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作者：YING, JS; SHIN, RT
摘要：While the divestiture of AT & T was intended to produce benefits in the long-distance market, the evidence suggests it has created an unexpected side benefit in local telephone markets. Our results show that local exchange carriers have realized immediate cost savings in responding to competitive pressures since the breakup, with the Baby Bells experiencing generally larger gains. Dynamically, these productivity gains have increased over time at a relatively constant rate. Although gains of 3%...
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作者：FARE, R; GROSSKOPF, S; LOVELL, CAK; YAISAWARNG, S
作者单位：Southern Illinois University System; Southern Illinois University; University of North Carolina; University of North Carolina Chapel Hill; Union College
摘要：Many production activities generate undesirable byproducts in conjunction with the desirable outputs they produce. Pittman (1983) showed how to adjust productivity calculations, and Fare et al. (1989) showed how to adjust efficiency measures, in the presence of undesirable outputs. Here we show how to estimate output distance functions as frontiers in order to generate shadow values of the undesirable outputs that are required to make both types of adjustment. An empirical application is provi...
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作者：HIRSCH, BT; SEAKS, TG
作者单位：State University System of Florida; Florida State University; University of North Carolina; University of North Carolina Greensboro
摘要：The Box-Cox transformation is used to compare alternative functional forms of market value equations. Based on evidence from a panel of 480 publicly-traded U.S. manufacturing companies and two additional data sets used previously in the literature, the semilog form of a Tobin's q equation is found to be strongly preferred to the commonly estimated linear form. We provide illustrations in which inferences can be affected by the choice of functional form.
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作者：BRESTER, GW; WOHLGENANT, MK
作者单位：North Carolina State University
摘要：Use of disappearance data as proxies for actual consumption causes inconsistent estimates of own-price retail demand elasticities. A system of equations describing consumer, processor, and producer behavior is used to consistently estimate the retail demand elasticity for beef using available data while avoiding the restrictive assumption of fixed input proportions implicit in disappearance data. This approach yields an estimate of the own-price retail demand elasticity for beef of -0.45, whic...
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作者：NOLAND, M
摘要：Recent research has demonstrated the possibility of welfare-enhancing industrial policy. This paper analyzes the impact of industrial policy on Japan's trade pattern, and explores the possibility that it has been welfare-enhancing. Econometric results indicate that industrial policies have had an impact on Japan's trade specialization. These results are obtained contemporaneously, and when the explanatory variables are tagged, suggesting either that policymakers have been forward-looking, or t...
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作者：TOLEDO, W; MARQUIS, MH
作者单位：State University System of Florida; Florida State University
摘要：Permanent sector specific productivity shocks alter the relative marginal products of capital and labor across sectors, such that the existing factor allocations are suboptimal. The subsequent factor reallocations may involve the costly movement and redeployment of capital and labor across sectors. To proxy the magnitude of these disturbances, this paper focuses on capital, rather than labor, allocative disturbances, since firms can make temporary adjustments in employment levels in response t...
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作者：SANSO, M; CUAIRAN, R; SANZ, F
摘要：The gravity equation has been frequently and successfully used for nearly thirty years to further understanding of the determinants of bilateral trade flows across countries and, subsequently, to analyze commercial policy measures. A maintained hypothesis by the applied literature on international trade as gravity equation loglinearity is questioned in this paper since the possibility of a general functional form is open through Box-Cox transformations. Using data corresponding to the sixteen ...
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作者：FLATH, D
作者单位：North Carolina State University
摘要：Largest debtholders in keiretsu member companies hold more stock if the companies have high debt to equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus.
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作者：CROPPER, ML; DECK, L; KISHOR, N; MCCONNELL, KE
作者单位：The World Bank; ABT Associates; Resources for the Future
摘要：This paper compares, via simulation, the performance of the multinomial logit and hedonic models in estimating consumer preferences for product attributes. We ascribe preferences over the attributes of houses to a population of consumers, and, by having them bid for a set of houses calculate equilibrium prices. The resulting data are used to estimate the two models. We find that the gradient of a linear Box-Cox hedonic price function estimates marginal attribute bids at least as well as a line...
