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作者：Singh, A
作者单位：University of Cambridge
摘要：The paper introduces the three articles in this Feature, concerned respectively with competition, corporate governance and selection in emerging markets. Apart from being important in their own right, it is shown how these topics have recently acquired urgent domestic and international policy significance. This overview also provides the intellectual background to the issues raised in the papers and examines their interrelationships in analytical, empirical and methodological terms. It outline...
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作者：Teulings, CN
作者单位：Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Recent research has shown the reduction in the minimum wage to be the main cause of the rise in wage dispersion in the lower half of the wage distribution in the US during the 1980s. However, the return to human capital does not seem to have been much affected. Using new methodology this paper confirms previous conclusions regarding the wage distribution but shows that the return to human capital has also increased strongly. A 10% reduction of the minimum wage causes the wage of someone earnin...
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作者：Disney, R; Haskel, J; Heden, Y
作者单位：University of Nottingham; University of London; Queen Mary University London; London School Economics & Political Science
摘要：We analyse productivity growth in UK manufacturing 1980-92 using the newly available ARD panel of establishments drawn from the Census of Production. We examine the contribution to productivity growth of 'internal' restructuring (such as new technology and organisational change among survivors) and 'external' restructuring (exit, entry and market share change). We find that (a) 'external restructuring' accounts for 50% of establishment labour productivity growth and 80-90% of establishment TFP...
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作者：Disney, R
作者单位：University of Nottingham
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作者：Asheim, GB; Dufwenberg, M
摘要：We justify the application to extensive games of a model of deductive reasoning based on three key features: 'caution', 'full belief of opponent rationality', and 'no extraneous restrictions on beliefs'. We apply the model to several examples, and show that it yields novel economic insights. The approach supports forward induction, without necessarily promoting backward induction.
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作者：Güth, W; Ivanova-Stenzel, R; Königstein, M; Strobel, M
摘要：We examine learning behaviour in auction and fair division experiments with independent private values under two different price rules, first and second price. Participants play all four games repeatedly and submit complete bid functions rather than single bids. This allows us to study how institutional changes are anticipated and whether learning is influenced by the structural differences between games. We find that learning does not drive bidding towards the benchmark solution, Bid function...
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作者：Ghosal, S; Miller, M
摘要：We study a model of sovereign debt crisis that combines problems of creditor co-ordination and debtor moral hazard. In the face of sovereign default, the need to give appropriate incentives to the debtor leads to excessive 'rollover failure' by creditors. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures involving increased 'contractibility' of sovereign debtor's payoffs, suspension of convertibility in a 'discovery' phase and penalties in...
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作者：Sarkar, S; Zapatero, F
作者单位：McMaster University; University of Southern California
摘要：The 'trade-off theory' of capital structure predicts a positive relationship between earnings and leverage, contradictory to well established empirical evidence. Since corporate earnings are known to be mean reverting, we reformulate the trade-off model with mean reverting earnings. We show that, with mean reverting earnings, there should be a negative relationship between optimal leverage and the current earnings level. The model also illustrates the importance of the earnings reversion param...
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作者：Barr, A
作者单位：University of Oxford
摘要：An economic experiment involving 24 small, tightly knit communities allows us to distinguish between trusting or trust-like behaviour based on expectational and non-expectational motivations. A model linking trusting behaviour to expectations of trustworthiness explains over half of the variation across communities. However, the estimated parameters are different (while being similarly well defined) for traditional and resettled communities. This is taken as evidence that non-expectational mot...
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作者：Fatum, R; Hutchison, MM
摘要：This study provides evidence supporting the effectiveness of sterilised foreign exchange market intervention by central banks using an event study approach. An event study framework is better suited to the study of sporadic and intense periods of official intervention, juxtaposed with continuously changing exchange rates, than standard time-series studies. Focusing on daily Bundesbank and US official intervention operations, we identify separate intervention 'episodes' and analyse the subseque...
