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on Business Economics |
| By: | Igor Livshits (University of Western Ontario); James MacGee (University of Western Ontario); Michèle Tertilt (University of Mannheim, Stanford University, NBER and CEPR) |
| Abstract: | Financial innovations are a common explanation of the rise in consumer credit and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost to create each contract offered by lenders. Innovations which reduce the fixed cost or ameliorate asymmetric information have large extensive margin effects via the entry of new lending contracts targeted at riskier borrowers. This results in more defaults and borrowing, as well as increased dispersion of interest rates. Using the Survey of Consumer Finance and interest rate data collected by the Board of Governors, we find evidence supporting these predictions, as the dispersion of credit card interest rates nearly tripled, and the share of credit card debt of lower income households nearly doubled. |
| Keywords: | consumer credit; endogenous financial contracts; bankruptcy |
| JEL: | E21 E49 G18 K35 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:epuwoc:20111&r=bec |
| By: | Isabelle Vialle (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France); Luis Santos-Pinto (Faculty of Business and Economics, University of Lausanne, Internef 535, CH-1015, Lausanne, Switzerland); Jean-Louis Rullière (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | We use a laboratory experiment to study how perceptions of skill influence teamwork. Our design is based on Gervais and Goldstein (2007) theory of teams. Team output is increasing in skill and in effort, skill and effort are complements, and workers’ effort choices are complements. An overconfident agent thinks that his skill is higher than it actually is. We find that the presence of overconfi-dent workers in teams is beneficial for firms since it raises effort provision and team output. We also find that overconfidence leads to a Pareto improvement in workers’ payoffs. In contrast, underconfidence is detrimental to firms as well as workers. |
| Keywords: | Teamwork; Self-Confidence, Laboratory Experiment |
| JEL: | D81 C91 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1126&r=bec |
| By: | Martin Grossmann (Department of Business Administration, University of Zurich) |
| Abstract: | In this article, I analyze the effects of future liquidity constraints on the investment behavior of two contestants with asymmetric prize valuations in a dynamic contest model. Contestants compete in two consecutive Tullock contests in order to win a contest prize in each period. The loser of the first-period contest can be liquidity constraint in the second period. The model reveals the following four main results: (i) Future liquidity constraints marginally affect today's intensity of competition but rather influence tomorrow's contest. (ii) A higher contest prize in both periods surprisingly decreases aggregate second-period investment in a symmetric contest. (iii) Counterintuitively, a higher asymmetry with respect to the contest prize valuations increases the first-period investment of both contestants.(iv) The effect of a higher asymmetry on second-period investment depends on which contestant won the first-period contest. Further results are derived with respect to the existence and uniqueness of the equilibrium, competitive balance and expected total profits. |
| Keywords: | Dynamic contest, liquidity constraint, competitive balance |
| JEL: | C72 C73 D43 D72 L13 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iso:wpaper:0148&r=bec |
| By: | Julie Rosaz (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France); Marie-Claire Villeval (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | This paper presents the results of a laboratory experiment in which workers perform a real-effort task and supervisors report the workers’ performance to the experimenter. The report is non verifiable and determines the earnings of both the supervisor and the worker. We find that not all the supervisors, but at least one third of them bias their report. Both selfish black lies (increasing the supervisor’s earnings while decreasing the worker’s payoff) and Pareto white lies (increasing the earnings of both) according to Erat and Gneezy (2009)’s terminology are frequent. In contrast, spiteful black lies (decreasing the earnings of both) and altruistic white lies (increasing the earnings of workers but decreasing those of the supervisor) are almost non-existent. The supervisors’ second-order beliefs and their decision to lie are highly correlated, suggesting that guilt aversion plays a role. |
| Keywords: | lies, deception, self-image, guilt aversion, lie-aversion, evaluation, experiments |
| JEL: | C91 D82 M52 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1124&r=bec |
| By: | Chao Gu; Randall Wright |
| Abstract: | We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics. There are also stochastic (sunspot) equilibria, in which credit conditions change randomly over time, even though fundamentals are deterministic and stationary. We show this can occur when the terms of trade are determined by Walrasian pricing or by Nash bargaining. The results illustrate how it is possible to generate equilibria with credit cycles (crunches, freezes, crises) in theory, and as recently observed in actual economies. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedmwp:689&r=bec |
| By: | Marcus Dejardin; Martin Carree |
| Abstract: | Firm entry and exit flows in the retailing and consumer services may be viewed as market equilibrating processes. Local markets with considerable market room and high unemployment ought to be characterized by high subsequent entry rates and low exit rates. However, lack of entrepreneurial alertness may inhibit this. We examine the relationship and obtain empirical results for a range of selected industries in 563 Belgian municipalities. We show that, over a three-year period, (net) entry is positively affected by the presence of local 'market room' and also by future market pull. We find 'unemployment push' effect on entry in easy-to-enter industries, but also a significant effect of unemployment on exit. |
| Keywords: | Entrepreneurship; Entry; Exit; Entrepreneurship; Unemployment |
| JEL: | L80 M13 R12 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nam:wpaper:1114&r=bec |
| By: | Beatrice Brunner; Andreas Kuhn |
| Abstract: | We estimate the effects of labor market entry conditions on wages for male individuals first entering the Austrian labor market between 1978 and 2000. We find a large negative effect of unfavorable entry conditions on starting wages as well as a sizeable negative long-run effect. Specifically, we estimate that a one percentage point increase in the initial local unemployment rate is associated with an approximate shortfall in lifetime earnings of 6.5%. We also show that bad entry conditions are associated with lower quality of a worker's first job and that initial wage shortfalls associated with bad entry conditions only partially evaporate upon involuntary job change. These and additional findings support the view that initial job assignment, in combination with accumulation of occupation or industry-specific human capital while on this first job, plays a key role in generating the observed wage persistencies. |
| Keywords: | initial labor market conditions, endogenous labor market entry, initial job assignment, specific human capital |
| JEL: | E3 J2 J3 J6 M5 |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:jku:nrnwps:2010_15&r=bec |
| By: | Mark Armstrong |
| Abstract: | This paper extends the standard model of bundling to allow products to be substitutes and for products to be supplied by separate sellers. Whether integrated or separate, firms have an incentive to introduce a bundling discount when demand for the bundle is elastic relative to demand for stand-alone products. When products are partial substitutes, this typically gives an integrated firm a greater incentive to offer a bundle discount (relative to the standard model with additive preferences), while product substitutability is often the sole reason why separate sellers wish to offer inter-firm discounts. When separate sellers negotiate their inter-firm discount, they can use the discount to relax competition. |
| Keywords: | Bundling, Price discrimination, Oligopoly, Collusion |
| JEL: | L11 L13 L42 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:oxf:wpaper:574&r=bec |
| By: | Figueiredo, Octávio (University of Porto); Guimaraes, Paulo (University of South Carolina); Woodward, Douglas (University of South Carolina) |
| Abstract: | In this paper we use a novel approach and a large Portuguese employer-employee panel data set to study the hypothesis that industrial agglomeration improves the quality of the firm-worker matching process. Our method makes use of recent developments in the estimation and analysis of models with high-dimensional fixed effects. Using wage regressions with controls for multiple sources of observed and unobserved heterogeneity we find little evidence that the quality of matching increases with firm’s clustering within the same industry. This result supports Freedman’s (2008) analysis using U.S. data. |
| Keywords: | agglomeration, matching, fixed-effects |
| JEL: | R12 R39 J31 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6016&r=bec |
| By: | Pesaran, Hashem (University of Cambridge); Xu, TengTeng (Bank of Canada) |
| Abstract: | This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology shocks, possible leading to default by some firms. The paper advances a new modelling approach for the analysis of financial intermediation and firm defaults that takes account of the financial implications of such defaults for both households and banks. Results from a calibrated version of the model highlight the role of financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined as a rise in the loan to deposit ratio, increases output, consumption, hours and productivity, and reduces the spread between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and habit persistence in consumption behaviour. |
| Keywords: | bank credit, financial intermediation, firm heterogeneity and defaults, interest rate spread, real financial linkages |
| JEL: | E32 E44 G21 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6027&r=bec |
| By: | Martins, Pedro S. (Queen Mary, University of London); Opromolla, Luca David (Banco de Portugal) |
| Abstract: | We investigate the relationship between exporting, importing, and wage premia using a rich matched employer-employee data set. We improve on the previous literature (i) by using a new methodology to quantify the contribution of an extensive set of worker- and firm-level observable and unobservable characteristics to the wage gap, and (ii) by controlling for the import as well as the export activity of the firm. These two innovations allow us to avoid large biases that characterized the previous literature. A robust result is that the hiring policy of exporters is quite different than the one of importers. While firm size and sales are, to different extents, important components of the wage gap both for exporters and importers, importers hire workers that are overwhelmingly more able than the average. Workers at exporting firms, on the contrary, are no different in terms of unobserved time-invariant characteristics. Our analysis provides a useful guidance for recent theories that aim at explaining participation both in export and import markets and at including non-neoclassical labor market features into trade models. |
| Keywords: | globalization, export, import, wage differentials |
| JEL: | F16 J31 F15 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6013&r=bec |
| By: | García Lara, Juan Manuel; García Osma, Beatriz; Neophytou, Evi |
| Abstract: | This paper analyses earnings quality in ex-post failed firms. Using a large sample of UK bankrupt firms, we find that failed firms manage earnings upwards in the four years prior to failure. This manipulation is achieved in two ways: (1) through accounting (accruals) manipulation; and (2) by implementing real operating actions that deviate from normal practice. We show that these two types of manipulation lead to reduced earnings reliability. We use conditional conservatism as a proxy for reliability, as prior literature links conditional accounting conservatism to better governance and positive economic outcomes. Our results show that conditional conservatism decreases substantially in the years prior to failure. Finally, we show that accruals manipulation is more pronounced in ex-post bankrupt firms with low ex-ante probability of failure, and that ex-post bankrupt firms with high ex-ante failure probability, having likely exhausted the opportunities for accrual manipulation, manipulate real operations more aggressively |
| Keywords: | Firm failure; Accruals management; Real earnings management; Conditional conservatism; Earnings quality; Bankruptcy; |
| Date: | 2011–01–04 |
| URL: | http://d.repec.org/n?u=RePEc:ner:carlos:info:hdl:10016/12413&r=bec |
| By: | Leung, Danny<br/> Robinson, Chris:University of Western Ontario |
| Abstract: | This paper examines how the nature of self-employment may have changed, by comparing the labour market transition rates for males (between non-employment, paid employment, own-account self-employment, and self-employment with paid help) in two panels of the Survey of Labour and Income Dynamics (SLID): the 1993-1998 panel and the 2002-2007 panel. An econometric model is then estimated for the purpose of characterizing the change further. |
| Keywords: | Labour, Business performance and ownership, Employment and unemployment, Business ownership |
| Date: | 2011–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:stc:stcp5e:2011073e&r=bec |
| By: | Francesco Di Comite (Department of Economics (IRES), Université Catholique de Louvain; European Commission, Directorate-General Economic and Financial Affairs); Jacques-François Thisse (CORE, Université Catholique de Louvain); Hylke Vandenbussche (National Bank of Belgium, Research Department; CORE, Université Catholique de Louvain; Department of Economics (IRES), Université Catholique de Louvain) |
| Abstract: | The recent availability of trade data at a firm-product-country level calls for a new generation of models able to exploit the large variability detected across observations. By developing a model of monopolistic competition in which varieties enter preferences non-symmetrically, we show how consumer taste heterogeneity interacts with quality and cost heterogeneity to generate a new set of predictions. Applying our model to a unique micro-level dataset on Belgian exporters with product and destination market information, we find that heterogeneity in consumer tastes is the missing ingredient of existing monopolistic competition models necessary to account for observed data patterns. |
| Keywords: | Heterogeneous firms, Product Differentiation, Monopolistic Competition, Nonsymmetric varieties |
| JEL: | D43 F12 F14 L16 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbb:reswpp:201110-216&r=bec |
| By: | Askenazy, Philippe; Caldera, Aida; Gaulier, Guillaume; Irac, Delphine |
| Abstract: | This paper studies the effect of credit constraints on the expansion and survival of firms in foreign markets. It develops a model of the multi-country firm, in which, lower access to external finance, or reduced internal liquidity, hampers the firm ability to finance the recurrent costs to serve foreign markets and decreases firm survival in foreign markets. Additionally, financial constraints act as a barrier to firm export expansion by decreasing the firm ability to finance the entry costs into new export markets; thus, they push firm to avoid losing destinations and by the same token may increase firm survival in a given foreign market. We use a unique longitudinal dataset on French firms that contains information on export destinations of individual firms and allows us to construct various firm-level measures of financial constraints to test these predictions. We obtain two main results. First, credit constraints have a negative effect on the number of newly served destinations. Second, higher probability of exit from the export market is also associated with credit constraints. This seems to suggest that, no less than an issue of financing entry costs, credit constraints bear upon the recurrent costs of survival in an existing destination and strongly affect the firms’portfolio of destinations by this token. |
| Keywords: | firm heterogeneity; financial constraints; trade |
| JEL: | D24 F14 D92 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:cpm:docweb:1112&r=bec |
| By: | Werner Hölzl (WIFO) |
| Abstract: | The paper studies the persistence of the high-growth phenomenon in Austria using social security data for the years 1985 to 2007. The Eurostat-OECD definition is used to identify high-growth firms and a modified Birch Index to identify high-impact firms. Bringing the definitions to the data confirms that the two definitions lead to the selection of different firms. We use matching as non-parametric preprocessing and estimate survival, persistence and growth regression on balanced datasets. The results show that being a high-growth firm does not improve the likelihood of survival in future periods in excess of the size effect induced by the high-growth event. For persistence and high growth we find a high-growth firm treatment effect. For high-impact firms we find a significant treatment effect for survival, persistence and growth. High-impact firms show a much higher persistence than high-growth firms. The average growth rate after the high-growth episode is quite modest for both high-impact and high-growth firms. Policy implications of the findings are discussed. |
| Keywords: | firm growth, high growth firms |
| Date: | 2011–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:wfo:wpaper:y:2011:i:403&r=bec |
| By: | Justin R. Pierce |
| Abstract: | This paper describes the effects of a temporary increase in tariffs on the performance and behavior of U.S. manufacturers. Using a dataset that includes the full population of U.S. manufacturing plants, I show that an apparent positive correlation between antidumping duties and traditional revenue productivity is likely misleading. For the subset of plants reporting quantity-based output data, increases in prices and markups artificially inflate the effect of antidumping duties on revenue productivity, while physical productivity actually falls. Moreover, antidumping duties allow low-productivity plants to continue producing protected products, slowing the reallocation of resources from less productive to more productive uses. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2011-40&r=bec |
| By: | Massimiliano Mazzanti; Davide Antonioli; Susanna Mancinelli |
| Abstract: | Many scholars have highlighted the role of high performance work practices (HPWP) and Human Resource Management (HRM) as contents of organizational change that integrate with green business strategies, mainly in the realm of the ‘Porter paradigm of change’ and competitive advantage. We investigate whether manufacturing firms, in light of the challenges that the path to a ‘Green economy’ poses, have given heavier weight in most recent times to internal sources of environmental innovation (EI) that refer to structural mechanisms of organizational change. More specifically, we analyse how the complementarity between different performance oriented strategies such as training and organizational innovations of labor and production can (jointly) foster the adoption of relatively more radical innovations, as environmental ones are. We use an original dataset on 555 Italian industrial firms on EI and high performance work practices, coherent with the last CIS5 survey, to analyse whether various, more or less radical, forms of environmental innovations are correlated to complementarity investments in HPWP/HRM. Empirical evidence shows that the strict complementarity assumption is not valid as a general rule for the HPWP/HRM strategies we analyse. We indeed find that trade offs (substitutability) is present when training competencies and organizational change in production are investigated. Weaknesses in organizational change processes are then highlighted for the sake of management restructuring. Sector specificity and market conditions eventually matter: the only case where we do find strict complementarities in organizational change is for CO2 abatement, a relatively more radical type of EI, but when we restrict the sample to more polluting (and regulated) firms. This evidence is coherent with the Porter hypothesis: complementarity related adoption of EI is an element of organizational change in firms that are subject to more stringent regulations. The fact that strict complementarity is not a diffused factor behind the adoption of all environmental innovations does not come indeed at a surprise. At this stage of development of green strategies, the share of eco-firms is still limited even in advanced countries that are seeking for new competitiveness tools. Market Leaders do find innovations sources mainly ‘outside’ the boundaries instead of reshaping organizations along complementary green lines. The integration of EIs with the internal capabilities and firm’s own assets is far from being reached even in advanced and competitive industrial settings. |
| Keywords: | environmental innovations; complementarity; HRM; HPWP; training; innovation survey; manufacturing firms; Porter hypothesis |
| JEL: | L6 M53 O3 Q55 |
| Date: | 2011–10–26 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:201115&r=bec |
| By: | Carmine ORNAGHI (University of Southampton, School of Social Science - Economics Division); Ilke VAN BEVEREN (Lessius, Department of Business Studies & IRES, Universite Catholique de Louvain & KU Leuven, CES & LICOS) |
| Abstract: | The use of proxy variables to control for unobservables when estimating a production function has become increasingly popular in empirical works in recent years. The present paper aims to contribute to this literature in three important ways. First, we provide a structured review of the different estimators and their underlying assumptions. Second, we compare the results obtained using different estimators for a sample of Spanish manufacturing firms, using definitions and data comparable to those used in most empirical works. In comparing the performance of the different estimators, we rely on various proxy variables, apply different definitions of capital, use alternative moment conditions and allow for different timing assumptions of the inputs. Third, in the empirical analysis we propose a simple (non-graphical) test of the monotonicity assumption between productivity and the proxy variable. Our results suggest that productivity measures are more sensitive to the estimator choice rather than to the choice of proxy variables. Moreover, we find that the monotonicity assumption does not hold for a non-negligible proportion of the observations in our data. Importantly, results of a simple evaluation exercise where we compare productivity distributions of exporters versus non-exporters shows that different estimators yield different results, pointing to the importance of making suitable timing assumptions and choosing the appropriate estimator for the data at hand. |
| Keywords: | Total factor productivity, Semiparametric estimator, Simultaneity, Timing assumptions, Generalized Method of Moments |
| JEL: | C13 C14 D24 D40 |
| Date: | 2011–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvir:2011029&r=bec |
| By: | Vincent FRIGANT (GREThA, CNRS, UMR 5113) |
| Abstract: | The European automotive industry has once again entered a period of uproar. The crisis of 2008/2009 is far from over but probably marks the start of a new era that some observers are starting to refer to as the second automobile revolution. In this article, we will be trying to emphasize three major uncertainties that weigh upon the European automotive industry. The first relates to the future products that the sector is looking to manufacture and sell. This will involve questions about electric vehicles but also how internal combustion vehicles might be sold to more tone-deaf European consumers. The second section will revisit the outsourcing strategies that have arisen over the past 30 years, together with their increasingly obvious limitations. The final section will highlight the profound geographic recomposition that has taken place under our eyes over the past decade or so, and which speaks directly to the issue of Old Europe’s productive capacities in the future. |
| Keywords: | Automobile industry, electric vehicles, industrial architecture, carmakers, industrial geography, first tier suppliers |
| JEL: | L62 L23 L24 O33 M21 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2011-34&r=bec |
| By: | Kampelmann, Stephan (University of Lille 1); Rycx, Francois (Free University of Brussels) |
| Abstract: | This paper examines the relationship between institutions and the remuneration of different jobs by comparing the German and Belgian labour markets with respect to a typology of institutions (social representations, norms, conventions, legislation, and organisations). The observed institutional differences between the two countries lead to the hypotheses of (I) higher overall pay inequality in Germany; (II) higher pay inequalities between employees and workers in Belgium; and (III) higher (lower) impact of educational credentials (work-post tenure) on earnings in Germany. We provide survey-based empirical evidence supporting hypotheses I and III, but find no evidence for hypothesis II. These results underline the importance of institutional details: although Germany and Belgium belong to the same "variety of capitalism", we provide evidence that small institutional disparities within Continental-European capitalism account for distinct structures of pay. |
| Keywords: | labour market institutions, wage inequality, rules, collective bargaining |
| JEL: | J31 J51 J52 J53 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6010&r=bec |
| By: | Luciana Juvenal; Ivan Petrella |
| Abstract: | The run-up in oil prices after 2004 coincided with a growing flow of investment to commodity markets and an increased price comovement between different commodities. We analyze whether speculation in the oil market played a key role in driving this salient empirical pattern. We identify oil shocks from a large dataset using a factor-augmented autoregressive (FAVAR) model. We analyze the role of speculation in comparison to supply and demand forces as drivers of oil prices. The main results are as follows: (i) While global demand shocks account for the largest share of oil price fluctuations, financial speculative demand shocks are the second most important driver. (ii) The comovement between oil prices and the price of other commodities is explained by global demand and financial speculative demand shocks. (iii) The increase in oil prices in the last decade is mainly explained by the strength of global demand. However, financial speculation played a significant role in the oil price increase between 2004 and 2008, and its subsequent collapse. Our results support the view that the financialization process of commodity markets explains part of the recent increase in oil prices. |
| Keywords: | Petroleum products - Prices ; Vector autoregression ; Speculation |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedlwp:2011-027&r=bec |
| By: | Colombatto, Enrico (Faculty of Economics, University of Turin); Melnik, Arie (Department of Economics, University of Haifa); Monticone, Chiara (Faculty of Economics, University of Turin) |
| Abstract: | We analyze the loans that startup firms obtain from banks by testing our predictions on a set of small, young Italian companies founded during the 1992-2004 period. According to our investigation, the amount of borrowing is determined by (1) the size of the firm, (2), the ability to offer collateral (3) perceived risk. Contrary to expectations, however, the length of the relationship with the lender has a weak influence. |
| Date: | 2011–10–23 |
| URL: | http://d.repec.org/n?u=RePEc:haf:huedwp:wp201111&r=bec |