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  • Articles  (460)
  • Articles: DFG German National Licenses  (460)
  • Blackwell Publishing Ltd/Inc.  (460)
  • 2005-2009  (460)
  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Various inequality and social welfare measures often depend heavily on the choice of a distribution of income. Picking a distribution that best fits the data involves throwing away information and does not allow for the fact that a wrong choice can be made. Instead, Bayesian model averaging utilizes a weighted average of the results from a number of income distributions, with each weight given by the probability that a distribution is ‘correct’. In this study, prior densities are placed on mean income, the mode of income and the Gini coefficient for Australian income units with one parent (1997–8). Then, using grouped sample data on incomes, posterior densities for the mean and mode of income and the Gini coefficient are derived for a variety of income distributions. The model-averaged results from these income distributions are obtained.
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  • 2
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    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Evidence is provided in this article for the existence of a stochastic unit root (STUR) in a proxy for the US risk-free interest rate, in preference to a standard fixed unit root. The implications of the existence of the STUR, on estimating and testing the capital asset pricing model, are also examined through simulations. The effects of the STUR in the risk-free interest rate, on conducting unit root tests for excess market returns and estimating the betas of assets, are found to be qualitatively similar to those of the standard (fixed) unit root. Thus, this article confirms the conjecture of Markellos and Mills (2001, Applied Economics Letters, 8, pp. 499–502) on the risk-free interest rate following near-integrated processes, at least for a STUR.
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  • 3
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this article, we analyse the determinants of firm-level profit margins in Indian manufacturing. The model we estimate is rich in its dynamic characterization allowing as it does for lagged terms, trend movements, business cycle effects and a structural break in 1991. We hypothesize that the reforms undertaken by the government in 1991 constitute a structural break that influences a firm's independence to react to other firms as well as the extent of competition faced by these firms. Inserting this into the standard industrial organization model of profits, we obtain a dynamic market model. Estimating this model for 1980–98, we find that the 1991 reforms did have a significant impact on profit margins in Indian industry. The reforms have worked through their impact on a firm's behavioural variables – advertising, Research and Development (R&D), capital–output ratios and managerial remuneration – though the precise variables that were significant varied from sector to sector. We find that relatively inefficient firms make significantly lower profits than others both before and after the liberalization as expected.
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  • 4
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Regression and neural network models of wage determination are constructed where the explanatory variables include detailed information about the impact of school curricula on future earnings. It is established that there are strong non-linearities and interaction effects present in the relationship between curriculum and earnings. The results have important implications in the context of the human capital vs. signalling and screening debate. They also throw light on contemporary policy issues concerning the desirability of breadth vs. depth in the school curriculum.
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  • 5
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Who benefits from economic growth? This paper analyses the distributional impact of different types of growth within a two-sector model. The paper first presents necessary and sufficient conditions for unambiguous changes in wage inequality in a dual economy, based on analysis of the entire Lorenz curve. These conditions are then applied to the Harris–Todaro model with an urban non-agricultural sector and rural agriculture. It is shown that capital accumulation or technical progress in agriculture can shift the Lorenz curve inwards and reduce wage inequality, while the effects of development in non-agriculture are typically ambiguous.
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  • 6
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article uses data from the Quarterly Labour Force Survey for 1992–95 and 2000–03 to examine changes in ethnic unemployment and economic activity. The intention was to compare the relatively high unemployment era of the 1990s with the lower unemployment era of the 2000s. Although the ethnic minority unemployment situation has improved, only half of the difference between white and non-white unemployment can be attributed to differences in observed characteristics. This suggests that a large unexplained discriminatory element still exists for most ethnic minorities. This has become larger for Pakistani/Bangladeshi men, implying a widening of the unexplained ethnic differential.
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  • 7
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: It is conjectured that if the government has a distributional objective and formulates tax policy with a view to equitable treatment of households, then adopting the scale that is implicit in transfer policy should identify only reranking that has no equity foundation. This motivates the question: can the reranking-minimizing scales be identified as those implicit in the transfer system? The analysis presented in this study suggests that the equivalence scale which minimizes reranking, while not necessarily equal to the tax implicit equivalence scale, is nevertheless in its vicinity.
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  • 8
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Four factors are fundamentally altering the financial landscape in the Euro Area: deregulation, further disintermediation provoked by the common currency and common monetary policy, technological advances and increased competition from non-bank intermediaries. Faced with the combined pressures of these factors, banks are devising strategies to do business in this new environment. They respond by attempting to improve their efficiency and/or market power through consolidation and balance sheet restructuring. This article examines whether the ongoing process of consolidation should be rationalized on the basis of the benefits of economies of scale and scope or to the attempt of banks to tackle excess capacity problems. Empirical findings reveal a significant effect of efficiency measures on banking profitability indices. Also, we argue that further disintermediation caused by common currency and common monetary policy poses a threat to banks' profitability. Finally, these results have some implications for merger and antitrust policy as well as for supervisory and regulatory practices.
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  • 9
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article highlights the spread of bank panics across countries, as the public reassesses governments' propensity to bailouts. Policymakers decide whether to save collapsing banking systems by weighing social costs of crises against the costs associated with raising taxes to finance rescue packages. Policymakers know those social costs of bank liquidation whereas the public does not. In this setup, financial crises may result from the public's self-fulfilling prophecies about equilibrium outcomes, as lenders' expectations impinge on the taxation cost of bailouts. It follows that a banking crisis in a country leads creditors to reexamine policymakers' willingness to bailouts in other countries, which eventually makes their banks more vulnerable to self-confirming depositors' runs.
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  • 10
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper introduces a general model to analyse the effects of regulation on company risk. In particular, we consider two determinants of systematic risk: the company's overall risk and the correlation between the regulated company's value and the market. Theoretical findings indicate that, as regulation gets stricter, the company's abnormal returns will turn negative whereas the two systematic risk components will increase, and vice versa. We use event analysis elements and a time-varying beta estimation to verify the regulation impact on risk and returns in the English electricity distribution industry. We find that systematic risk varies significantly during the period considered in our analysis. Furthermore, the analysis points to negative relationships between abnormal returns and both market correlation and overall risk variations.
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  • 11
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We use a vertical product differentiation model under partial market coverage to study the social welfare optimum and duopoly equilibrium when convex costs of quality provision are either fixed or variable in terms of production. We show the following new results. First, under fixed costs, the social planner charges a uniform price for the single variant that just covers costs of quality provision. Like the duopoly equilibrium, this socially optimal pricing entails a partially uncovered market, but a smaller share of the market is served compared with the duopoly equilibrium. Second, for the variable cost case, it is socially optimal to provide both high- and low-quality variants, but market shares need not be equal. This differs from the result in fully covered markets. Third, in the duopoly equilibrium, the quality spread is too wide under variable costs relative to the social optimum. Under fixed costs, the duopoly produces two variants, but quality is too low relative to the social optimum, which has only one variant.
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  • 12
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We develop a new approach to modelling the impact of personal characteristics on the extent of poverty, using propensity score matching methods. This is used to evaluate the contribution of hours constraints to poverty, as revealed in UK and US datasets. The results reveal a significant difference, consistent with the existence of greater labour market flexibility in the US.
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  • 13
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper investigates the econometric properties of the Taylor (1993) rule applied to US, Australian and Swedish data to judge its empirical relevance. Unit root tests indicate that the variables in the Taylor rule are near integrated processes, implying that cointegration is a necessary condition both for consistent estimation of the parameters of the model and compatibility between the model and the data. Tests find little support for cointegration and, together with an out-of-sample forecast exercise, suggest that we should have serious doubts about the Taylor rule as a reasonable description of how monetary policy is presently conducted. Parameters in Taylor rule regressions are therefore likely to be inconsistently estimated, and caution should be taken before central bank policy is evaluated using such methods.
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  • 14
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We investigate the effect of school inputs in primary and lower secondary schools on the probability of eventually passing upper secondary or vocational education. Danish administrative register data for a large number of young people and their parents are used. Educational outcome and controls for family background are measured at the individual level, whereas school expenditure and controls for municipal socioeconomic characteristics are measured at the municipal level. As unobserved characteristics may be correlated for pupils within the same municipality, we estimate linear probability and logit models with random municipal-specific effects in addition to standard OLS and logit models. With the full sample of pupils and the full set of controls, we find that expenditure per pupil has a statistically significant, but rather small, positive effect on educational attainment. Effects of teacher–pupil ratios are less significant. The expenditure effects are generally higher for pupils from disadvantaged backgrounds.
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  • 15
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Does distributive conflict diminish during the course of economic development? This article outlines a model in which distribution, the tax rate and growth evolve endogenously over time. When voting occurs over a tax on capital, we show that the growth rate is maximized at the political equilibrium in the long run. When voting occurs over a general income tax, we show that the growth rate is maximized at the political equilibrium in both the short and long run. These results suggest that the transitional dynamics of growth models with redistributive politics lead to growth-maximizing outcomes, as distributive conflict diminishes in the course of development. This implies that the democratic process leads to greater consensus over policy choices, with a perfect convergence of interest across individuals with respect to the tax rate.
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  • 16
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Variations in aggregate poverty indices can be due to differences in average poverty intensity, to changes in the welfare distances between those poor of initially unequal welfare status and/or to emerging disparities in welfare among those poor of initially similar welfare status. This note uses a general cost-of-inequality approach that decomposes the total change in poverty into a sum of indices of each of these three components. This decomposition can serve inter alia to integrate horizontal and vertical equity criteria in the poverty alleviation assessment of social and economic programmes. The use of these measures is briefly illustrated using Tunisian data.
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  • 17
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article studies a game between authors and editors. Editors play as leaders while authors are the followers. Authors maximize the number of publications seeking to increase the impact of their work in the literature, captured by citations. Editors maximize the quality of papers they publish in order to increase the reputation of their journals. The main results are: (i) rules aimed at increasing scholars productivity, such as requirements to obtain tenure, increase author's citations and journal's quality; (ii) editors willingness to build journal's reputation hurt journal's quality and increase author's publications; (iii) journal's reputation increases citations and journal's quality.
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  • 18
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article explains how to obtain straightforward extensions of the most popular univariate non-nested statistics, and of the RESET-test, to a multivariate context and examines how to use these tests to compare alternative factor demand systems. The empirical application involves the classical Berndt–Khaled KLEM data set. A statistically adequate specification is determined for each competing factor demand system. The empirical results are interpreted for each system, the models are compared on the basis of multivariate paired and joint non-nested procedures and practical indications about what to expect if these tests are applied to alternative factor demand specifications are provided.
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  • 19
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    Financial accountability and management 21 (2005), S. 0 
    ISSN: 1468-0408
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: When public budgets have been drafted and approved, a new and equally important game begins. Budgets are routinely broken when they are implemented, causing higher public spending than politicians originally intended. Institutional, political, and economic causes of budget overruns are examined in an empirical analysis of more than 17,000 cases. While political factors have only marginal effect, it turns out that tractability explains budget overruns well; if users and producers are strong, budget overruns tend to be large. In a reform perspective, the effect of institutional rules is especially interesting. No quick fixes to problems with budget overruns exist, but rules prohibiting supplementary appropriations for non-mandatory spending can reduce overruns, provided that politicians are willing and able to credibly commit themselves not to waive them later.
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    Financial accountability and management 21 (2005), S. 0 
    ISSN: 1468-0408
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Studies of measurement and accountability are leading public sector transformation. By examining military work, this paper addresses the relationship between measurements and accountability by highlighting the measurements. Evidence was gathered from documents, political statements and field research. Several layers of accountability systems were found in the organisation. The principal can be the weak link in an accountability relationship if the measurement agenda is in the hands of the agent. The problems seem to go beyond performance and output, and a more fundamental question is challenging the public sector: `Are we doing the right things?' Or an even more dramatic existential question arises: `Why do we exist?'
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  • 21
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Financial accountability and management 21 (2005), S. 0 
    ISSN: 1468-0408
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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  • 22
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  The assumption behind discrete hours labour supply modelling is that utility-maximising individuals choose from a relatively small number of hours levels, rather than being able to vary hours worked continuously. Such models are becoming widely used in view of their substantial advantages, compared with a continuous hours approach, when estimating and their role in tax policy microsimulation. This paper provides an introduction to the basic analytics of discrete hours labour supply modelling. Special attention is given to model specification, maximum likelihood estimation and microsimulation of tax reforms. The analysis is at each stage illustrated by the use of numerical examples. At the end, an empirical example of a hypothetical policy change to the social security system is given to illustrate the role of discrete hours microsimulation in the analysis of tax and transfer policy changes.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  The wage curve is the negative relationship that links wage levels to the unemployment rate. It fits accurately with modern non-competitive labour-market models, but goes against a Phillips-curve modelling, because the latter ties wage growth to the unemployment rate. In this article, we present a comprehensive review of these non-competitive models, highlighting recent contributions that try to eliminate the possible ‘gap’ that exists between the concepts of the wage curve, on the one hand, and the Phillips curve, on the other.
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  • 24
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    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  This paper reviews the literature on the effects of fiscal policy in new open economy macroeconomics (NOEM) models, complementing it with additional results that attempt to clarify the importance of the exchange rate regime (fixed or flexible) and of the type of policy (balanced budget or debt-financed). Fixed exchange rates only seem to postpone the costs from the short to the long run, but the type of policy is crucial in determining the welfare impact of fiscal expansions. The paper also reviews the recent literature on fiscal policy coordination and shows that there is already some evidence that the gains from coordination in this area can be potentially large but draw attention to the need for reflecting more on the role of fiscal policy as a stabilization tool and on possible interactions between fiscal and monetary policy.
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  • 26
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  Outsourcing the provision of traditionally publicly provided services has become commonplace in most industrialized nations. Despite its prevalence, there still is no consensus in the academic literature on the magnitude (and determinants) of expected cost savings to the government, nor the sources of those savings. This article considers the arguments for (and against) outsourcing and then examines the empirical evidence pertaining to whether any observed savings occur and whether they persist over time. In addition, we examine the existing evidence for the ‘redistribution hypothesis’ and the ‘quality-shading hypothesis’, which critics have used to argue that outsourcing lowers government expenditure by lowering wages and conditions and/or lower quality services. Finally, we consider the impact of contract design on outsourcing outcomes. While the power of incentives is a strong theme in economics, recent work has suggested that high-powered incentives may be suboptimal for many public sector services, because they may crowd out intrinsic motivation, particularly in instances where agents are highly motivated. We discuss the implications of this insight for the efficiency of public sector outsourcing.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  Recently, an increasing number of papers have investigated the role of trade credit as an external source of finance when analyzing the monetary transmission mechanism. These works support the balance sheet-channel view and at the same time explain the difficulties encountered when looking for evidence in favor of the bank-lending channel. This paper presents a survey of the emerging literature on the role of trade credit in the transmission of monetary policy, trying to link it with the well-established credit-channel literature.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  Pedagogically, literature reviews are instrumental. They summarize the large literature written on a particular topic, give coherence to the complex, often disparate, views expressed about an issue, and serve as a springboard for new ideas. However, literature surveys rarely establish anything approximating unanimous consensus. Ironically, this is just as true for the empirical economic literature. To harmonize this dissonance, we offer a quantitative methodology for reviewing the empirical economic literature. Meta-regression analysis (MRA) is the regression analysis of regression analyses. MRA tends to objectify the review process. It studies the processes that produce empirical economic results as though they were any other social scientific phenomenon. MRA provides a framework for replication and offers a sensitivity analysis for model specification. In this brief essay, we propose a new method of reviewing economic literature, MRA, and discuss its potential.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  In our increasingly interconnected and open world, international migration is becoming an important socioeconomic phenomenon for many countries. Since the early 1980s, many studies about the impact of immigration on host labour markets have been undertaken. Borjas (2003, The labor demand curve is downward sloping: reexamining the impact of immigration on the labor market. Quarterly Journal of Economics 118(4): 1335–1374) noted that the estimated effect of immigration on the wage of native workers varies widely from study to study and sometimes even within the same study. In addition, these effects cluster around zero. Such a small effect is a rather surprising outcome, given that in a closed competitive labour market an increase in labour supply may be expected to exert a downward pressure on wages. We revisit this issue by applying meta-analytic techniques to a set of 18 papers, which altogether generated 348 estimates of the percentage change in the wage of a native worker with respect to a 1 percentage point increase in the ratio of immigrants over native workers. While many studies in our database employ US data, estimates are also obtained from Germany, The Netherlands, France, Norway, Austria, Israel and Australia. Our analysis shows that results vary across countries and are inter alia related to the type of modelling approach. Technical issues such as publication bias and quality of the estimates are addressed as well.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  Since the early 1970s, a number of authors have calculated gender wage differentials between women and men of equal productivity. This meta-study provides a new quantitative review of this vast amount of empirical literature on gender wage differentials as it concerns not only differences in methodology, data, and time periods, but also different countries. We place particular emphasis on a proper consideration of the quality of the underlying study which is done by a weighting with quality indicators. The results show that data restrictions – i.e. the limitation of the analysis to new entrants, never-marrieds, or one narrow occupation only – have the biggest impact on the resulting gender wage gap. Moreover, we are able to show what effect a misspecification of the underlying wage equation – like the frequent use of potential experience – has on the calculated gender wage gap. Over time, raw wage differentials worldwide have fallen substantially; however, most of this decrease is due to better labor market endowments of females.
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    Journal of economic surveys 19 (2005), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  The paper presents a nonexhaustive survey of the literature designed to explain emergence, size and political sustainability of pay-as-you-go pension systems. It proposes a simple framework of analysis (a small, open, two overlapping generation economy model), around which some variants are displayed. Dictatorship of the median voter is assumed. The text is organized to answer the following questions: (i) Do political equilibria with PAYG pension schemes exist? (ii) Why do they emerge? (iii) What are the conditions for the participation constraint of the pension game to be verified?, and finally, (iv) What is the size of the pension system chosen by the median voter and how is this size influenced by an exogenous (e.g. demographic) shock?
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    Journal of economic surveys 19 (2005), S. 0 
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    Topics: Economics
    Notes: Abstract.  This paper focuses on the relationship between institutions and ethnocentrism as discussed in the rational choice literature. The institutional environment can influence both the formation and the expression of ethnic tastes by rational individuals. Ethnocentrism is likely to be mitigated by, on the one hand, a private sector characterized by a wide and competitive market with effective property right and antitrust law enforcement provided by non-ethnic institutions and, on the other hand, a public sector which is characterized by institutional restrictions on the differential fiscal or regulatory treatment on the basis of ethnicity, a redistributive system based on non-ethnic criteria and finally, the possibility for decentralized collective decision making. These insights may be of particular utility when designing the institutions of potentially divided multi-ethnic states.
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    Topics: Economics
    Notes: Abstract.  How does the income of others affect my own welfare? This survey of the empirical literature stresses the contribution of subjective data to the understanding of this issue, with an attempt to disentangle direct effects (preference interdependence) from indirect informational effects. It shows that perceived mobility is central to the link between other people's income and individual satisfaction, as it determines individual opportunities and risks. Agents also appreciate the egalitarian nature of mobility itself, so that individual welfare depends on dynamic inequality rather than static income distribution. These studies illustrate how subjective data can bring information on aspects of utility and social interactions that are beyond the scope of the method based on action-revealed preferences.
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    Topics: Economics
    Notes: Abstract.  Incentive structures affect people's decisions. But what are the implications of the resulting choices that people make for the level of risk within the economy? This paper reviews the literature in this area and attempts to draw out practical work that can be taken forward in assessing risk-taking incentives in the UK. Understanding the principal–agent problem is key to explaining many of the incentive structures that emerge. The paper provides an exposition of this before considering its implications in the managerial and financial markets. Within both these markets the paper considers how incentive structures alter principals' behaviour, before considering possible solutions to the common problem of asymmetric information. The paper concludes that the implications for risk-taking are unclear, as incentive structures can lead to both increased and decreased risk-taking. It therefore makes a number of suggestions for future research into the effect of incentive structures in existence in the UK.
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    Topics: Economics
    Notes: Abstract.  This paper surveys what can be learned from recent advances in the incomplete contract literature to understand how public goods are or should be provided. The paper starts with a section on the full information case that presents and discusses the classical Samuelson condition on the optimal provision of public goods. The rest of the paper presents results under asymmetric information. It is constituted of two main parts. In the first one, the social planner has complete contracting ability. We discuss the basic setting and assumptions of this comprehensive contracting approach and study the trade-offs it generates. The second part of the paper is devoted to the study of contracting incompleteness. Such incompleteness can emerge from various sources, which we present and discuss. We then study the case of a politically chosen decision-maker and the consequences of its inability to commit for more than one period and of the ability for individuals to form groups. Finally, we address the problem of the choice between public and private forms of public good provision. The concluding section summarizes the main policy lessons.
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    Topics: Economics
    Notes: Abstract.  This survey organizes and summarizes existing theoretical work on private sector training. The theoretical models focus on investment efficiency, finance and turnover. Recent developments in the on-the-job training literature are characterized by strategic interaction between employers and employees and emphasize market imperfections.
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    Journal of economic surveys 19 (2005), S. 0 
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    Topics: Economics
    Notes: Book reviewedColin F. Camerer (2003). Behavioral Game Theory: Experiments in Strategic Interaction
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    Journal of fish biology 67 (2005), S. 0 
    ISSN: 1095-8649
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology
    Notes: Growth was measured in dechorionated and chorionated embryos of rainbow trout Oncorhynchus mykiss exposed to three oxygen treatments: hypoxia, normoxia and hyperoxia (nominally 5, 10 and 15 mg l−1). Dechorionated embryos grew faster than chorionated ones in all three oxygen treatments. Similar patterns, however, were found in both dechorionated and chorionated groups; embryos exposed to hypoxia grew less than normoxic and hyperoxic exposed embryos. Moreover, there was no significant interaction between the effect of oxygen levels and presence or absence of the chorion on growth after hatching. These results suggest that the effect of oxygen on growth was not affected by the presence of the chorion.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: The incidence of intersex in feral populations of brown trout Salmo trutta in Switzerland is reported. The affected brown trout showed spermatogenic activity in ovarian tissue.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: The occurrence of the dusky grouper Epinephelus marginatus in northern Patagonian Gulfs San Matías and Nuevo, Argentina, is recorded. This finding represents the southernmost record of the species for the southern hemisphere.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: The otolith microstructures of the leptocephali of Saurenchelys stylura and Dysomma sp., collected in November and December 2000 in the East China Sea, were examined to determine their larval ages and growth rates, and the spawning times of these two species of outer shelf and slope marine eels. Leptocephali ranging in size from 8 to 48 mm total length were examined, and the nettastomatid, S. stylura, and the synaphobranchid, Dysomma sp., had estimated ages that ranged from 16 to 75 days and 17 to 66 days, respectively. The overall growth rate of S. stylura was 0·68 mm day−1(n = 21), and of Dysomma sp. was 0·44 mm day−1(n = 22). These growth rates were similar or slightly faster than those observed for anguillid leptocephali in offshore areas of the western Pacific. The backcalculated hatching dates for these two species were from September to November. The otolith increment widths of S. stylura showed an increase before 20 to 30 days that were similar to those in anguillid species, but in Dysomma sp. there were no remarkable increases.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: The burrow morphology of the Japanese eel Anguilla japonica was studied using in situ resin-casting in a mud bottomed tidal drainage channel adjacent to the Fukui River in Tokushima, Japan. Two eels (62·5 and 56·3 cm total length) were initially fished from the burrows to verify that they were being used by A. japonica. Casts were made of 10 burrows that were found to have from one to three openings and main tunnels that were parallel to the axis of water flow in the channel. The maximum depths of the tunnels in the mud were 17·8–30·0 cm. The diameters of main tunnels ranged from 1·2 to 7·9 cm, were almost always wider than the bodies of the Japanese eels examined, and were more variable in the horizontal axis than in the vertical axis. There were no other animals capable of constructing a long and thin burrow in this channel, so these observations indicate that anguillids are able to construct their own burrows in soft mud sediments that may be used for extended periods of time.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: Two stocks of striped weakfish Cynoscion guatucupa in the south-west Atlantic Ocean, were identified using parasites as biological tags. A total of 297 fish caught in Brazil, Uruguay and Argentina, contained 29 species of metazoan parasites. Univariate analysis on parasite populations, as well as multivariate discriminant analysis, calculated for juvenile and adult fish separately, allowed the identification of the two stocks, one from Argentina and Uruguay and the other from Brazil, to be made. Southern samples were characterized by higher prevalences and abundance of larval endohelminths, whereas in the northern stock, gastrointestinal and ectoparasitic species were common. Discriminant analyses on parasite infracommunities of Brazilian fish showed notable differences between juvenile and adult hosts; no such trend was observed in fish from Argentina and Uruguay, despite differences between juveniles and adults at the population level. Different oceanographic conditions and their influence on the distribution of parasites as well as of other hosts involved in their life cycles could be key factors for the differences observed among stocks of C. guatucupa.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: A scanning electron microscopic study of the skin and eye of UV-B radiated ayu Plecoglossus altivelis(age 30 days, mean ± s.e. total length: 16·25 ± 0·11 mm) under laboratory condition showed marked changes when compared with the control fish without UV-B radiation. The exposure of the fish to the radiation resulted in the destruction of microridges in the epidermis and exposed neuromast cells of the skin. Domed protrusions were also more common in the skin of UV-B radiated fish than in the control fish. The appearance of mucus in both groups was different. In the control skin the mucus was spread over a wide area whereas in the treated fish the mucus was concentrated in a small area. The anastomozing structures of the microridges of the eyes were lost in UV-B radiated fish and the microridges themselves were fewer in number, fragmented, and aggregated. Mucus cells, prominently visible in the control fish, were distorted in the treated fish. Cell contours were irregular in UV-B radiated fish and cell to cell contacts had been lost in this group.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: The effect of elevated temperature on the antioxidants in the freshwater fish Channa punctata was investigated. Fish stressed with an elevated temperature of 12° C, range ± 1° C over the ambient temperature for 3 h showed a significant (P 〈 0·05–0·01) reduction in the levels of antioxidants: reduced glutathione (GSH) and non-protein thiols. Activity of glutathione reductase was also reduced in all the tissues (liver, kidney and gills) after 3 h of heat stress and 24 h recovery. Catalase (CAT) showed enhanced activity in liver in both the conditions while gills and kidney showed a decreased CAT activity. Glutathione S-transferase (GST) activity in kidney and liver decreased significantly (P 〈 0·05–0·01) after 3 h of heat stress. At 24 h GST activity showed a tendency to normalize in all the tissues along with a concomitant increase in the GSH level in the kidney. Total and protein thiols in heat stressed fish when matched with controls, showed significant (P 〈 0·05) reduction in the kidney only with a transient increase in liver and gills. Heat shock also induced lipid peroxidation in 3 h heat-treated and recovery groups when compared with controls. Elevated temperature therefore resulted in tissue specific and time-dependent alterations of antioxidants in the fish. It also induced lipid peroxidation in various tissues.
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    Journal of fish biology 67 (2005), S. 0 
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    Topics: Biology
    Notes: A novel stephanoberycid genus and species, Abyssoberyx levisquamosus Merrett & Moore is reported from bottom-trawl abyssal captures in 4490–4640 m depth. It has cycloid scales, differing from Stephanoberyx, Acanthochaenus and Hispidoberyx with spinoid scales; has 1–2 dorsal fin spines, differing from Acanthochaenus and Malacosarcus with 0, Gibberichthys with 5–6 and Hispidoberyx with 3–5 spines; has 5–7 + 14–15 gill rakers, differing from Stephanoberyx with 12–15 + 25–27 and Acanthochaenus and Malacosarcus with 8 + 17–20 gill rakers. Selected aspects of the osteology of A. levisquamosus are described, to confirm that it shares several features in common with other stephanoberycid genera and allied stephanoberycoids. Aspects of its biology and ecology are discussed.
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    Topics: Biology
    Notes: Larvae of Crystallodytes pauciradiatus(Creediidae) are described from 47 individuals (2·9–21·3 mm). They are elongate, slender, lightly pigmented, have prominent preopercular spines and unique small spines on the lower jaw. Early stages are restricted to the nearshore water around Easter Island, South Pacific.
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    Journal of fish biology 66 (2005), S. 0 
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    Topics: Biology
    Notes: Hatchery-reared Atlantic salmon Salmo salar(n = 25) and wild anadromous brown trout (sea trout) Salmo trutta(n = 15) smolts were tagged with coded acoustic transmitters and released at the mouth of the River Eira on the west coast of Norway. Data logging receivers recorded the fish during their outward migration at 9, 32, 48 and 77 km from the release site. Seventeen Atlantic salmon (68%) and eight sea trout (53%) were recorded after release. Mean migratory speeds between different receiver sites ranged from 0·49 to 1·82 body lengths (total length) per second (bl s−1) for Atlantic salmon and 0·11–2·60 bl s−1 for sea trout. Atlantic salmon were recorded 9, 48 and 77 km from the river mouth on average 28, 65 and 83 h after release, respectively. Sea trout were recorded 9 km from the release site 438 h after release. Only four (23%) sea trout were detected in the outer part of the fjord system, while the rest of the fish seemed to stay in the inner fjord system. The Atlantic salmon stayed for a longer time in the inner part than in the outer parts of the fjord system, but distinct from sea trout, migrated through the whole fjord system into the ocean.
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    Physiologia plantarum 123 (2005), S. 0 
    ISSN: 1399-3054
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    Physiologia plantarum 123 (2005), S. 0 
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    Physiologia plantarum 125 (2005), S. 0 
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    Journal of regional science 45 (2005), S. 0 
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    Topics: Geography , Economics
    Notes: Abstract.  In the recent literature on spatial agglomeration models, substantial progress has been made in modeling urban structures in terms of number and size of cities, but the question where cities arise remains unanswered. This paper illustrates that if a spatial agglomeration model is extended with a true geographical dimension, the location of cities can also be endogenized. A geographical agglomeration model for Europe shows that the size and place of cities can be simultaneously determined. The empirical results suggest that elementary economic forces such as agglomeration economies and transportation costs might be able to explain place and size of cities in the long run to a substantial degree. In addition, some new statistical measures of fit are discussed that are needed to evaluate simulations results of this kind.
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    Topics: Geography , Economics
    Notes: Abstract.  This paper estimates the effects of knowledge spillovers on patent growth rates across 335 European regions over the 1989–1999 period. We propose a dynamic model based on an innovation production function. A Bayesian approach is used to take into account area-specific innovation and spatial spillovers. The estimation of the model proceeds via Markov Chain Monte Carlo simulation. The results show significant positive and negative spatial effects on innovative activity. The model allows for a rich spatial specification, which we illustrate by incorporating transport proximity measured by transportation time between regions to augment the typical spatial proximity measure of connectivity between regions. Doing this produces more pronounced spatial spillovers that exhibit a more polarized spatial pattern than a model relying on spatial proximity alone.
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    Topics: Geography , Economics
    Notes: Abstract.  This paper provides an empirical investigation of the advantages accruing to workers in industrial clusters. Using a unique data set based on the Cluster Mapping Project of the Italian National Statistical Institute, we examine whether industry agglomeration leads to wage and labor mobility differentials. We estimate complete Mincerian wage equations, investigating whether returns to seniority and education are a possible source of differentiation. We find that working in an industrial cluster reduces the returns to education, does not affect the returns to seniority, and does not provide average wage premia. On the other hand, industrial agglomeration positively affects the likelihood of being employed, of starting a business, and of making a transition from payroll employment to entrepreneurship; it also increases blue-collar worker mobility across jobs.
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    Topics: Geography , Economics
    Notes: Books reviewed:Luc Anselin, Raymond J. G. M. Florax, and Sergio J. Rey. Advances in Spatial Econometrics: Methodology, Tools and ApplicationsAmy Ellen Schwartz. City Taxes, City Spending: Essays in Honor of Dick NetzerAndrew Wood and David Valler. Governing Local and Regional Economies: Institutions, Politics and Economic DevelopmentVijayendra Rao and Michael Walton. Culture and Public ActionKent W. Colton. Housing in the Twenty-First Century: Achieving Common GroundLeo van den Berg and Antonio Russo. The Student City: Strategic Planning for Student Communities in EU CitiesHarry W. Richardson and Chang-Hee Christine Bae. Urban Sprawl in Western Europe and the United StatesRon J. Johnston and James D. Sidaway. Geography & Geographers: Anglo-American Human Geography since 1945Georges Benko and Ulf Strohmayer. Human Geography: A History for the 21st CenturyGary L. Gaile and Cort J. Willmott. Geography in America at the Dawn of the 21st CenturyMichael Storper. Institutions, Incentives and Communication in Economic GeographyMichael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson. Globalization in Historical PerspectiveA. J. Dietz, Ruerd Ruben, and A. Verhagen. The Impact of Climate Change on Drylands, With a Focus on West AfricaFrancis J. Leazes Jr. and Mark T. Motte. Providence, the Renaissance CityMike Carr. Bioregionalism and Civil Society: Democratic Challenges to Corporate Globalism
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    Topics: Geography , Economics
    Notes: Abstract.  In this paper, we extend the partial equilibrium urban model of DeSalvo (1985) to include mode choice. DeSalvo demonstrated that the urban model of Muth (1969) was robust to the extension to leisure choice. We show that the model is robust to mode choice as well. In addition, we derive the comparative static results that commuters choose higher speed modes for longer commutes, at higher wage rates, with greater tastes for housing, and with lower housing prices. Also, for a given distance commuted, we derive the comparative static result that commuters chose shorter duration commutes at higher wage rates. Whereas it is typically assumed that marginal commuting cost is positive and non-increasing with distance, we derive these results. Moreover, we derive the results that marginal commuting cost rises with an exogenous increase in housing price and falls with increased tastes for housing. We also explore the effects of exogenous commuting-cost changes on the endogenous variables of the model. The remaining comparative static results on housing consumption and location are qualitatively the same as in DeSalvo.
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    Journal of regional science 45 (2005), S. 0 
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    Topics: Geography , Economics
    Notes: Abstract.  This paper tests some of the main hypotheses about the importance of horizontal clusters for the growth of employment in small firms using data from Computing Services in Great Britain. In the main section of the paper, spatial econometric models are estimated controlling for supply- and demand-side conditions to isolate the effect of initial cluster intensity. The paper then projects cluster development using the fitted model, showing how clusters are likely to emerge and intensify. One aspect of the paper is the existence of a de-clustering mechanism due to congestion effects.
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    Notes: Abstract.  Numerous models propose an income-distribution/growth linkage, but the empirical evidence is ambiguous and depends on the regression approach. Mixed findings are not unexpected if there are differing short- and long-term responses. Approaches utilizing cross-sectional variation primarily reflect long-run effects, whereas those using time-series variation primarily reveal short-run effects. This study reconciles these issues using U.S. state data. After allowing for short- and long-run responses and for separate effects between the tails and middle of the distribution, the consistent pattern is the middle-class share and overall inequality are positively related to long-run growth. However, the short-run income-distribution response is less clear.
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    Notes: Abstract.  Recently, Oosterhaven and Stelder (2002, Journal of Regional Science, 42, 533–543) (OS) addressed the issue of measuring the economic importance of an industry. In practice, the traditional multipliers are commonly multiplied by, for example, the outputs. According to OS, this is a misuse that leads to double counting, a correction for which results in their net multipliers. In this note, I will provide an economic interpretation, which suggests that net multipliers may be a good choice for descriptive purposes. The comment by de Mesnard (2002, Journal of Regional Science, 42, 545–548) adopts a different viewpoint. Following his approach, I will show that also the common procedure—which was the central point of rejection in OS—has a sound economic interpretation. In its turn, this yields an alternative interpretation for the matrices used in supply-driven input–output models.
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    Notes: Abstract.  Manufacturing industry in Northern Ireland receives extensive financial support from government with the objective of improving the economic performance of the plants that are directly assisted. Many studies have tried to assess the impact of such assistance, but without the counterfactual evidence it is difficult to ascertain whether or not such support does improve performance. The aim of this paper is to use a unique matched data set to establish if such assistance has made a difference to total factor productivity in Northern Ireland manufacturing plants.
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    Notes: Abstract.  Economic performance in Spanish provinces has led to a considerable improvement in standard of living of their populations. Intense capital accumulation since the 1950s played a key roll in this process. Provincial inequalities may increase or decrease as a result of this growth pattern. This study analyzes the evolution of the disparities by means of distribution dynamics techniques. It explicitly considers economic size of each province and whether spatial spillovers exist. Results indicate that the convergence process has been especially intense for labor productivity, total factor productivity, and capital intensity, while for per capita income the patterns of convergence are less marked. When we weight our analysis according to economic size of each province, our conclusions do not hold. However, when we take geographic location into account, we find support for our conclusions.
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    Notes: Abstract.  Microsimulation was introduced nearly 50 years ago but has recently experienced a revival in the social sciences. Its use in regional science, however, has been limited, although it offers some advantages over common regional analytic methods. This paper describes a microsimulation model that can be used to analyze the impact of a regional economic event. The model incorporates spatial, social, and economic factors and allows outcomes to be aggregated at different geographical scales, for different cohorts, and for variables not ordinarily considered in impact analysis. The model is used to simulate the effects of a plant shutdown on workers.
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    Notes: Books reviewed:Meric S. Gertler. Manufacturing Culture: The Institutional Geography of Industrial PracticeJamie Peck and Henry Wai-chung Yeung. Remaking the Global Economy: Economic-Geographical PerspectivesÅke E. Andersson, Börje Johansson, and William P. Anderson. The Economics of Disappearing DistancePriscilla Pue Ho Chu. The Making of Women Entrepreneurs in Hong KongJean-Louis Mucchielli and Thierry Mayer. Multinational Firms’ Location and the New Economic GeographyAnthony Downs. Still Struck in Traffic: Coping with Peak-Hour Traffic CongestionAnthony Downs. Growth Management and Affordable Housing: Do They ConflictYasuhide Okuyama and Stephanie E. Chang. Modeling Spatial and Economic Impacts of DisastersTony Champion and Graeme Hugo. New Forms of Urbanization: Beyond the Urban–Rural DichotomyJoseph Persky, Daniel Felsenstein, and Virginia Carlson. Does “Trickle Down” Work? Economic Development Strategies and Job Chains in Local Labor MarketsSherry L. Smith. The Future of the Southern PlainsDoryane Kermel-Torrès et al. Atlas of Thailand: Spatial Structures and DevelopmentGyörgy Enyedi and István Tózsa. The Region: Regional Development, Policy, Administration and E-GovernmentHeinz G. Preusse. The New American RegionalismYue-man Yeung and Shen Jianfa. Developing China’s West: A Critical Path to Balanced National Development
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    Notes: Abstract.  Consider two firms, at different locations, supplying a homogenous good at constant marginal production cost. Consumers incur travel costs to the firm for each unit purchased, and the travel costs increase with the amount of travel to each firm (congestion). When all traffic and all congestion are generated by travel to a duopolist, both the Nash–Bertrand equilibrium prices and the Nash–Cournot equilibrium prices exceed the sum of the marginal production cost and the marginal external travel cost. However, when the road is shared by travelers to the duopolists' facilities and travelers in competitive markets, the Nash–Bertrand duopoly price equals the competitive price and the Nash–Cournot price contains a markup.
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    Notes: Abstract.  Less information about a location has long been believed to be a barrier to new migration to that location. Diverse empirical results support this belief. Here we show that if agents are risk-neutral, less information about a location not only is not a barrier to migration to that location, it is actually an attractor. Only if agents are Bayesian and risk-averse is less information a barrier.
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    Financial accountability and management 21 (2005), S. 0 
    ISSN: 1468-0408
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    Topics: Economics
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    Notes: Abstract.  Business cycles in different regions of the United States tend to synchronize. This study investigates the reasons behind this synchronization of business cycles and the consequent formation of a national business cycle. Trade between regions may not be strong enough for one region to “drive” business cycle fluctuations in another region. This study suggests that regional business cycles synchronize due to a nonlinear “mode-locking” process in which weakly coupled oscillating systems (regions) tend to synchronize. There is no definitive test for mode-lock. However, simulations, correlations, Granger causality tests, tests for nonlinearities, vector autoregressions, and spectral analysis reveal modest econometric support for the regional mode-locking hypothesis of business cycle synchronization.
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    Notes: Abstract.  The paper proposes a human capital-based model of choice between paid employment and entrepreneurship that can give rise to multiple equilibria in occupational structure. The model is consistent with evidence of pronounced, persistent, and hitherto unexplained regional variations in entrepreneurship. Whether multiple equilibria emerge is shown to depend on the occupation-specific productivity of human capital and the costs of human and financial capital. The paper goes on to discuss the implications for governments seeking to promote entrepreneurship as a tool of regional development policy.
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    Notes: Abstract.  Transaction costs have attracted considerable attention in the theoretical literature on residential mobility. Transaction costs are thought to cause suboptimal consumption of housing but may also negatively affect labor market outcomes. In the current paper, we demonstrate empirically for the Netherlands that transaction costs have a strong negative effect on the owners' probability of moving. Under a range of different specifications, it appears that a 1 percent-point increase in the value of transaction costs—as a percentage of the value of the residence—decreases residential mobility rates by (at least) 8 percent. The estimates imply that ownership to ownership mobility rates would be substantially higher in the absence of the current 6 percent ad valorem buyer transaction tax. Our estimates are consistent with the observation that in the Netherlands ad valorem transaction costs mainly consist of buyer transaction costs.
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    Notes: Abstract.  In this paper's model, undocumented workers are endogenously sorted into secondary labor markets. When further illegal immigration occurs, some new migrants follow their fellows into already migrant-dominated jobs, lowering migrant wages and raising real incomes of host-country labor and capital. Some submarkets switch from employing legal workers to employing migrants, lowering demand for and wages of legal workers. Undocumented immigration is Pareto-improving when enforcement reserves primary-sector jobs for legal workers. Pareto-dominant policies target the number of migrant-dominated submarkets, not the number of migrants. This appears consistent with U.S. enforcement practices. The effects of deportations, employer sanctions, and amnesties are explored.
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    Notes: Books reviewed:Der-Horng Lee, Urban and Regional Transportation Modeling: Essays in Honor of David BoyceRichard Netzer, The Property Tax, Land Use and Land Use RegulationEric Sheppard and Robert B. McMaster, Scale and Geographic Inquiry: Nature, Society, and MethodLaura A. Reese and David Fasenfest, Critical Evaluations of Economic Development PoliciesTracy M. Gordon, Planned Developments in California: Private Communities and Public LifeAlberto Alesina and Enrico Spolaore, The Size of NationsTimothy Bresnahan and Alfonso Gambardella, Building High-Tech Clusters: Silicon Valley and BeyondDavid Brunori, Local Tax Policy: A Federalist PerspectiveAndré Sorensen, Peter J. Marcotullio, and Jill Grant, Towards Sustainable Cities: East Asian, North American and European Perspectives on Managing Urban RegionsMichael Dear and Gustavo Leclerc, Postborder City: Cultural Spaces of Bajalta CaliforniaEdward J. Lincoln, East Asian Economic RegionalismFiona Hill and Clifford Gaddy, The Siberian Curse: How Communist Planners Left Russia Out in the ColdJonathan Barnett, Redesigning Cities: Principles, Practice, ImplementationJohn Punter, The Vancouver Achievement: Urban Planning and DesignDavid Halle, New York & Los Angeles: Politics, Society, and Culture: A Comparative ViewChris Couch, City of Change and Challenge: Urban Planning and Regeneration in LiverpoolAlan Rabinowitz, Urban Economics and Land Use in America: The Transformation of Cities in the Twentieth CenturyDon Mitchell, The Right to the City: Social Justice and the Fight for Public Space
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    Notes: Abstract.  This paper examines the initial location choice of legal employment-based immigrants to the United States using Immigration and Naturalization Service data on individual immigrants, as well as economic, demographic, and social data to characterize the 298 metropolitan areas we define as the universal choice set. Focusing on interactions between place characteristics and immigrant characteristics, we provide multinomial logit model estimates for the location choices of about 38,000 employment-based immigrants to the United States in 1995, focusing on the top 10 source countries. We find that, as groups, immigrants from nearly all countries are attracted to large cities with superior climates, and to cities with relatively well-educated adults and high wages. We also find evidence that employment-based immigrants tend to choose cities where there are relatively few immigrants of nationalities other than their own. However, when we introduce interaction terms to account for the sociodemographic characteristics of the individual immigrants, we find that the estimated effects of location destination factors can reverse as one takes account of the age, gender, marital status, and previous occupation of the immigrants.
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    Notes: Abstract.  Recent natural and manmade disasters have had significant regional economic impacts. These effects have been muted, however, by the resilience of individual businesses and of regional markets, which refers to the inherent ability and adaptive responses that enable firms and regions to avoid potential losses. Computable general equilibrium (CGE) analysis is a promising approach to disaster impact analysis because it is able to model the behavioral response to input shortages and changing market conditions. However, without further refinement, CGE models, as well as nearly all other economic models, reflect only “business-as-usual” conditions, when they are based on historical data. This paper advances the CGE analysis of major supply disruptions of critical inputs by: specifying operational definitions of individual business and regional macroeconomic resilience, linking production function parameters to various types of producer adaptations in emergencies, developing algorithms for recalibrating production functions to empirical or simulation data, and decomposing partial and general equilibrium responses. We illustrate some of these contributions in a case study of the sectoral and regional economic impacts of a disruption to the Portland Metropolitan Water System in the aftermath of a major earthquake.
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    Notes: Abstract.  This paper attempts to rescue the regional export-base growth model from a purely demand-side interpretation. It formally develops the classic Northian approach, where the exploitation of region-specific resources by export-orientated production sectors determines regional growth. In this model, the nature of the regional expansion is shown to be stimulus-specific with the value of the marginal export-base multiplier varying within very wide limits, depending upon key characteristics of the region and the nature of the supply-side shock to the export base.
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    Notes: Abstract.  This article adapts a regional adjustment model to examine land use change in the Rocky Mountain West region of the United States. Three interrelated questions motivate the research. How does the proliferation of urban, suburban, and exurban sprawl in the Rocky Mountain West relate to the population and employment growth process? Are population and employment endogenously determined there? And what does this imply for the sustainability of economic development in the region? Through a series of regional adjustment models, the empirical analysis links population and employment growth in the Rocky Mountain West to explicit spatial outcomes and delivers substantive evidence of endogeneity between the two. The results suggest that the long-term prosperity of the region depends on the preservation of the high quality of life it offers, and that greater intergovernmental coordination, careful infrastructure planning, and attention to the character of its economic structure may help to accomplish this. Future research should focus on looking deeper into certain explanatory variables used in this analysis and on developing a better picture of what the spatial equilibrium that regional adjustment models emulate may look like.
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    Notes: Books reviewed:Michael W. Klein, Scott Schuh, and Robert K. Triest, Job Creation, Job Destruction, and International CompetitionCarl Davidson and Steven J. Matusz, International Trade and Labor Markets: Theory, Evidence, and Policy ImplicationsWilliam R. Black, Transportation: A Geographical AnalysisBernard Fingleton, European Regional GrowthBernard Fingleton, Ayda Eraydin, and Raffaele Paci, Regional Growth, SMEs and the Wider EuropeJulia Traistaru, Peter Nijkamp, and Laura Resmini, The Emerging Economic Geography in EU Accession CountriesJohannes Bröcker, Dirk Dohse, and Rüdiger Soltwedel, Innovation Clusters and Interregional CompetitionAlan Hyde, Working in Silicon Valley: Economic and Legal Analysis of a High-Velocity Labor MarketRobert Mark Silverman, Community-Based Organizations: The Intersection of Social Capital and Local Context in Contemporary Urban SocietyWilliam A. V. Clark, Immigrants and the American Dream: Remaking the Middle ClassBarry G. Rabe, Statehouse and Greenhouse: The Emerging Politics of American Climate Change PolicyAmrita Daniere and Lois M. Takahashi, Rethinking Environmental Management in the Pacific Rim: Exploring Local Participation in Bangkok, ThailandCenter for Sustainable Environments, Northern Arizona University, with Terralingua and Grand Canyon Wildlands Council, Safeguarding the Uniqueness of the Colorado Plateau: An Ecoregional Assessment of Biocultural Diversity
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    European financial management 11 (2005), S. 0 
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    Topics: Economics
    Notes: This paper uses a bivariate GARCH framework to examine the lead-lag relations and the conditional correlations between 10-year US government bond returns and their counterparts from the UK, Germany, and Japan. We find that while mean and volatility spillovers exist between the major international bond markets, they are much weaker than those between equity markets. The results also indicate that the correlations between the US and other major bond market returns are time varying and are driven by changing macroeconomic and market conditions. However, in contrast to the finding that the benefits of international diversification in equity markets evaporate during high-stress periods, we find that the benefits of diversification across major government bond markets do not decrease during periods of extremely high bond market volatility or following extremely negative US and foreign bond returns.
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    Notes: This paper presents the first comprehensive global study of insider trading laws and their first enforcement. In a sample of 4,541 acquisitions from 52 countries, I find that insider trading enforcement increases both the incidence, and the profitability of insider trading. The expected total insider trading gains increase. Consequently, laws that proscribe insider trading fail to eliminate insider profits. However, harsher laws work better at reducing the incidence of illegal insider trading.
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    Notes: In this paper we conduct an out-of-sample test of two behavioural theories that have been proposed to explain momentum in stock returns. We test the gradual-information-diffusion model of Hong and Stein (1999) and the investor conservatism bias model of Barberis et al. (1998) in a sample of 13 European stock markets during the period 1988 to 2001. These two models predict that momentum comes from the (i) gradual dissemination of firm-specific information and (ii) investors’ failure to update their beliefs sufficiently when they observe new public information. The findings of this study are consistent with the predictions of the behavioural models of Hong and Stein's (1999) and Barberis et al. (1998). The evidence shows that momentum is the result of the gradual diffusion of private information and investors’ psychological conservatism reflected on the systematic errors they make in forming earnings expectations by not updating them adequately relative to their prior beliefs and by undervaluing the statistical weight of new information.
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    Notes: We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal ‘fairness’ when allocating resources. This ‘socialist’ practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for funding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.
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    Notes: This article presents the growing research area of Behavioural Corporate Finance in the context of one specific example: distortions in corporate investment due to CEO overconfidence. We first review the relevant psychology and experimental evidence on overconfidence. We then summarise the results of Malmendier and Tate (2005a) on the impact of overconfidence on corporate investment. We present supplementary evidence on the relationship between CEOs’ press portrayals and overconfident investment decisions. This alternative approach to measuring overconfidence, developed in Malmendier and Tate (2005b), relies on the perception of outsiders rather than the CEO's own actions. The robustness of the results across such diverse proxies jointly corroborates previous findings and suggests new avenues to measuring executive overconfidence.
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    Notes: There is substantial evidence on the effect of external market discipline on chief executive turnover decisions in poorly performing companies. In this study we present evidence on the role of institutional monitoring in these decisions through the equity issuance process. We find that firms which undertake equity offerings are associated with an increased rate of forced CEO turnover that is focused on the managers of poorly performing companies. At the same time, equity offerings increase the likelihood of a new CEO being appointed from outside the current management team. We also provide evidence that independent boards are more likely to forcibly remove CEOs from their position, although this is not conditional on poor performance.
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    Notes: Berle and Means asserted that US corporations typically have dispersed shareholders; their evidence did not support this conclusion. Today, 59.74% of US corporations have ‘controlling shareholders’ who hold at least 10% of the shares; 24.57% are controlled and managed by a family; 16.33% are controlled by a widely-held financial institution; 13.55% are controlled through family trusts. In all size ranges, the USA has more corporations controlled by families than by financial institutions. In almost all size ranges, it has a higher percentage of family-controlled corporations than any of next four largest economies.
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    Notes: We evaluate the performance of UK unit trusts with international equity objectives between January 1985 and December 2000 relative to domestic benchmark strategies. We use performance measures based on Jensen (1968), Ferson and Schadt (1996), and the Chen and Knez (1996) law of one price (LOP). We find more favourable trust performance using the Jensen and Ferson and Schadt measures relative to the LOP measure. There is evidence of inferior performance by some international trusts using the unconditional LOP measure. The charges and investment sector of the trust also has an impact on the performance of the trusts using the LOP measure.
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    Topics: Economics
    Notes: Much has been said recently about the risky legal environment in which outside directors of public companies operate, especially in the USA, but increasingly elsewhere as well. Our research on outside director liability suggests, however, that directors’ fears are largely unjustified. We examine the law and lawsuit outcomes in four common law countries (Australia, Canada, Britain, and the USA) and three civil law countries (France, Germany, and Japan). The legal terrain and the risk of ‘nominal liability’(a court finds liability or the defendants agree to a settlement) differ greatly depending on the jurisdiction. But nominal liability rarely turns into ‘out-of-pocket liability,’ in which the directors pay personally damages or legal fees. Instead, damages and legal fees are paid by the company, directors’ and officers’(D&O) insurance, or both. The bottom line: outside directors of public companies face a very low risk of out-of-pocket liability. We sketch the political and market forces that produce functional convergence in outcomes across countries, despite large differences in law, and suggest reasons to think that this outcome might reflect sensible policy.
    Type of Medium: Electronic Resource
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  • 100
    Electronic Resource
    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 11 (2005), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we perform regression-based tests for mean-variance spanning in order to detect the effect of investing in euro area small capitalisation stocks on the minimum variance frontier, and apply different measures to assess the extent of diversification gains. Empirical analysis shows that euro area small and mid cap stocks, as classified by size quartile and quintile rankings, arise as truly autonomous asset classes. This result is robust to different methodologies used to form size-based portfolios, and holds relative to both euro area large cap stocks and other international asset classes, US small capitalisation stocks included.
    Type of Medium: Electronic Resource
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