scholarly journals The impact of shipyard and shipowner heterogeneity on contracting prices in the newbuilding market

2017 ◽  
Vol 2 (2) ◽  
pp. 58-78
Author(s):  
Roar Adland ◽  
Kristian Norland ◽  
Even Sætrevik
Keyword(s):  
Gross Domestic Product ◽  
Fixed Effects ◽  
Design Methodology ◽  
Price Level ◽  
Price Formation ◽  
Content Type ◽  
The Us ◽  
Micro Level ◽  
Per Capita ◽  
The Impact

Purpose The purpose of this paper is to investigate the impact of shipyard and shipowner heterogeneity on the price formation for individual newbuilding contracts. Design/methodology/approach The model controls for the shipbuilding market cycle, input costs, firm size, yard experience and contract-specific variables and captures the impact of yard and owner heterogeneity in fixed-effects regressions. The data sample contains contract information on 3,759 tankers, bulkers and container vessels constructed at 77 shipyards between 1990 and 2014. Findings Although the newbuilding price benchmarks (market conditions) and gross domestic product per capita (salary costs) are influential covariates, the main conclusion is that shipyards and, particularly, shipowners play an influential role on the US$ per Compensated Gross Tonnage price level in individual contracts. Originality/value The paper represents the first study of the impact of buyer and seller heterogeneity at the micro level in the shipbuilding market.

The elephant in the room of mutual forbearance

2018 ◽  
Vol 11 (2) ◽  
pp. 257-279 ◽  
Author(s):  
Burak Cem Konduk
Keyword(s):  
Airline Industry ◽  
Fixed Effects ◽  
Research Question ◽  
Fixed Effects Model ◽  
Content Type ◽  
High Performing ◽  
The Us ◽  
Mutual Forbearance ◽  
Low Performance ◽  
The Impact

PurposeThe purpose of this paper is to explain how a multi-market firm develops the motivation to forbear from competition.Design/methodology/approachA two-way fixed effects model with Driscoll and Kraay standard errors investigates the research question with panel data collected from the US scheduled passenger airline industry.FindingsThe results demonstrate that although the interaction of multi-market contact with strategic similarity impairs a firm’s forbearance from competition, the same interaction promotes it as firm performance deteriorates, supporting the hypotheses.Research limitations/implicationsPerformance explains not only how forbearance emerges out of coincidental multi-market contact but also reconciles the mixed evidence for the impact of the two-way interaction between multi-market contact and strategic similarity on forbearance.Practical implicationsAntitrust authorities should pay more attention to low performing firms than to high performing firms in their investigations. Also, managers of multi-market firms should identify multi-market rivals with low performance as targets for the initiation of forbearance.Originality/valueThis study revises the mutual forbearance theory to align it with the accumulating empirical evidence that otherwise refutes its assumption and thereby improves theory’s descriptive and predictive power.

Can labor productivity growth reduce carbon emission? Evidence from OECD countries and China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xueli Chen ◽  
Wanshu Ma ◽  
Vivian Valdmanis
Keyword(s):  
Labor Productivity ◽  
Fixed Effects ◽  
Oecd Countries ◽  
Environmental Indicators ◽  
Ekc Hypothesis ◽  
Initial Development ◽  
Content Type ◽  
Per Capita ◽  
The Impact ◽  
The Relationship

PurposeThe purpose of this study is to examine the challenges involved in the trade-offs of labor productivity and per capita carbon dioxide (CO2) emission.Design/methodology/approachIn this research, we used a balanced dataset of 36 OECD countries and China between 1990 and 2018. We examined the relationship between labor productivity and per capita CO2 emission for OECD countries and China based on an Environmental Kuznets Curve (EKC) hypothesis. Further, the fixed effects model of estimation was employed to examine the impact of variables during the sample period and explore the relationship between predictor and outcome variables within an entity while controlling for all time-invariant differences.FindingsThis study confirmed the existence of the N-shape EKC hypothesis in 36 OECD countries and China. This implies that at the initial development stage, per capita CO2 emission increased with labor productivity; however, after reaching certain threshold, per capita CO2 emission began to fall with rising labor productivity. Then the per capita CO2 emission rises again when labor productivity continually increases.Originality/valueIn this study, we explored the dynamic association between labor productivity and per capita CO2 emissions for 36 OECD countries and China under the EKC framework from 1990 to 2018 by using the labor productivity and per capita CO2 emission as economic and environmental indicators of one country respectively. This study’s contribution showed the following: first, the empirical findings confirmed the N-shape relationship between labor productivity and per capita CO2 emissions for 36 OECD countries and China; second, the findings demonstrated that the association among the underlying variables by testing through the fixed effect model.

Thirty years of the International Journal of Logistics Management – a retrospective analysis

2020 ◽  
Vol 31 (2) ◽  
pp. 173-208
Author(s):  
Britta Gammelgaard ◽  
Satish Kumar ◽  
Debidutta Pattnaik ◽  
Rohit Joshi
Keyword(s):  
Design Methodology ◽  
Logistics Management ◽  
Publication Trends ◽  
Research Papers ◽  
Coupling Analysis ◽  
Content Type ◽  
The Us ◽  
Scopus Database ◽  
The Impact ◽  
Literature Selection

PurposeInternational Journal of Logistics Management (IJLM) celebrated 30 years of its publication in 2019. This study provides a retrospective overview of the IJLM articles between 1990 and 2019.Design/methodology/approachThe authors applied bibliometrics to study and present a retrospective summary of the publication trends, citations, pattern of authorship, productivity, popularity depicting influence, and the impact of the IJLM, its contributors, their affiliations, and discusses the conceptual layout of IJLM's prolific themes.FindingsWith 23 yearly articles, IJLM contributed 689 specialized research papers on Supply Chain Management (SCM) by 2019. Authorship grew by 42 new contributors adding up to 1,256 unique IJLM authors by 2019. Each of its lead contributors associated with 1.55 other authors to contribute an article in the journal among which 93% are cited at least once. Survey-based research dominated in last 30 years. The h-index of the journal is 73 while its g-index suggests that 133 IJLM articles were cited at least 17,689 times in Scopus. IJLM authors affiliated to the Cranfield University and the US contributed the highest count of articles. Bibliographic coupling analysis groups IJLM articles into eight bibliographic clusters while network analysis exposes the thematic layout of IJLM articles.Research limitations/implicationsThe literature selection is confined to the Scopus database starting from 1990, a year before the inception of the IJLM, thereby limiting its scope.Originality/valueThis study is the first retrospective bibliometric analysis of the IJLM, which is useful for aspiring contributors.

Measuring the impact of police representativeness on communities

2016 ◽  
Vol 39 (4) ◽  
pp. 773-790 ◽  
Author(s):  
Maren B. Trochmann ◽  
Angela Gover
Keyword(s):  
Law Enforcement ◽  
Fixed Effects ◽  
Use Of Force ◽  
Police Department ◽  
Ordinary Least Squares ◽  
Police Departments ◽  
Content Type ◽  
The Us ◽  
Community Conflict ◽  
The Impact

Purpose The purpose of this paper is to examine whether the representativeness of police departments, i.e. the extent to which the demographics of sworn police officers mirror their local constituency’s demographic makeup, has an effect on communities. The study seeks to explain whether community complaints about police use of force are related to the representativeness of the police department. Design/methodology/approach The study examines the relationships between use of force complaints lodged against a police department and the representativeness of the police vis-à-vis their community using ordinary least squares regression and city fixed-effects models. The stratified sample of 100 large US cities uses data from the US Census Equal Employment Opportunity Survey and the Bureau of Justice Statistics Law Enforcement Management and Administration Statistics Survey from several points-in-time. Findings The analysis suggests that racial makeup and, to a lesser extent, local residency of police departments might matter in reducing community conflict with police, as represented by use of force complaints. However, the fixed-effects model suggests that unobserved community-level characteristics and context matter more than police departments’ representativeness. Originality/value This study seeks to provide a unique perspective and empirical evidence on community conflict with police by integrating the public administration theory of representative bureaucracy with criminal justice theories of policing legitimacy. The findings have implications for urban policing as well as law enforcement human capital and public management practices, which is essential to understand current crises in police-citizen relations in the US, especially in minority communities.

scholarly journals Monetary spillovers and real exchange rate misalignments in emerging markets

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Krittika Banerjee ◽  
Ashima Goyal
Keyword(s):  
Exchange Rate ◽  
Real Exchange Rate ◽  
Fixed Effects ◽  
Emerging Market ◽  
Content Type ◽  
Portfolio Flows ◽  
The Us ◽  
Common Correlated Effects ◽  
Monetary Neutrality ◽  
The Impact

PurposeAfter the adoption of unconventional monetary policies (UMPs) in advanced economies (AEs) there were many studies of monetary spillovers to asset prices in emerging market economies (EMEs) but the extent of contribution of EMEs and AEs, respectively, in real exchange rate (RER) misalignments has not been addressed. This paper addresses the gap in a cross-country panel set-up with country specific controls.Design/methodology/approachFixed effects, pooled mean group (Pesaran et al., 1999) and common correlated effects (Pesaran, 2006) estimations are used to examine the relationship. Multiway clustering is taken into account to ensure robust statistical inferences.FindingsRobust evidence is found for significant monetary spillovers over 1998–2017 in the form of RER overvaluation of EMEs against AEs, especially through the portfolio rebalancing channel. EME RER against the US saw significantly more overvaluation in UMP years indicating greater role of the US in monetary spillovers. However, in the long-run monetary neutrality holds. EMEs did pursue mercantilist and precautionary policies that undervalued their RERs. Precautionary undervaluation is more evident with bilateral EME US RER.Research limitations/implicationsIt may be useful for large EMEs to monitor the impact of foreign portfolio flows on short-run deviations in RER. Export diversification reduces EME mercantilist motives against the US. That AE monetary policy significantly appreciates EME RER has implications for future policy cooperation between EMEs and AEs.Originality/valueTo the best of the author's knowledge such a comparative analysis between AE and EME policy variables on RER misalignment has not been done previously.

Expected corruption and business formation

2014 ◽  
Vol 3 (2) ◽  
pp. 292-305
Author(s):  
Noel Campbell ◽  
Adriana S. Cordis
Keyword(s):  
Standard Model ◽  
Design Methodology ◽  
Entrepreneurial Activity ◽  
Content Type ◽  
The Us ◽  
New Business ◽  
Public Corruption ◽  
The Usa ◽  
The Impact ◽  
Business Venturing

Purpose – The purpose of this paper is to investigate whether public corruption influences entrepreneurial activity in the USA. Because the true underlying level of corruption is inherently unobservable, it cannot be factored into business venturing decisions. The authors hypothesize, therefore, that new business venturing should be related to the expected corruption level. Design/methodology/approach – The authors follow Cordis (2009) to calculate the expected rate of public corruption given observed levels of public corruption. The authors embed the expected level of corruption in a relatively standard model of business venturing, which the authors estimate using a cross section of the US states covering the period of 1986-2009. Findings – Using a relatively standard model of business venturing that accounts for variation in predicted corruption levels, the authors find that entrepreneurs launch more businesses in states with higher predicted corruption. Originality/value – To the knowledge, no one has previously tested the impact of expected corruption on entrepreneurial activity.

Which food prices were more vulnerable to the COVID-19 blockade regulations in China? Comparison between perishable and storable vegetables

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yupeng Wang ◽  
Satoru Shimokawa
Keyword(s):  
Spatial Dependence ◽  
Fixed Effects ◽  
Design Methodology ◽  
Food Prices ◽  
Panel Var ◽  
Fixed Effects Model ◽  
Dynamic Panel ◽  
Data Set ◽  
Content Type ◽  
The Impact

PurposeThis paper aims to investigate how differently the COVID-19 blockade regulations influence the prices of perishable and storable foods. The authors focus on the cases of the 2020 blockade at Hubei province and the 2021 blockade at Shijiazhuang city in China, and the authors examine how the blockade influenced the prices of Chinese cabbages (perishable) and potatoes (storable) within and around the blockade area.Design/methodology/approachThe paper employs the fixed effects model, the panel VAR (PVAR) model, and the spatial dynamic panel (SPD) model to estimate the impacts of the blockade on the food prices. It constructs the unique data set of 3-day average prices of Chinese cabbages and potatoes at main wholesale markets in China during the two urban blockade periods from January 1 to April 8 in 2020 and from January 1 to March 1 in 2021.FindingsThe results from the SPD models indicate that the price of Chinese cabbages was more vulnerable and increased by 7.1–9.8% due to the two blockades while the price of potatoes increased by 1.2–6.1%. The blockades also significantly influenced the prices in the areas adjacent to the blockade area. The SPD results demonstrate that the impacts of the blockades would be overestimated if the spatial dependence is not controlled for in the fixed effects model and the PVAR model.Research limitations/implicationsBecause the research focuses on the cases in China, the results may lack generalizability. Further research for other countries is encouraged.Originality/valueThis paper demonstrates the importance of considering food types and spatial dependence in examining the impact of the COVID-19 blockades on food prices.

How the peer-to-peer market for tourist accommodation has responded to COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Beatriz Benítez-Aurioles
Keyword(s):  
Panel Data ◽  
Fixed Effects ◽  
Design Methodology ◽  
Peer To Peer ◽  
Content Type ◽  
Public Managers ◽  
Before And After ◽  
Tourist Accommodation ◽  
The Impact ◽  
Practical Implications

Purpose This study aims to analyze the COVID-19 pandemic’s impact on the peer-to-peer (p2p) market for tourist accommodation. Design/methodology/approach Using monthly panel data from Airbnb listings in 22 cities worldwide, the authors run a differences-in-differences analysis comparing the period of February–October 2020 to the previous year. Findings Besides a decline in accommodation supply, the pandemic made prices and demand fall in all cities significantly, after controlling for room characteristics, host traits, booking policies and individual fixed effects. There is also evidence of an alteration of the influence on prices of certain variables such as superhost and instant booking. Research limitations/implications The main limitations are related to the reference spatial and temporal environment. Besides, the samples are limited to listings that stayed before and after the pandemic; therefore, it is possible that the real effect on review growth and/or prices is actually more negative. Practical implications The analysis performed shows a scenario that represents an opportunity for public managers to test more imaginative regulations that overcome the limitations of those implemented so far. Likewise, hosts who aspire to make their accommodations profitable must adapt to the conditions imposed by the economic environment of the cities in which they operate. Originality/value This is the first study to econometrically estimate the impact of COVID-19 on prices in the p2p market for tourist accommodation in a set of cities worldwide.

January sentiment effect in the US corporate bond market

2018 ◽  
Vol 10 (4) ◽  
pp. 370-386 ◽  
Author(s):  
Zhongdong Chen ◽  
Karen Ann Craig
Keyword(s):  
Fixed Effects ◽  
Investor Sentiment ◽  
Bond Market ◽  
Corporate Bond ◽  
Content Type ◽  
Corporate Bond Market ◽  
The Us ◽  
Bond Spreads ◽  
The Impact ◽  
Allocation Decisions

Purpose The purpose of this paper is to investigate the impact of January sentiment on investors’ asset allocation decisions in the US corporate bond market during the rest of the year. Specifically, the study evaluates if the shift in January sentiment is a predictor of corporate bond spreads from February to December. Design/methodology/approach Using corporate bond trades reported in TRACE between 2005 and 2014, the authors examine the ability of the Index of Consumer Sentiment and the Index of Investor Sentiment to predict bond spreads over the 11 months following January. The study evaluates both the sign of the change in sentiment and the magnitude of the change in sentiment using two generalized linear models, controlling for industry, bond and firm fixed effects. Portfolios are analyzed based on yield, firm size and firm leverage. Additional analysis is performed to ensure results are robust to the impacts of the subprime financial crisis. Findings This paper finds that the changes in the sentiment measures in January predict bond spreads associated with bond trades in the subsequent 11 months, and this phenomenon, which the authors label as the “January sentiment effect,” has opposing impacts on risky and less risky bond portfolios. Originality/value This paper adds to the literature on the relationship between sentiment and investor’s allocation decisions. The evidence documented in this study is the first known to find that investors’ allocation decisions in a year are driven by their sentiment in January.

Beyond disgorgement: the impact of Kokesh on the SEC’s pursuit of equitable remedies

2018 ◽  
Vol 19 (3) ◽  
pp. 13-16
Author(s):  
Brad Karp ◽  
Andrew Ehrlich ◽  
Lorin Reisner ◽  
Audra Soloway ◽  
Richard Tarlowe ◽  
...  
Keyword(s):  
Design Methodology ◽  
White Collar ◽  
Content Type ◽  
The Supreme Court ◽  
The Us ◽  
Lower Courts ◽  
Recent Developments ◽  
Equitable Relief ◽  
Practical Guidance ◽  
The Impact

Purpose This paper aims to explain the US Supreme Court’s ruling in Kokesh v. SEC, which limited the U.S. Securities and Exchange Commission’s (SEC) ability to seek the remedy of disgorgement and to examine how lower courts have applied the ruling to other types of equitable relief that that the SEC commonly pursues. Design/methodology/approach This study explains why the Supreme Court in Kokesh ruled that disgorgement is a “penalty” and that the five-year limitations period therefore was applicable to actions seeking disgorgement; discusses a footnote in Kokesh that left open the question of whether the SEC has the power to pursue disgorgement at all; and reviews four recent cases that grapple with the application of Kokesh to injunctions and lifetime bars. Findings Lower courts and the SEC have not settled on how Kokesh might impact equitable remedies commonly pursued by the SEC, but recent cases indicate that the effect of Kokesh may be broader than its narrow holding suggests. Originality/value Practical guidance from experienced white collar and regulatory defense lawyers that consolidates several recent developments in one piece.

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