice ; Overlapping Generations ; Theorie
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  • 38
    Publication Date: 2017-10-05
    Description: Recent empirical evidence suggests that reversing current account balances imply costly adjustment processes leading to reduced economic growth. Using large panel data sets to analyze determinants and costs of reversals asks for controls of heterogeneity among countries. This paper contributes a Bayesian analysis, which allows a parsimonious yet flexible handling of country specific heterogeneity via random coeffcients. Furthermore, the analysis allows for serially correlated errors in order to capture persistence within the employed macroeconomic data. Bayesian specification tests provide evidence in favor of models incorporating heterogeneity and serial correlation. The results suggest that consideration of serial correlation and heterogeneity is necessary to assess correctly the determinants and costs of reversals. Results are checked for robustness against the underlying reversal definition.
    Keywords: F32 ; F43 ; C33 ; C35 ; C30 ; ddc:330 ; Current account reversals ; Bayesian Analysis ; Panel Probit Model ; Panel Treatment Model ; Random Parameters ; Serial Correlation ; Leistungsbilanz ; Zahlungsbilanzungleichgewicht ; Anpassungskosten ; Bayes-Statistik ; Schätztheorie ; Probit-Modell ; Schätzung ; Welt
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  • 39
    Publication Date: 2017-10-05
    Description: This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm?s investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision. We find that total factor productivity is a significant determinant of a firm?s initial and subsequent investments. Parent-firm size does not have a significant influence on the initial decision to invest. Large firms simply have more investments than smaller firms. Other firm-specific characteristics, such as the R&D intensity, export share and keiretsu membership, also play a role in the investment process.
    Keywords: F23 ; L20 ; ddc:330 ; Foreign direct investment ; productivity ; hazard model ; Japan ; keiretsu ; Direktinvestition ; Japanisch ; Multinationales Unternehmen ; Produktivität ; Keiretsu ; Schätzung ; Japan ; Europa
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  • 40
    Publication Date: 2017-10-05
    Description: In this paper we discuss parameter identification and likelihood evaluation for multinomial multiperiod Probit models. It is shown in particular that the standard autoregressive specification used in the literature can be interpreted as a latent common factor model. However, this specification is not invariant with respect to the selection of the baseline category. Hence, we propose an alternative specification which is invariant with respect to such a selection and identifies coefficients characterizing the stationary covariance matrix which are not identified in the standard approach. For likelihood evaluation requiring high-dimensional truncated integration we propose to use a generic procedure known as Efficient Importance Sampling (EIS). A special case of our proposed EIS algorithm is the standard GHK probability simulator. To illustrate the relative performance of both procedures we perform a set Monte-Carlo experiments. Our results indicate substantial numerical e?ciency gains of the ML estimates based on GHK-EIS relative to ML estimates obtained by using GHK.
    Keywords: C35 ; C15 ; ddc:330 ; Discrete choice ; Importance sampling ; Monte-Carlo integration ; Panel data ; Parameter identification ; Simulated maximum likelihood ; Probit-Modell ; Schätztheorie ; Maximum-Likelihood-Methode ; Theorie
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  • 41
    Publication Date: 2017-10-05
    Description: This paper investigates distributive justice using a fourfold experimental design : The ignorance and the risk scenarios are combined with the self-concern and the umpire modes. We study behavioral switches between self-concern and umpire mode and investigate the goodness of ten standards of behavior. In the ignorance scenario, subjects became on average less inequality averse as umpires. A within-subjects analysis shows that about one half became less inequality averse, one quarter became more inequality averse and one quarter left its behavior unchanged as umpires. In the risk scenario, subjects become on average more inequality averse in their umpire roles. A within-subjects analysis shows that half of them became more inequality averse, one quarter became less inequality averse, and one quarter left its behavior unchanged as umpires. As to the standards of behavior, several prominent ones (leximin, leximax, Gini, Cobb-Douglas) experienced but poor support, while expected utility, Boulding's hypothesis, the entropy social welfare function, and randomization preference enjoyed impressive acceptance. For the risk scenario, the tax standard of behavior joins the favorite standards of behavior.
    Keywords: C91 ; D63 ; D31 ; ddc:330 ; Distributive justice ; income distributions ; veil of ignorance ; Verteilungsgerechtigkeit ; Verhaltensökonomik ; Experiment ; Einkommensverteilung ; Verfassungsökonomik ; Theorie
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  • 42
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    Kiel: Kiel University, Department of Economics
    Publication Date: 2017-10-05
    Description: In this paper, we take up the question why a group of sovereign countries is willing to form a federation even if residents of the high-income region suspect potential immigrants to be net beneficiaries of the tax and transfer system. We argue that income uncertainty alone cannot satisfactorily explain the formation of federations, since in many existing and developing federations income differences are both large and persistent. In the model presented here remaining separated involves costs for the high-income region, which can be regarded as a proxy for the efficiency loss caused if mobile factors cannot reallocate. A fiscal equalization scheme that shares the resources saved by limiting costly migration between the regions can make both regions better off.
    Keywords: D63 ; H40 ; H77 ; D78 ; ddc:330 ; Federalism ; Migration ; Fiscal Equalization ; Föderalismus ; Finanzausgleich ; Finanzföderalismus ; Regionale Einkommensverteilung ; Internationale Wanderung ; Internationale Faktormobilität ; Allokationseffizienz ; Kosten-Nutzen-Analyse ; Wohlfahrtseffekt ; Theorie
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  • 43
    Publication Date: 2017-10-05
    Description: This paper uses the data gained from an income categorization experiment for five shapes of income distributions to investigate background context effects, relative deprivation, range-frequency theory to explain back- ground context effects, individual income satisfaction versus aggregate well- being, and the dual patterns of income categorization and limen setting. It is shown that background context effects exist and are reflected in relative deprivation. Not all precepts of range-frequency theory can be evidenced. Moreover, we demonstrate a welfare paradox which concerns a contradiction between individual income satisfaction and aggregate well-being. Finally, income categorization and limen setting harbor no response-mode effects, but exhibit conformity.
    Keywords: C91 ; D63 ; D31 ; ddc:330 ; Relative Deprivation ; Income Distributions ; Income Satisfac- tion ; Context Effects. ; Einkommensverteilung ; Disparitätsmaß ; Verteilungsgerechtigkeit ; Meinung ; Lebensstandard ; Experiment ; Theorie ; Lebenszufriedenheit
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  • 44
    Publication Date: 2017-10-05
    Description: We employ German Sample Survey Income data to examine income inequality and the financial situation of elderly citizens for the period from 1978 to 2003, focussing on differences between retired and non-retired elderly and between elderly with residence in the Old and the New German Laender. Inter-temporal changes in income inequality are also decomposed by income sources. To our knowledge, this is the first study that provides comparable and detailed longitudinal income statistics for the German elderly. We find some remarkable inter-temporal patterns. First, the financial situation of the elderly has improved substantially over time. This is true especially for the New Laender, although elderly with residence in the Old Laender remain financially privileged. Within the same age cohort, we also find that non-retired, on average, are financially better-off compared to retired elderly. For reunified Germany, inequality is astonishingly stable over time, but rises significantly since 1993 in the New German Laender.
    Keywords: D31 ; J14 ; H55 ; H31 ; ddc:330 ; Pensioner ; Inequality ; Inequality Decomposition ; German Sample Survey Income data ; Rentner ; Alte Menschen ; Einkommensverteilung ; Vermögen ; Deutschland ; Alte Bundesländer ; Neue Bundesländer
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  • 45
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    Göttingen: Georg-August-Universität Göttingen, Volkswirtschaftliches Seminar
    Publication Date: 2017-07-28
    Description: A persistent controversy in the economics of higher education is the distributional consequences of tuition-fee subsidies. There are two points at issue. First, subsidies affect income distribution between rich and poor households, analyzed by cross-sectional studies. Second, there may also be long-run effects on income distribution, i.e., toward graduates who benefited from public higher education and away from non-graduates who contributed their taxes to finance these subsidies. This paper focuses on whether it is in the interest of the non-graduates to subsidize investments in higher education. We show that subsidies to higher education may be Pareto-superior, benefiting all agents rather than the minority of graduates alone. However, it is also likely that efficiency gains cannot be distributed among all agents if a large fraction of agents uses subsidies to reap windfall gains. Windfall gains occur because of the unavailability of agents' endowments and are identified as the main cause of unwanted distributional effects between graduates and non-graduates. Nevertheless, it would be possible to establish a voluntary graduate tax that works as a revelation mechanism and, consequently, breaks down the equity-efficiency trade-off.
    Keywords: I22 ; H22 ; H21 ; ddc:330 ; tax distortion ; voluntary graduate tax ; income redistribution ; Studium ; Bildungsfinanzierung ; Subvention ; Einkommensverteilung ; Einkommensteuer ; Akademische Berufe ; Optimale Verteilung ; Windfall Profit ; Theorie ; graduate tax
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  • 46
    Publication Date: 2017-10-05
    Description: Using an experiment with material incentives, this paper investigates the violation of composite dominance relationships, viz. absolute Pareto dominance, Pareto rank dominance, transfer dominance, Lorenz dominance, and generalized Lorenz dominance. Moreover, we test tail independence. The experiment consists of two treatments, a self-concern mode (in which each subject expects payoffs according to her own choices), and a social-planner mode (in which subjects form their preferences without any chance of receiving payoffs when they became effective). The main focus of this paper centers on the behavioral shifts between the self-concern and the social-planner modes. We show, first, that subjects' behavior is different under the two treatments. Second, we show that there are less violations of the two Pareto dominance relations and of generalized Lorenz dominance and more violations of Lorenz dominance and of transfer dominance under the self-concern mode than under the social-planner mode. Within these groups, behavior is more similar under the self-concern mode than under the social-planner mode. Tail independence is widely rejected.
    Keywords: D31 ; D63 ; C91 ; ddc:330 ; Income distributions ; dominance relations ; tail independence ; Einkommensverteilung ; Optimale Verteilung ; Verhaltensökonomik ; Experiment ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 47
    Publication Date: 2017-12-06
    Description: Entering host country networks of knowledge flows (new competencies, innovative technologies, and lead-market knowledge) is a major rationale of multinational firms for investing abroad. Foreign firms find it difficult to overcome cultural and social barriers which make their foreign engagements more strenuous and error prone (liability of foreignness). In our analysis we break down the complex mechanisms behind knowledge spillovers and identify conceptual links with liability of foreignness. We hypothesise that liability of foreignness acts as a filter for foreign firms, restricting their access to host country knowledge. We use a broad sample of roughly 1,000 firms in Germany to empirically test the existence of liabilities of foreignness in leveraging knowledge spillovers. Our particular setting allows us to distinguish between upstream (suppliers, academia) and downstream (customers) liabilities of foreignness. We find that multinational firms can compete on an equal footing with host country rivals when it comes to generating impulses for innovations from suppliers and academia. They are significantly challenged by liabilities of foreignness, though, where customers are involved. We suggest that the frictional losses from a lack of social and cultural embeddedness (liability of foreignness) in the host country are especially relevant when promising lead customers have to be identified and their tacit and often unarticulated impulses have to be transferred, understood and prioritised.
    Keywords: D83 ; F23 ; O31 ; O32 ; ddc:330 ; Liability of foreignness ; knowledge spillover ; globalisation ; trivariate probit ; Innovation ; Wissenstransfer ; Multinationales Unternehmen ; Deutsch ; Lieferanten-Kunden-Beziehung ; Globalisierung ; Multikulturell ; Schätzung ; EU-Staaten ; OECD-Staaten ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 48
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-01
    Description: This paper analyzes the determinants of R&D co-operation among German manufacturing firms. Using firm level data from the Third Community Innovation Survey from Germany, we focus on the role of spillovers in explaining R&D cooperation. We also investigate firms? decisions to cooperate with research institutions or with suppliers and customers. Implementing a two-step estimation procedure, we find a positive effect of knowledge flows on the probability of R&D co-operation in most model specifications. Additionally, we show that firms with high intramural R&D budgets are more likely to cooperate with universities and research institutions than with suppliers and customers.
    Keywords: O31 ; O32 ; L22 ; ddc:330 ; Spillovers ; R&D Co-operation ; CIS 3 ; Industrielle Forschung ; Forschungskooperation ; Wissenstransfer ; Spillover-Effekt ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 49
    Publication Date: 2017-12-06
    Description: Since January 1st the European Union has launched an EU-internal emissions trading scheme (EU ETS) for emission-intensive installations as the central pillar to comply with the Kyoto Protocol. The EU ETS may be linked at some time to a Kyoto emissions market where greenhouse gas emission allowances of signatory Kyoto countries can be traded. In this paper we investigate the implications of Russian market power for environmental effectiveness and regional compliance costs to the Kyoto Protocol taking into account potential linkages between the Kyoto emissions market and the EU ETS. We find that Russia may have incentives to join the EU ETS as long as the latter remains separated from the Kyoto international emissions market. In this case, Russia can exert monopolistic price discrimination between two separated markets thereby maximizing revenues from hot air sales. The EU will be able to substantially reduce compliance costs when it does not restrain itself to EU-internal emission regulation schemes. However, part of the gains from extra-EU emissions trading will come at the expense of environmental effectiveness as (more) hot air will be drawn in.
    Keywords: Q25 ; D42 ; ddc:330 ; market power ; hot air ; climate policy ; Klimaschutz ; Emissionshandel ; Emissionsrechte ; EU-Europäisch ; Marktmacht ; Russland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 50
    Publication Date: 2017-12-06
    Description: Energy markets and energy-intensive industries in all EU member states – especially in Germany – are subject to a diverse set of policies related to climate change. We analyse the potential efficiency losses from simultaneous application of emission taxes and emissions trading in qualitative and quantitative terms within a partial equilibrium framework for the EU. It turns out that those firms within the EU Emissions Trading Scheme (EU ETS) which at the same time are subject to domestic energy or carbon taxes will abate inefficiently much while other firms within the EU ETS will benefit from lower international emission permit prices. The same logic disproves the argument that additional national emission taxes will reduce inefficiencies in abatement supposed to be resulting from allowance (over-) allocation. In essence, unilateral emission taxes within the EU ETS are ecologically ineffective and subsidise net permit buyers. Thus, all firms that are subject to emissions trading and any CO2 emission taxes at the same time should be exempt from the latter. The foregone tax revenue could be generated by auctioning a small fraction of the permits instead. This would be cheaper for the emissions trading sectors as a whole and could be compatible even with the tight auctioning restrictions of the EU directive.
    Keywords: Q58 ; H22 ; H21 ; D61 ; ddc:330 ; emissions trading ; emission taxes ; National Allocation Plans ; Klimaschutz ; Emissionshandel ; Ökosteuer ; Wirtschaftspolitische Wirkungsanalyse ; Umweltschutz ; Allokationseffizienz ; Excess Burden ; Theorie ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 51
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    Mannheim: Zentrum für Europäische Wirtschaftsforschung (ZEW)
    Publication Date: 2017-12-06
    Description: The relationship between individual firms? export behaviour and firm performance has been studied extensively in the economic literature. However, most studies from the field of economics only distinguish between exporting and non-exporting companies, using the firms? export status as a binary treatment variable and comparing the performance of exporting and non-exporting firms. This paper introduces the newly developed generalised propensity score (GPS) methodology to the literature of individual firms? export behaviour. Instead of a binary treatment variable, the GPS method allows for continuous treatment, that is, different levels of the firms? export activities. Based on the GPS methodology, a dose-response function is estimated, depicting the relationship between the firms? pre-treatment export-sales ratio and their subsequent sales growth rate as a measure of firm performance.
    Keywords: L60 ; L86 ; F23 ; ddc:330 ; Degree of internationalisation ; continuous treatment ; generalised propensity score ; dose-response function ; high-technology industries ; Export ; Unternehmensentwicklung ; Absatz ; Unternehmenswachstum ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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