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This paper deals with empirical computation of Aumann-Shapley cost shares for joint production. We show that if one uses a mathematical programing approach with its non-parametric estimation of the cost function there may be obser...
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This paper deals with empirical computation of Aumann-Shapley cost shares for joint production. We show that if one uses a mathematical programing approach with its non-parametric estimation of the cost function there may be observations in the data set for which we have multiple Aumann-Shapley prices. We suggest to overcome such problems by using lexicographic goal programing techniques. Moreover, cost allocation based on the cost function is unable to account for differences between efficient and actual cost. We suggest to employ the notion of rational inefficiency in order to supply a set of assumptions concerning firm behavior. These assumptions enable us to connect inefficient with efficient production and thereby provide consistent ways of allocating the costs arising from inefficiency. (C) 2016 Elsevier B.V. All rights reserved.
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International knowledge flows and innovation are becoming ever more important to the competitiveness of multinational corporations. Emerging market multinationals (EMNCs) in specific are deploying increasingly activist measures to...
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International knowledge flows and innovation are becoming ever more important to the competitiveness of multinational corporations. Emerging market multinationals (EMNCs) in specific are deploying increasingly activist measures to harness foreign sources of knowledge and innovation as a strategy to build up their firm-specific resources and capabilities. In the following, we argue that EMNCs' strategic asset-seeking investments constitute a particularly interesting class of investments, as it presents important challenges to international business theory, firm strategy and public policy. We argue that outward investment to acquire strategic assets abroad at the scale we observe today is a recent addition to the instrument set deployed by emerging economies for development. We proceed to discuss how this type of investments does not sit well with mainstream international business theory and propose ways in which this disagreement can be reconciled through recognition of other EMNC advantages, particularly abilities to leverage country-specific assets, and possession and development of dynamic capabilities. Finally, we identify a set of core themes in the recent literature on strategic asset-seeking investments and relate them to the contributions in the current special issue. We conclude with outlining an agenda of future research.
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We extend earlier analyses of the job creation of start-ups versus established firms by considering the educational content of the jobs created and destroyed. We define education-specific measures of job creation and job destructi...
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We extend earlier analyses of the job creation of start-ups versus established firms by considering the educational content of the jobs created and destroyed. We define education-specific measures of job creation and job destruction at the firm level, and we use these measures to construct a measure of "surplus job creation", defined as jobs created on top of any simultaneous destruction of similar jobs in incumbent firms in the same region and industry. Using Danish employer-employee data from 2002-2007 that identify the start-ups and that cover almost the entire private sector, these measures allow us to provide a more nuanced assessment of the role of entrepreneurial firms in the job-creation process than in previous studies. Our findings show that although start-ups are responsible for the entire overall net job creation, incumbents account for more than one-third of net job creation within high-skilled jobs. Moreover, start-ups "only" create approximately half of the surplus jobs and even less of the high-skilled surplus jobs. Finally, our approach allows us to characterise and identify differences across industries, educational groups and regions. (C) 2015 Elsevier B.V. All rights reserved.
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This paper asks whether financial integration leads to a more efficient allocation of capital within economies. I build a model of a small economy with an investment and a consumption goods sector. Financial frictions impede capit...
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This paper asks whether financial integration leads to a more efficient allocation of capital within economies. I build a model of a small economy with an investment and a consumption goods sector. Financial frictions impede capital from allocating optimally between the two sectors. Capital account opening has positive allocation effects if the economy is financially less developed than the rest of the world, but negative effects otherwise. I test the model predictions on a sample of 113 countries, using the relative price of consumption and investment goods as a measure of allocation efficiency. I find that international capital flows indeed have adverse effects in highly developed countries, whereas there is less evidence of positive effects in low-development countries. Overall, financial integration leads to more similar capital allocations across countries.
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Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing stock and house prices, and use these data for testing whether nondurable consumption and housing are character...
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Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by intratemporal nonseparability in households' preferences. I find evidence in favor of intratemporal dependence between total nondurable consumption and housing. My findings indicate the elasticity of intratemporal substitution between nondurable consumption and housing is higher than the elasticity of intertemporal substitution for composite consumption bundles. Moreover, assuming CES utility, my results are indicative about complementarity between nondurable consumption and housing in the intratemporal preferences. (C) 2020 Elsevier B.V. All rights reserved.
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In this paper, I provide robust evidence that fluctuations in wage dispersion are independent of the business cycle, while residual wage dispersion, i.e. dispersion of wages within narrowly defined demographic and skill groups of ...
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In this paper, I provide robust evidence that fluctuations in wage dispersion are independent of the business cycle, while residual wage dispersion, i.e. dispersion of wages within narrowly defined demographic and skill groups of workers, increases during booms and lessens during recessions. Moreover, I show that the procyclical fluctuations in residual wage dispersion are mainly generated by cyclical changes in the upper half of the residual wage distribution. (C) 2019 Elsevier B.V. All rights reserved.
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This paper develops a model with overlapping generations of households, productive public and private capital, and a golden rule of fiscal policy aimed at maximizing economic growth. Studying the transitional dynamics between stea...
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This paper develops a model with overlapping generations of households, productive public and private capital, and a golden rule of fiscal policy aimed at maximizing economic growth. Studying the transitional dynamics between steady states triggered by different exogenous shocks, we find that a waning fertility rate, coming through a weaker preference for having children, increased longevity, a decrease in subjective discounting or lower financial support for child rearing, will require a policy intervention to ensure convergence to the growth maximizing debt level. A simple calibration exercise shows that when faced with projected demographic aging the adjustments in public debt and public investment required for keeping the economy at its maximum steady state growth rate may be small.
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This article will show how Luhmann's concept of functional differentiation makes it possible to analyse how the government draws various stakeholders into governable terrain through the use of different functional systems. The art...
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This article will show how Luhmann's concept of functional differentiation makes it possible to analyse how the government draws various stakeholders into governable terrain through the use of different functional systems. The article takes its outset in a recent reform aimed at a renewal of the authority relations between the municipalities and the non-governmental housing associations in Denmark. In doing so, the article provides an example of how the government uses meta-governance to define several interactive arenas for the various stakeholders. The article concludes that meta-governance means neither that the government retains its old power at the centre of society nor that it is hollowed out. Instead, we have to realize that the government's capacity as an organizer relies on many other forms of media beyond power. Copyright (c) 2017 John Wiley & Sons, Ltd.
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