Investment And Exit Decisions At The Plant Level
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| Author | : Joachim Winter |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 192 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642998038 |
This book develops a dynamic programming framework for the analysis of firms' joint investment and market exit decisions and reviews methods for econometric estimation of such models. In an empirical application of this framework, a version of this model that allows for financial constraints is estimated by structural methods, using a plant-level dataset for a sample of U.S. firms. The empirical analysis shows that both the plant's productivity and firm-level financial constraints have important effects on plant-level investment and exit decisions. The main contribution of the book to the empirical investment literature is the application of a mixed discrete-continuous Markov process framework to investment and exit decisions, and the structural estimation using a full-information maximum-likelihood method, the nested fixed-point algorithm.
| Author | : Chisato Yoshida |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 158 |
| Release | : 2012-12-06 |
| Genre | : Social Science |
| ISBN | : 3642576931 |
Illegal immigration is a problem to not only a labor importing country but also to a labor exporting country, since the implementation of strict immigration policies, i.e., border patrol and employer sanctions, affects both economies. The purpose of this book is to complement previous studies on deportable aliens. The effects of such enforcement policies on the income or welfare of the foreign (labor exporting) country, the home (labor importing) country, and the combined (global) income of the two countries are examined.
| Author | : Volker Grossmann |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 198 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642575943 |
The book examines the relationship between inequality, growth and technological progress. It provides a broad overview of the existing literature and introduces specific, innovative aspects about the impact of inequality and redistribution on growth when growth is driven by human or physical capital investments, as well as the impact of technological progress and accumulation on the distribution of earnings. There is a special focus on the role of social comparison, redistributive taxation and new information technologies for the relationship between inequality and growth. The analytical part of the book mainly consists of endogenous growth models.
| Author | : Nico Heerink |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 388 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642575587 |
Since the 1980s many developing countries have implemented macro-economic policy reforms to curb inflation, reduce fiscal deficits and control foreign debt. The policy instruments used, such as exchange rate adjustment, budget cuts, trade policy reforms, public expenditure reviews and privatisation, have different and sometimes opposite consequences for agricultural land use. During the same period awareness was growing that deteriorating soil quality could become a limiting factor to increase or even sustain agricultural production. As a result, food availability and even accessibility for large population groups in developing countries may be jeopardised in the near future. Recently, quantitative models have made useful contributions to understanding the impact of economic policy reforms on the sustainability of land use. They provide a consistent analytical framework to deal with complex issues such as the direct and indirect effects of economic, agricultural, environmental and population policies, the role of market imperfections in transmitting economic policy signals, and the interactions between soil quality, agricultural production and household economic decision making. Different types of models can be distinguished: bio economic models, focussing on the link between farm household decisions and the agricultural resource base, household and village models, examining the impact of the socio-economic environment on farm household decisions, and more aggregate models, analysing interactions between sectors and their implications for sustainable land use.
| Author | : Joos P.A. van Vugt |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 297 |
| Release | : 2012-12-06 |
| Genre | : Political Science |
| ISBN | : 3642576761 |
Since the 1970s social security in the European Union has been dominated by attempts at reform and cost control. In the last decade of the twentieth century these attempts have been strengthened by the coming European Economic and Monetary Union (EMU). This book offers an overview of the social security system and its development in Belgium, Denmark, France, Germany, Greece, Ireland, Italy, the Netherlands, Spain and the United Kingdom. The national contributions are preceded by an introduction on the development of social security in Europe till the present day, with special reference to the postwar process of European integration and its effects. The book is concluded by two essays. The first examines the danger and opportunities of European integration for social security. The second discusses ethical aspects: what effect will European integration have on the quality of social security in Europe?
| Author | : Johannes Bröcker |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 268 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642575528 |
Within the broad frame of regional research in an international perspective, the contributions of this volume present new theoretical, methodological and empirical results as well as political strategies for the following topics: - ecomomic integration in the Baltic rim, - innovation and regional growth, - economic integration, trade and migration, - transport infrastructure and the regions. Most of the topics deal with the long-term integration process in Europe, with a particular focus on the North European and Baltic Sea integration.
| Author | : Nicole Pohl |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 235 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642576087 |
The pure theory of international economics operates within a methodological framework of (static) equilibrium modelling. This sets a number of restrictions to its capability to explain empirical economic phenomena. A huge part of the scientific discourse takes place within this equilibrium framework. This is also true for new approaches like e.g. the New Economic Geography and models operating with market structures of oligopoly. This is why it is a courageous effort to try to cross the apparently unalterable borders set by equilibrium modelling. Most certainly this cannot be an end in itself. Especially the pure theory of international economics is still in many fields lacking adequate possibilities to deal with phenomena in space and time. These two dimensions have in common that they make the introduction of specific facets of movement, change, evolution - and therefore "mobility" - possible. Besides this "dynamic" component a point of view that includes space and time challenges us to find new possibilities to model heterogeneous agents. If these ideas are not so revolutionary in their content, the attempt to introduce them into a formal model is a big challenge. Moreover, it poses the question about the role of a theory of "international" economics in such a wider framework.
| Author | : Peter Meusburger |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 392 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642575846 |
During the first decade after the turn towards democracy and market economy, Hungary's society experienced profound changes. The book analyses related political, legal, institutional and socio-economic structures and processes in order to contribute to a further understanding of Hungary's ongoing transformation processes and its current situation as one of the leading candidates for EU membership. The topics include constitutive elements of a modern market economy as well as education, income structures, the poverty situation, post-communist voting behaviour, regional and urban development and Hungary's cross-border co-operations. The role of Budapest within the European city system and Hungary's economic situation within Europe are also discussed. Drawing together comprehensive empirical data and a geat variety of viewpoints, the book offers innovative examples of the application of different theoretical approaches to transformation studies and studies of economy and society in general.
| Author | : Bernd Meyer |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 295 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642586724 |
In the mid-eighties Mehra and Prescott showed that the risk premium earned by American stocks cannot reasonably be explained by conventional capital market models. Using time additive utility, the observed risk pre mium can only be explained by unrealistically high risk aversion parameters. This phenomenon is well known as the equity premium puzzle. Shortly aft erwards it was also observed that the risk-free rate is too low relative to the observed risk premium. This essay is the first one to analyze these puzzles in the German capital market. It starts with a thorough discussion of the available theoretical mod els and then goes on to perform various empirical studies on the German capital market. After discussing natural properties of the pricing kernel by which future cash flows are translated into securities prices, various multi period equilibrium models are investigated for their implied pricing kernels. The starting point is a representative investor who optimizes his invest ment and consumption policy over time. One important implication of time additive utility is the identity of relative risk aversion and the inverse in tertemporal elasticity of substitution. Since this identity is at odds with reality, the essay goes on to discuss recursive preferences which violate the expected utility principle but allow to separate relative risk aversion and intertemporal elasticity of substitution.
| Author | : Jaime Behar |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 158 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642576508 |
The essays included in this book are the result ofseven years ofresearch spanning the 1990-1997 period. Most of them have been published in scientific magazines or as chapters of books. To the end of this edition, and in order to avoid repetitions, the original texts have been modified, particularly with regard to the titles and introductions ofthe chapters. Chapter two reproduces the article "Economic Integration and Intra-Industry Trade: The Case of the Argentine-Brazilian Free Trade Agreement", published in the Journal of Common Markets (vol XXIX, No 5, pp. 527-552, sept. 1991). Chapter three originates from an empirical study prepared for UNIDO, the United Nations Industrial Development Organization. The analytical framework and the preliminary conclusions of that work appeared in a working paper "The MERCOSUR Pattern of Intra-Industry Trade" (RP No 75, Stockholm: LAIS, 1997). Chapter four was published with the title "Plant-size Effects ofTrade: The Case of MERCOSUR Countries" as a chapter of the book Growth Trade and Integration in Latin America (W. Karlsson and A. Malaki (eds. ), Stockholm: LAIS, pp. 297-319, 1996). Chapter five in tum corresponds to the article entitled "Measuring the Effects of Economic Integration for the Southern Cone Countries: Industry Simulations of Trade Liberalization" as published in The Developing Economies (Vol. XXXIII, No 1, pp. 1-31, mars 1995). Finally, chapter six is the revised and updated version of the paper presented at the First European Congress ofLatinamericanists, which took place at Salamanca, Spain in June 1996.
