A Concept of Conglomerate Diversification

1988 ◽  
Vol 14 (4) ◽  
pp. 593-604 ◽  
Author(s):  
Raphael Amit ◽  
Joshua Livnat
Keyword(s):  
Business Cycle ◽  
Economic Sectors ◽  
Proper Selection ◽  
Cyclical Behavior ◽  
Operating Risk ◽  
The Business Cycle ◽  
Categorization Scheme ◽  
Selection Of

This study develops and tests a new concept of conglomerate diversification that reflects afirm's sensitivity to the cyclical behavior and differential amplitude of economic sectors throughout the business cycle. The measure is shown to describe unique aspects of conglomerate diversification that are not captured by other commonly used SIC-based diversification measures or by the Rumelt categorization scheme. The measure is also used to evaluate the association between conglomerate diversification and the reduction of operating risk. The results indicate that conglomerates that diversify the effects of the business cycle through the proper selection of business segments are characterized by lower operating risk than otherfirms.

Occupational mobility over the business cycle

2014 ◽  
Vol 35 (6) ◽  
pp. 873-897 ◽  
Author(s):  
Liis Roosaar ◽  
Pille Mõtsmees ◽  
Urmas Varblane
Keyword(s):  
Business Cycle ◽  
Labour Force ◽  
Occupational Mobility ◽  
Lower Probability ◽  
Economic Sectors ◽  
Content Type ◽  
The Public ◽  
Occupational Change ◽  
Interaction Terms ◽  
The Business Cycle

Purpose – The purpose of this paper is to examine how occupational mobility varies over the business cycle and how selected factors contribute to occupational mobility in different stages of the business cycle. Design/methodology/approach – Using annual micro data from the Estonian Labour Force Survey (2001-2010) and implementing probit models with interaction terms, the paper investigates occupational mobility as a change of occupation in two successive years during recovery, boom and recession periods. Findings – The analysis indicates that occupational mobility is higher during the recovery and boom periods and lower during the recession stage. The demographic characteristics (gender, marital status, knowledge of local language) influence the probability for occupational change during the recovery stage of the business cycle. The position of employees in the occupational hierarchy is significant during the recovery and boom periods. Employees working in the public sector have a lower probability for occupational change compared with private sector employees during the recession. Training has a positive effect on occupational mobility during recession. Tenure reduces the probability of occupational mobility over the whole business cycle. Originality/value – The paper contributes to the literature by providing new results about the role of different factors of occupational mobility over the business cycle. This is among the few studies addressing the variation in the occupational mobility of employees from the public and private sectors. Interactions between the position of the employees in the occupational hierarchy and the ownership form of their employers and the economic sectors add to the understanding about the mechanism of occupational mobility over the business cycle stages.

How Is Tax Policy Conducted Over the Business Cycle?

2015 ◽  
Vol 7 (3) ◽  
pp. 327-370 ◽  
Author(s):  
Carlos A. Vegh ◽  
Guillermo Vuletin
Keyword(s):  
Business Cycle ◽  
Government Spending ◽  
Tax Policy ◽  
Developing Economies ◽  
Value Added ◽  
Tax Rates ◽  
Industrial Countries ◽  
Cyclical Behavior ◽  
The Business Cycle ◽  
Shed Light

It is well known by now that government spending has typically been procyclical in developing economies but acyclical or countercyclical in industrial countries. Little, if any, is known, however, about the cyclical behavior of tax rates (as opposed to tax revenues, which are endogenous to the business cycle and, hence, cannot shed light on the cyclicality of tax policy). We build a novel dataset on tax rates for 62 countries for the period 1960–2013 that comprises corporate income, personal income, and value-added tax rates. We find that tax policy is acyclical in industrial countries but mostly procyclical in developing countries. (JEL E32, E64, H24, H25, O11, O23)

scholarly journals Mr. Hayek and the Classics: A Suggested Interpretation of the Business Cycle Theory in Prices and Production

2021 ◽  
Author(s):  
Nils Herger
Keyword(s):  
Business Cycle ◽  
Relative Price ◽  
Monetary Shocks ◽  
Business Cycle Theory ◽  
Economic Sectors ◽  
Economic Cycles ◽  
The Great Depression ◽  
The Business Cycle ◽  
Book Prices ◽  
Price Distortions

This paper endeavors to develop a modern theoretical underpinning of Friedrich August von Hayek’s business-cycle theory as published during the Great Depression in his book Prices and Production. According to Hayek, economic cycles are caused by monetary shocks, which distort the relative-price schedule across economic sectors. Possible consequences of these price distortions, which are also called “Cantillon effects,” include malinvestment and an unsustainable production structure, which sooner or later has to be corrected by a recession. It turns out that this type of economic fluctuation can be condensed into a simple two-sector overlapping generations model.

Meriel Talbot and the Society for the Overseas Settlement of British Women, 1919–1937

2017 ◽  
Vol 10 (1) ◽  
pp. 32-52
Author(s):  
Bonnie White
Keyword(s):  
Domestic Service ◽  
Agricultural Workers ◽  
British Government ◽  
Early Failure ◽  
Proper Selection ◽  
Domestic Servants ◽  
Female Workers ◽  
Female Migrants ◽  
Post War ◽  
Selection Of

In 1917 the British government began making plans for post-war adjustments to the economy, which included the migration of surplus women to the dominions. The Society for the Overseas Settlement of British Women was established in 1920 to facilitate the migration of female workers to the dominions. Earlier studies have argued that overseas emigration efforts purposefully directed women into domestic service as surplus commodities, thus alleviating the female ‘surplus’ and easing economic hardships of the post-war period. This article argues that as Publicity Officer for the SOSBW, Meriel Talbot targeted women she believed would be ideal candidates for emigration, including former members of the Women's Land Army and affiliated groups. With the proper selection of female migrants, Talbot sought to expand work opportunities for women in the dominions beyond domestic service, while reducing the female surplus at home and servicing the connection between state and empire. Dominion authorities, whose demands for migrant labour vacillated between agricultural workers during the war years and domestic servants after 1920, disapproved of Talbot's efforts to migrate women for work in agriculture. Divergent policies led to the early failure of the SOSBW in 1923.

Stock Returns and the Business Cycle

CFA Digest ◽  
2005 ◽  
Vol 35 (2) ◽  
pp. 42-43
Author(s):  
Daniel B. Cashion
Keyword(s):  
Business Cycle ◽  
Stock Returns ◽  
The Business Cycle

EXPANSIONS AND RECESSIONS IN THE MEXICAN STATES: A CLASSICAL BUSINESS CYCLES APPROACH

2017 ◽  
Vol 3 (5) ◽  
pp. 32
Author(s):  
Pablo Mejía-Reyes
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Monthly Basis ◽  
Production Index ◽  
Clear Cut ◽  
Output Measure ◽  
Central Regions ◽  
The Business Cycle ◽  
National Business ◽  
Cycle Indicator

This paper aims to document expansions and recessions characteristics for 17 states of Mexico over the period 1993-2006 by using a classical business cycle approach. We use the manufacturing production index for each state as the business cycle indicator since it is the only output measure available on a monthly basis. According to this approach, we analyse asymmetries in mean, volatility and duration as well as synchronisation over the business cycle regimes (expansions and recessions) for each case. Our results indicate that recessions are less persistent and more volatile (in general) than expansions in most Mexican states; yet, there is no clear cut evidence on mean asymmetries. In turn, there seems to be strong links between the business cycle regimes within the Northern and Central regions of the country and between states with similar industrialisation patterns, although it is difficult to claim that a national business cycle exists.

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