New Economics Papers
on Business, Economic and Financial History
Issue of 2013‒03‒16
forty papers chosen by

  1. Trends and Directions in the Accounting, Business and Economic History of Spain, 1997-2011 By Bernardo Bátiz-Lazo; Rasol Eskandari
  2. A Two-Tiered Demographic System: "Insiders" and "Outsiders" in Three Swabian Communities, 1558-1914 By Timothy W. Guinnane; Sheilagh C. Ogilvie
  3. Not Just the Great Contraction: Friedman and Schwartz’s A Monetary History of the United States 1867 to 1960 By Michael D. Bordo; Hugh Rockoff
  4. Women, Medieval Commerce, and the Education Gender Gap By Graziella Bertocchi; Monica Bozzano
  5. The Transportation Revolution in Industrializing Britain: A Survey By Dan Bogart
  6. In the Name of the Son (and the Daughter): Intergenerational Mobility in the United States, 1850-1930 By Claudia Olivetti; M. Daniele Paserman
  7. The Historical Role of the European Shadow Banking System in the Development and Evolution of Our Monetary Institutions By Lazcano, I. C.
  8. A Nation Of Gamblers: Real Estate Speculation And American History By Edward L. Glaeser
  9. The Link Between Fundamentals and Proximate Factors in Development By Wolfgang Keller; Carol H. Shiue
  10. The boats that did not sail: Asset Price Volatility and Market Efficiency in a Natural Experiment By Peter Koudijs
  11. The 1920s American Real Estate Boom and the Downturn of the Great Depression: Evidence from City Cross Sections By Michael Brocker; Christopher Hanes
  12. War, Blockades, and Hunger: Nutritional Deprivation of German Children 1914-1924 By Mary Elisabeth Cox
  13. Taxation of Goods and Services from 1862 to 2010 By Stenkula, Mikael
  14. The Fisher Relation in the Great Depression and the Great Recession By David Laidler
  15. Empirical Research on Sovereign Debt and Default By Michael Tomz; Mark L. J. Wright
  16. The heavy plough and the agricultural revolution in medieval Europe By Andersen, Thomas Barnebeck; Jensen, Peter Sandholt; Skovsgaard, Christian Stejner
  17. Standing on the Shoulders of Giants: The Philosophical Cradle of Marxism By Pillai N., Vijayamohanan
  18. Banking towards development: Evidence from the Spanish banking expansion plan By Pere Arqué-Castells; Elisabet Viladecans-Marsal
  19. You Cannot Swim Twice in the Same River: The Genesis of Dialectical Materialism By Pillai N., Vijayamohanan
  20. A History of Tax Legislation in the Federal Republic of Germany By Matthias Uhl
  21. The Evolution of Agricultural Trade Flows By M.Ataman Aksoy; Francis Ng
  22. Taxation and Public Goods Provision in China and Japan before 1850 By Sng, Tuan-Hwee; Moriguchi, Chiaki
  23. Industry crisis and leadership in high-performing organizations: The case of the Japanese orange industry, 1968–1989 By MATSUBARA, Hideto
  24. Speculative Cotton Pricing in the 1920s. A Nonlinear Tale of Noise Traders and Fundamentalists By Giulio Cifarelli; Paolo Paesani
  25. 'Those Who Know Most': Insider Trading in 18th c. Amsterdam By Peter Koudijs
  26. Emergence of a professional sports league and human capital formation for sports: The Japanese Professional Football League. By Yamamura, Eiji
  27. Foundations of the economic and social history of the United States: Apologia By Albers, Scott
  28. Foundations of the economic and social history of the United States: Empirical By Albers, Scott
  29. Foundations of the economic and social history of the United States: Metaphysical By Albers, Scott
  30. European civil societies compared: Typically German? Typically French? By Edith Archambault; Eckhardt Priller; Annette Zimmer
  31. Persistent effects of empires: Evidence from the partitions of Poland By Irena Grosfeld; Ekaterina Zhuravskaya
  32. Nation Building By Alberto Alesina; Bryony Reich
  33. How the 1978 changes to the foreign domestic workers law in Singapore increased the female labour supply By Freire, Tiago
  34. A survey of literature on the resource curse: critical analysis of the main explanations, empirical tests and resource proxies By Nuno Torres; Óscar Afonso; Isabel Soares
  35. Ranking Law Journals and the Limits of Journal Citation Reports By Eisenberg, Theodore; Wells, Martin T.
  36. What Do Experts Know About Forecasting Journal Quality? A Comparison with ISI Research Impact in Finance By Chia-Lin Chang; Michael McAleer
  37. Institutions and Venture Capital By Lerner, Josh; Tåg, Joacim
  38. Does “Okun’s Law” state a Pi:1 ratio? Toward a harmonic interpretation of why Okun’s Law works By Albers, Scott; Albers, Andrew L.
  39. Identification of Liechtenstein's Historic Economic Growth and Business Cycles by Econometric Extensions of Data Series By Brunhart, Andreas
  40. Internacionalizacion y Sistema Nacional de Innovacion argentino: una perspectiva de tramas productivas. Los casos automotriz y siderurgico By Morero, Hernan Alejandro

  1. By: Bernardo Bátiz-Lazo (Prifysgol Bangor University, Wales, UK); Rasol Eskandari (Salford University, Manchester, UK)
    Abstract: This paper examines the determinants of citation success among authors who have published on the economic and business history of Spain. It departs from the dominant cross section approach to the quantitative assessment of citation success by enabling a 15-year time series analysis of peer-reviewed Spanish and Latin American outlets. Moreover, it considers working papers published online and assesses the role of Spanish as a medium to communicate with an international audience. Our results suggest a high concentration of publications and citations in a small number of authors (including non-residents) and the importance of local journals in citation success. Besides offering clues about how to improve one’s scientific impact, our citation analysis also sheds light on the state of the field of economic and business history in Spanish economic circles and attests the role of Spain as an intermediate country in the production and diffusion of scientific knowledge.
    Keywords: knowledge diffusion, electronic publishing, citation indexes, bibliometrics (publication scores), impact, Spain
    JEL: A11 N0 N8 M4 O31
    Date: 2013–02
  2. By: Timothy W. Guinnane (Department of Economics, Yale University); Sheilagh C. Ogilvie (Faculty of Economics, Cambridge University)
    Abstract: This paper presents first results from a project to reconstitute the demographic behavior of three villages in Württemberg (southern Germany) from the mid-sixteenth to the early twentieth century. Using high-quality registers of births, deaths, and marriages, and unusual ancillary sources, we improve on the family-reconstitution techniques pioneered by Louis Henry and applied to good effect by the Cambridge Group and other scholars. This paper focuses on simple, standard demographic measures, in order to provide a broad overview and support comparisons with other places. An extreme system of demographic regulation operated in these Württemberg communities until around 1870. This regulation created a two-tiered demographic system. A group of “insiders” were able to marry, and experienced both high marital fertility and high infant and child mortality. A second group, of “outsiders”, were prevented from marrying. Many, especially the males, left the community; those who stayed contributed to growing illegitimacy and associated levels of infant and child mortality that were even higher than for the offspring of “insiders”.
    Keywords: fertility, mortality, nuptiality, European marriage pattern, institutions, community, politische Ehekonsens, Germany, Württemberg, proto-industry
    JEL: N33 J12 J13 K0 O17
    Date: 2013–01
  3. By: Michael D. Bordo; Hugh Rockoff
    Abstract: A Monetary History of the United States 1867 to 1960 published in 1963 was written as part of an extensive NBER research project on Money and Business Cycles started in the 1950s. The project resulted in three more books and many important articles. A Monetary History was designed to provide historical evidence for the modern quantity theory of money. The principal lessons of the modern quantity theory of the long-run neutrality of money, the transitory effects of monetary policy on real economic activity, and the importance of stable money and of monetary rules have all been absorbed in modern macro models. A Monetary History , unlike the other books, has endured the test of time and has become a classic whose reputation has grown with age. It succeeded because it was based on narrative and not an explicit model. The narrative methodology pioneered by Friedman and Schwartz and the beautifully written story still captures the imaginations of new generations of economists.
    JEL: B22 N1
    Date: 2013–02
  4. By: Graziella Bertocchi; Monica Bozzano
    Abstract: We investigate the historical determinants of the education gender gap in Italy in the late nineteenth century, immediately following the country’s Unification. We use a comprehensive newly-assembled database including 69 provinces over twenty-year sub-samples covering the 1861-1901 period. We find robust evidence that female primary school attainment, relative to that of males, is positively associated with the medieval pattern of commerce, along the routes that connected Italian cities among themselves and with the rest of the world. The effect of medieval commerce is particularly strong at the non-compulsory upperprimary level and persists even after controlling for alternative long-term determinants reflecting the geographic, economic, political, and cultural differentiation of medieval Italy. The long-term influence of medieval commerce quickly dissipates after national compulsory primary schooling is imposed at Unification, suggesting that the channel of transmission was the larger provision of education for girls in commercial centers.
    Keywords: education gender gap, medieval commerce, Italian Unification, political institutions, family types;
    JEL: E02 H75 I25 J16 N33 O15
    Date: 2013–02
  5. By: Dan Bogart (Department of Economics, University of California-Irvine)
    Abstract: Between 1700 and 1870 Britain's transport sector improved dramatically. This paper surveys the literature on Britain’s transport revolution and examines its contribution to economic growth during the Industrial Revolution. It reviews the important infrastructural and technological developments, documents the evolution of transport markets, and examines the developmental effects of transport. The most striking finding is that freight charges decreased by 95 percent in real terms from 1700 to 1870 implying an annual TFP of more than 2 percent. The broader conclusion is that transport improvements were major factor in raising the standard of living in Britain and were as significant as other innovations. At the same time, Britain's history shows that many transport improvements were difficult to implement because they required financial innovation and involved taxation and vexing property rights issues.
    Keywords: Transport Revolution; Industrial Revolution; Infrastructure; Railways, Canals; Turnpike; Shipping
    JEL: N43 N73 R4
    Date: 2013–01
  6. By: Claudia Olivetti; M. Daniele Paserman
    Abstract: This paper provides a new perspective on intergenerational mobility in the United States in the late 19th and early 20th centuries. We devise an empirical strategy that allows to calculate intergenerational elasticities between fathers and children of both sexes. The key insight of our approach is that the information about socio-economic status conveyed by first names can be used to create a pseudo-link not only between fathers and sons, but also between fathers and daughters. The latter is typically not possible with historical data. We find that the father-son elasticity in economic status grows throughout the sample period. Intergenerational elasticities for daughters follow a broadly similar trend, but with some differences in timing. We argue that most of the increase in the intergenerational elasticity estimate in the early part of the 20th Century can be accounted for by the vast regional disparities in economic development, with increasing returns to human capital contributing to explain the residual. Other mechanisms such as changes in fertility, migration, and investment in public schooling, appear to have had only a minor role in explaining the trends.
    JEL: J11 J62 N31
    Date: 2013–02
  7. By: Lazcano, I. C.
    Abstract: When we hear about the 2008 Lehman Brothers crisis, immediately we relate it to the concept of "shadow banking system"; however, the credit intermediation involving lightly regulated entities and activities outside the traditional banking system are not new for the European Financial Systems, after all, many innovations developed in the past, were adopted by European nations and exported to the rest of the world (i.e. coinage and central banking), and European innovators unleashed several financial crises related to "shadowy" financial intermediaries (i.e. the Gebroeders de Neufville crisis of 1763). However, despite not many academics, legislators and regulators even agree on what "shadow banking" is, this latter does not refer exclusively to the functions of credit intermediation and maturity transformation. This concept also refers to the creation of assets such as digital media of exchange which are designed under the influence of Friedrich Hayek and the Austrian School of Economics. This lack of a uniform definition of "shadow banking" has limited our regulatory efforts on key issues like the private money creation, a source of vulnerability in the financial system that, paradoxically, at the same time could result in an opportunity to renovate European institutions, heirs of the tradition of the Wisselbank and the Bank of England which, during the seventeenth century, faced monetary innovations and led the European monetary revolution that originated the current monetary and regulatory practices implemented around the world.
    Keywords: Europe; shadow banking; world-system; central banking; financial innovation; regulation
    Date: 2013
  8. By: Edward L. Glaeser
    Abstract: The great housing convulsion that buffeted America between 2000 and 2010 has historical precedents, from the frontier land boom of the 1790s to the skyscraper craze of the 1920s. But this time was different. There was far less real uncertainty about fundamental economic and geographic trends, making the convulsion even more puzzling. During historic and recent booms, sensible models could justify high prices on the basis of seemingly reasonable projections about stable or growing prices. The recurring error appears to be a failure to anticipate the impact that elastic supply will eventually have on prices, whether for cotton in Alabama in 1820 or land in Las Vegas in 2006. Buyers don’t appear to be irrational but rather cognitively limited investors who work with simple heuristic models, instead of a comprehensive general equilibrium framework. Low interest rates rarely seem to drive price growth; under-priced default options are a more common contributor to high prices. The primary cost of booms has not typically been overbuilding, but rather the financial chaos that accompanies housing downturns.
    JEL: D0 N0 R0
    Date: 2013–02
  9. By: Wolfgang Keller; Carol H. Shiue
    Abstract: We examine the role of trade for the impact of institutions on growth. The paper finds that in 19th century Europe, institutional reform improved trade. Another channel that benefited trade was the introduction of steam trains, and institutional reform contributed there as well by making it more likely that railways were run privately, where trade gains were larger than for state-run railways. The main result of the paper is that once we have modeled the institutions impact on growth through trade, there is no other impact of institutions. The approach outlined in this paper is also suitable for studying the link between fundamentals other than institutions and their proximate growth factors.
    JEL: F1 O1
    Date: 2013–02
  10. By: Peter Koudijs
    Abstract: Financial markets are thought to be inefficient when they move too much relative to the arrival of information. How big is this inefficiency? In today's markets, this is difficult to determine because the arrival of information is hard to identify. In this paper, I present a natural experiment from history in which the flow of information was regularly interrupted for exogenous reasons. This allows me to study volatility in the absence of news, and to identify the degree of inefficiency. During the 18th century a number of English securities were traded on the Amsterdam exchange. Relevant information from England reached Amsterdam on mail boats. I reconstruct their arrival dates. When no mail boats arrived, virtually no other relevant information reached the Amsterdam market. I measure price volatility during periods with and without news. Even in the absence of new information, security prices moved significantly. Between 50 and 75% of overall volatility did not reflect the arrival of news. A significant fraction of this residual is driven by the incorporation of private information into prices. Once this is taken into account, 20 to 50% of the overall return variance is unexplained by information. This suggests that the Amsterdam market moved more than can be explained by the arrival of news but that the majority of price movements was still the result of efficient price discovery.
    JEL: G14 N2
    Date: 2013–02
  11. By: Michael Brocker; Christopher Hanes
    Abstract: In the 1929-1933 downturn of the Great Depression, house values and homeownership rates fell more, and mortgage foreclosure rates were higher, in cities that had experienced relatively high rates of house construction in the residential real-estate boom of the mid-1920s. Across the 1920s, boom cities had seen the biggest increases in house values and homeownership rates. These patterns suggest that the mid-1920s boom contributed to the depth of the Great Depression through wealth and financial effects of falling house values. Also, they are very similar to cross-sectional patterns across metro areas around 2006.
    JEL: N1 N22 R31
    Date: 2013–02
  12. By: Mary Elisabeth Cox (St.Antony’s College, University of Oxford)
    Abstract: At the beginning of the First World War, the British imposed a blockade against Germany intending to prevent all imports from entering the country. Germans began to call the British naval action the Hungerblockade, claiming that it seriously damaged the well-being of those on the home front, namely women and children, through lack of adequate nutrition. These German claims that Britain used hunger as a weapon of war against civilians have sometimes been dismissed as propaganda. However, newly discovered anthropometric measurements made of German school children during the war gives credence to German contentions that the blockade inflicted severe deprivation on children and other non-combatants. Further, these data show that the blockade exacerbated existing nutritional inequalities between children of different social classes; working class children suffered the most profound effects of nutritional deprivation during the war. Once the blockade ended however, working class children were the quickest to recover, regaining their pre-War standards in weight by 1921. They surpassed their own pre-War height standards by 1923, and approximated the weight of middle class children by 1924. This recovery of working class children is likely due to the outpouring of international aid targeted at poor German children. These data also indicate significant gender inequalities starting at age fourteen in nutritional status, with male adolescents suffering far greater deprivation from 1914-1924.
    Date: 2013–02–02
  13. By: Stenkula, Mikael (Research Institute of Industrial Economics (IFN))
    Abstract: This paper presents annual Swedish time series data on consumption taxes, i.e. the indirect taxation of goods and services, between 1862 and 2010. As a share of total state tax revenues, consumption taxes were very high at the beginning of the period, though as a share of GDP it was rather low. At this time, customs duties and specific consumption taxes on alcohol and sugar were the most important tax revenues. The importance of consumption taxes decreased during the World Wars, in particular during World War I. However, between the Wars the consumption taxes were still important and vehicle taxation as well as tobacco taxation now also contributed significantly to the tax revenues. After World War II and the 1940s, the tax revenues from consumption taxes has increased slightly again. However, as a share of GDP it increased sharply. On the other hand, importance of specific consumption taxes and, in particular, customs duties has fallen dramatically. The mix of the specific consumption taxes has also changed with and increased emphasis on energy and environmental taxes. A permanent general consumption tax was introduced in 1960 and its importance has increased sharply since then.
    Keywords: Consumption taxes; Taxation of goods and services; Excise duties; Customs duties; VAT
    JEL: H20 N43 N44
    Date: 2013–02–20
  14. By: David Laidler (University of Western Ontario)
    Abstract: The Fisher relation played a very different role in debates surrounding the Great Depression and the more recent Great Recession. This paper explores some of these differences, and suggests an explanation for them derived from a sketch of the idea’s evolution between the two events, thus providing a brief case study of the interaction of economic ideas and economic events that is a central feature of the History of Economic Thought.
    Keywords: Interest rates, nominal vs. real, Inflation, deflation, expectations, depression, recession, Keynesian Economics; Monetarism; Monetary Policy
    JEL: B22 B26 E31 E32 E43
    Date: 2013
  15. By: Michael Tomz; Mark L. J. Wright
    Abstract: In this essay we review the empirical literature about sovereign debt and default. As we survey the work of economists, historians, and political scientists, we also emphasize parallel developments by theorists and recommend steps to improve the correspondence between theory and data.
    JEL: C82 E01 F21 F34 F51 F55 N20
    Date: 2013–02
  16. By: Andersen, Thomas Barnebeck (Department of Business and Economics); Jensen, Peter Sandholt (Department of Business and Economics); Skovsgaard, Christian Stejner (Department of Business and Economics)
    Abstract: This research tests the long-standing hypothesis, put forth by Lynn White, Jr. (1962), that the adoption of the heavy plough in northern Europe led to increased population density and urbanization. White argued that it was impossible to take proper advantage of the fertile clay soils of northern Europe before the invention and widespread adoption of the heavy plough. We implement the test in a difference-in-difference set-up by exploiting regional variation in the presence of fertile clay soils. Consistent with the hypothesis, we find that regions with relatively more fertile clay soil experienced increased urbanization and population after the plough had its breakthrough, which was approximately around the closing of the first millennium AD. We find that the heavy plough accounts for more than 10% of the increase in population density and urbanization during the high middle ages.
    Keywords: Heavy plough; medieval technology; agricultural productivity
    JEL: J10 N10 N93 O10 O33
    Date: 2013–03–08
  17. By: Pillai N., Vijayamohanan
    Abstract: This paper is part of a larger study on ‘Poverty of Communism: The Game of Filling in the Marxian Blanks’. As Lenin (1913) remarked, the philosophy of Marxism is materialism. To be more specific, Marxism is both a world view in general and a view of the society and its progress in particular; that world view is dialectical materialism (a term devised by Plekhanov, the Russian Marxist, and first used by him in an article published in 1891) and its application to the study of social history is the materialist conception of history or historical materialism, as called by Engels. Thus, as Stalin wrote in 1938, dialectical materialism is the world outlook of the Marxist-Leninist party; it is called dialectical materialism because its approach to the phenomena of nature, its method of studying and apprehending them, is dialectical, while its interpretation of the phenomena of nature, its conception of these phenomena, its theory, is materialistic. The present chapter seeks to discuss the development of philosophy in general that served as the cradle of Marxism. In this we follow the argument of Engels that the philosophical question whether there are only material entities or only mental entities divided philosophy into two opposite camps: materialism and idealism, and trace out the dialectical development of philosophy through the conflict between the two.
    Keywords: Marxism; Philosophy; materialism; Idealism; Agnosticism
    JEL: B1 B14
    Date: 2013–01
  18. By: Pere Arqué-Castells (Universitat Autònoma de Barcelona & IEB); Elisabet Viladecans-Marsal (Universitat de Barcelona & IEB)
    Abstract: During the period 1965-1987 Spain was an emerging market in full transition from developing to developed status. During the same period the Spanish banking system underwent an unprecedented episode of expansion growing from 5,000 to over 30,000 bank branches. We examine whether the latter process partly caused the former by focusing on the relationship between branch expansion and entrepreneurship in the wholesale and retail trade industries. To address the non-random allocation of bank branches we exploit changes in branching policies that induced a plausibly exogenous time-varying pattern in the relationship between a municipality’s initial financial development and branch expansion. Our estimates, based on a panel data-set of over 2,000 Spanish municipalities, reveal that branch expansion had a strong positive impact on entrepreneurship. This effect was essentially driven by the savings banks, which have stronger regional development objectives than those held by the commercial banks, and which expanded more intensely into municipalities with more precarious financial services.
    Keywords: Banks, entrepreneurship, economic development
    JEL: G21 O43 L26
    Date: 2013
  19. By: Pillai N., Vijayamohanan
    Abstract: This constitutes a chapter of a book on ‘Poverty of Communism: The Game of Filling in the Marxian Blanks’. Dialectical materialism is the world outlook of Marxism; it is so called, because its approach to the phenomena of nature is dialectical, and its interpretation of these phenomena, its theory, is materialistic. Though the term ‘dialectical materialism’ owes its origin to Plekhanov and Lenin, its first expositor was Engels, who simply called it ‘modern materialism’ and asserted that it was essentially connected with the name of Marx. The present paper traces out the historical development of dialectical materialism, starting with its Greek philosophical origin in Heraclitus, who stressed the unity of opposites in a world of change, and passing through the dialogues of Socrates, and logic of Aristotle, Kant, Hegel, Chalybäus (famous for his exegetical characterization of Hegel’s dialectics in terms of thesis-antithesis-synthesis triad) and Feuerbach, all culminating in Marxism. The paper also discusses the experimental games of Lenin and his followers in filling in the Marxian blanks in dialectical materialism.
    Keywords: Dialectical materialism; Marxism; Philosophy; Change; Unity
    JEL: B1 B14
    Date: 2013–01
  20. By: Matthias Uhl (University of Marburg)
    Abstract: This paper presents a historical account of legislated tax changes in the Federal Republic of Germany from 1964 to 2010, thus establishing a database appropriate for the macroeconometric analysis of the fiscal policy transmission mechanism. Ninety-five quantitatively important pieces of tax legislation are identified and characterized along several dimensions: Tax changes are classified as “endogenous” or “exogenous” with regard to current macroeconomic conditions, and their revenue impact and timing is reported. The evolution of tax acts is described, capturing changes in tax measures and associated revenue impacts over the whole legislative process. The exposition is also a comprehensive qualitative description of major tax changes and the motivation behind them over the last four decades.
    JEL: E62 H20 K34 N00
    Date: 2013
  21. By: M.Ataman Aksoy (World Bank); Francis Ng (World Bank)
    Date: 2013
  22. By: Sng, Tuan-Hwee; Moriguchi, Chiaki
    Abstract: We develop a principal-agent model to study fiscal capacity in pre-modern China and Japan. Before 1850, both nations were ruled by stable dictators who relied on bureaucrats to govern their domains. We hypothesize that agency problems increase with the eographic size of a domain. In a large domain, the ruler's inability to closely monitor bureaucrats creates opportunities for the bureaucrats to exploit taxpayers. To prevent overexploitation, the ruler has to keep taxes low and government small. Our dynamic model shows that while economic expansion improves the ruler's finances in a small domain, it could lead to lower tax revenues in a large domain as it exacerbates bureaucratic expropriation. To test these implications, we assemble comparable quantitative data from primary and secondary sources. We find that the state taxed less and provided fewer local public goods per capita in China than in Japan. Furthermore, while the Tokugawa shogunate's tax revenue grew in tandem with demographic trends, Qing China underwent fiscal contraction after 1750 despite demographic expansion. We conjecture that a greater state capacity might have prepared Japan better for the arrival of the West after 1850.
    Keywords: Comparative Institutional Analysis, Principal-Agent Problem, Dictatorships
    JEL: D73 N15 N40 O43 P52
    Date: 2013–02
  23. By: MATSUBARA, Hideto
    Abstract: The purpose of this study is to identify and explore the determinants of success in the context of an industry crisis. To do so, we used the Japanese orange industry as an illustrative case, from which valuable information was obtained. Between 1968 and 1989, the Japanese orange industry underwent a period of crisis that was characterized by low levels of profitability, stunted growth, and limited development. This economic downturn compelled the production sector of the orange industry to develop innovative solutions for dealing with the crisis, as the shipping associations’ failure to respond to the crisis would damage their market position in the long term. Despite the pervasive economic crisis, those associations that were able to maintain internal contradictions became industry leaders. These events raise several questions. First, what factors incited aggressive associations to employ such counterintuitive strategies? Second, in a period of economic crisis, how could a successful shipping association realize favorable strategies? Based on our analysis, we drew the following conclusions. First, although some shipping associations in the orange industry dealt with the economic crisis through the elimination of internal contradictions (which were impediments to success), it led to a reduced ability to respond to changes in the supply chain. Related to this, although other associations were rife with internal contradictions in the short run, they could achieve desirable outcomes by positively utilizing issues that were perceived as problems. Finally, we found that organizational leadership played a critical role in transforming problems into key factors for success.
    Date: 2013–04
  24. By: Giulio Cifarelli (DISEI, Università degli studi di Firenze); Paolo Paesani
    Abstract: The paper investigates the role of speculation in the Liverpool cotton futures market between 1921 and 1929. The analysis is based on historical descriptions of the working of speculation in commodity markets and is related to the tenets of behavioural finance. The model posits the existence of two categories of speculators, noise traders and fundamentalists, who react (differently) to deviations of market prices from their fundamental value. The empirical analysis is based on original data drawn from the online archives of The Times. The empirical findings allow us to conclude that whereas noise traders tend to herd, fundamentalists are more affected by risk aversion and react asymmetrically more to underpricing than to overpricing of the cotton contracts. As expected, the presence of fundamentalists stabilizes the market. Interestingly our results seem to be consistent with the observations of expert witnesses of those markets.
    Keywords: behavioral finance, speculation, historical cotton futures markets
    JEL: F31 F33 N13 N23
    Date: 2013
  25. By: Peter Koudijs
    Abstract: This paper employs a natural experiment from financial history to study the process by which private information is incorporated into prices. I look at the market for English securities in the Netherlands during the 1770s and 1780s. Anecdotal evidence suggests that English insiders traded actively on their private signals, both in London and in Amsterdam. I reconstruct the arrival dates of sailing boats that transmitted information from London to Amsterdam and I look at the movement of English security prices between the arrivals of boats. The evidence is consistent with a Kyle (1985) model in which insiders trade on their private signals in a strategic way and private information is only slowly revealed to the market as a whole. The speed of information revelation in Amsterdam crucially depended on how long insiders expected it would take for the private signal to be publicly revealed. The importance of private information is underlined by the response of London prices to price discovery in Amsterdam.
    JEL: G14 N2
    Date: 2013–02
  26. By: Yamamura, Eiji
    Abstract: The Japanese Professional Football League (J-league) was established in 1993. Based on individual level data, this study investigated how emergence of the league affected Japanese people playing football using the differences-in-differences method. The following main findings were obtained. (1) In areas where a J-League team’s home town was located, people were more likely to play football after emergence of the J-League than before it emerged. (2) There was a positive effect of the J-league on people who were younger and older than 25 years old between 1991 and 1996. (3) Between 1991 and 2006, this positive effect persisted and increased for younger people, while it disappeared for older people.
    Keywords: Football; Emergence of professional league; industrial development
    JEL: J24 L83 Z1
    Date: 2013–02–26
  27. By: Albers, Scott
    Abstract: This set of three volumes argues that the mind – human consciousness – may be measured by considering mathematically the aggregate of that consciousness, i.e. social history. From this beginning theme of discussion three questions must arise. 1. How might this measurement be made? 2. Of what value is this measurement? and 3. How does this measurement affect our present understanding of the reality in which we live? Each of these three volumes attempts to provide answers to one of these questions.
    Keywords: Fifth dimension, Zeno’s Paradox, Russell’s Paradox, Parmenides, consciousness, unemployment, Okun’s Law, real GNP, crisis, prediction, mathematics, economic history, cycle, Kondratiev wave, long wave, Golden Mean, phi, pi, mathematic ratio, octave, music, political economy wave, Great Pyramid, Giza, Khufu, theory of everything, Kaluza, General Theory of Relativity, complexity, Parmenides
    JEL: B41 B5 B59 C53 C6 C69 E39 N00 N40
    Date: 2013–02–15
  28. By: Albers, Scott
    Abstract: I argue that a form of consciousness may be found in American economic history, one which is both mathematically demonstrable and important. In this book I present a model of economic and political growth based upon systematic addition. We begin with a philosophic model of trade (pp. 34-46); aggregate this model over the course of year to state the real Gross National Product of the United States and its relationship to the rate of employment (pp. 47-62); aggregate this model over the course of many years to find the growth of the United States stated as a natural “14-year octave” within real GNP data (pp. 63-91); multiply this octave times two to find the 28-year natural rate of price fluctuation (pp. 92-112); and multiply this octave times four to find the 56-year natural rate of political change (p. 92-112). The final model (pp. 113-136) is the larger “fractal” of the model of trade which begins these essays, in essence demonstrating that the United States “trades” values over a period of time in much the same way the individual citizen trades goods and services for money on a personal basis.
    Keywords: Fifth dimension, Zeno’s Paradox, Russell’s Paradox, Parmenides, consciousness, unemployment, Okun’s Law, real GNP, crisis, prediction, mathematics, economic history, cycle, Kondratiev wave, long wave, Golden Mean, phi, pi, mathematic ratio, octave, music, political economy wave, Great Pyramid, Giza, Khufu, theory of everything, Kaluza, General Theory of Relativity, complexity, Parmenides
    JEL: A1 A12 B4 B40 B5 B50 B59 C0 C6 C69 D0 D01 E0 N0 N00 P5 P50
    Date: 2013–02–15
  29. By: Albers, Scott
    Abstract: "Oppositional Analysis" - the name I give to the metaphysics presented in this volume - proposes a number of dichotomies through which one may analyze and understand systematically the structure of every level of reality. Macroeconomic theory, as well as social research, are two excellent stages upon which we may search for clues and insights to the interaction of oppositions. This is so particularly in connection with an analysis of the precepts of the "Austrian School" of macroeconomics as presented by Ludwig von Mises in his well-known and highly influential book Human Action. Based upon the circuit given for a musical note (see the Apologia and the Introduction to Volume 2, as well as the more extensive treatment herein) and the "Circuit of Being" which will be introduced in this final volume, I propose a model of economics which may correlate with a view of the physical universe of five dimensions as suggested by Theodor Kaluza. I suggest that these dichotomies may underlie the unity created by Kaluza’s work between General Relativity and Maxwell’s equations for electro-magnetism. If this is so, Oppositional Analysis and the economic and social history of the United States may provide a starting point from which we may learn important insights as to the inner workings of these economic and social oppositions as well oppositions of a more physical nature.
    Keywords: Fifth dimension, Zeno’s Paradox, Russell’s Paradox, Parmenides, consciousness, unemployment, Okun’s Law, real GNP, crisis, prediction, mathematics, economic history, cycle, Kondratiev wave, long wave, Golden Mean, phi, pi, mathematic ratio, octave, music, political economy wave, Great Pyramid, Giza, Khufu, theory of everything, Kaluza, General Theory of Relativity, complexity, Parmenides
    JEL: A1 A19 A2 A29 B40 B41 B49 B5 B50 B59 C0 C00 C02 C4 C5 C50 C53 C54 P0 P00 P1 P2 P5 Y80
    Date: 2013–02–15
  30. By: Edith Archambault (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne); Eckhardt Priller (WZB - Wissenschaftszentrum fur Sozialforschung - Forschungsverbund Berlin e.V. (FVB), Institut fur Politikwissenschaft - Ludwig Maximilians Universität München); Annette Zimmer (WZB - Wissenschaftszentrum fur Sozialforschung - Forschungsverbund Berlin e.V. (FVB), Institut fur Politikwissenschaft - Ludwig Maximilians Universität München)
    Abstract: France and Germany rely on different historic, religious, administrative and political traditions. In spite of these fundamental differences which should structure the non profit sector of every country, according to the theory of social origins (Salamon1998), the German and French thirdsectors converged during the last decade. They are closer by their economic weight, their composition, the growth of their volunteers and their relations with public authorities more competitive. Two differences remain however: a higher rate of membership and a more important weight of the foundations in Germany
    Keywords: Civil society ; associations ; foundations ; volunteering ; membership ; social origin theory ; France ; Germany
    Date: 2013–01–25
  31. By: Irena Grosfeld (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - Ecole normale supérieure de Paris - ENS Paris - Institut national de la recherche agronomique (INRA), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris); Ekaterina Zhuravskaya (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - Ecole normale supérieure de Paris - ENS Paris - Institut national de la recherche agronomique (INRA), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris)
    Abstract: We use spatial regression discontinuity analysis to test whether the historical partition of Poland among three empires--Russia, Austria‐Hungary, and Prussia--has a persistent effect on political outcomes in contemporary Poland and to examine the channels of this influence. We find that the main difference in voting across Polish territories attributed by many observers to the legacy of empires is driven by omitted variables. However, empires do have a significant causal effect. The lands that belonged to Prussia (compared with those that belonged to Russia) vote more for anticommunist (post‐Solidarity) parties. This difference is largely explained by the persistent effect of infrastructure built by Prussians at the time of industrialization. The former Austrian lands (compared with former Russian lands) votes more for religious conservatives and for liberals. The difference in the vote for religious conservatives is explained by persistent differences in church attendance driven by vastly different policies of the two empires toward the Catholic Church. Higher support for liberals on the Austrian side is partly explained by a persistent belief in democracy, which is a legacy of decentralized democratic governance of the Austrian empire.
    Keywords: Persistence ; Empires ; Culture ; Poland ; Partitions
    Date: 2013–02–28
  32. By: Alberto Alesina; Bryony Reich
    Abstract: Nations stay together when citizens share enough values and preferences and can communicate with each other. Homogeneity amongst people can be built with education, teaching a common language to facilitate communication, but also by brute force such as prohibiting local cultures. Democracies and non-democracies have different incentives when it comes to choosing how much and by what means to homogenize the population. We study and compare both regimes in a model where the size of countries and the degree of active homogenization in endogenous. We also offer some historical discussions of cases which illustrate our theoretical results.
    JEL: F3
    Date: 2013–02
  33. By: Freire, Tiago
    Abstract: In 1978, Singapore was the first country to introduce legislation allowing foreign domestic workers (e.g. maids) to work in the country with special visas. Singapore, with its liberal wage policy (no minimum wage), is also the best quasi-natural experiment in determining how a reduction in the cost of domestic work increases the supply of highly skilled female workers. Though Singapore is often cited in the literature as a success story, there are no studies that try to quantify the impact of this legislation. In this paper, we use data from the census conducted between 1957 and 1990, and Singapore's Yearbook of Manpower Statistics between 1974 and 1985, to evaluate the impact of the 1978 legislation in terms of increasing the labour supply of Singaporean women. We compare the female labour supply before and after 1978, for young and older women, high and low-skilled women, and Singaporean-Malay versus Singaporean-Chinese women. We find that the labour supply of women affected by this policy increased by between 2.7% and 12.7%, consistent with previous findings.
    Keywords: Gender; Labour Supply; Quasi-Natural Experiment; Singapore
    JEL: J16 J21 J61
    Date: 2013–02–19
  34. By: Nuno Torres (CEF.UP and FEP, Universidade do Porto); Óscar Afonso (CEF.UP and FEP, Universidade do Porto); Isabel Soares (CEF.UP and FEP, Universidade do Porto)
    Abstract: This paper presents a survey of literature on the `resource curse', a puzzling empirical result that associates natural resource riches with lower economic growth. We show the main theories that attempt to explain the curse ? ranging from the structuralist theses of the 1950s to recent and more consensual institutional causes ?, and present a critical review of results in view of theory, estimation procedures and used resource proxies.
    Keywords: Resource curse, Natural resources; Economic growth; Institutions; Survey.
    JEL: N50 O13 O40 O50
    Date: 2013–02
  35. By: Eisenberg, Theodore; Wells, Martin T.
    Abstract: Rankings of schools, scholars, and journals emphasize ordinal rank. Journal rankings published by Journal Citation Reports (JCR) are widely used to assess research quality, which influences important decisions by academic departments, universities, and countries. We study refereed law journal rankings by JCR, Washington and Lee Law Library (W&L), and the Australian Research Council (ARC). Both JCR’s and W&L’s multiple measures of journals can be represented by a single latent factor. Yet JCR’s rankings are uncorrelated with W&L’s. The differences appear to be attributable to underrepresentation of law journals in JCR’s database. We illustrate the effects of database bias on rankings through case studies of three elite journals, the Journal of Law & Economics, Supreme Court Review, and the American Law & Economics Review. Cluster analysis is a supplement to ordinal ranking and we report the results of a cluster analysis of law journals. The ARC does organize journals into four large groups and provides generally reasonable rankings of journals. But anomalies exist that could be avoided by checking the ARC groups against citation-based measures. Entities that rank should use their data to provide meaningful clusters rather than providing only ordinal ranks.
    Keywords: rankings, journals, research evaluation
    JEL: O31 C15 D02 L89
    Date: 2013–01
  36. By: Chia-Lin Chang (Department of Applied Economics Department of Finance National Chung Hsing University, Taiwan); Michael McAleer (Econometric Institute Erasmus School of Economics Erasmus University Rotterdam and Tinbergen Institute The Netherlands and Department of Quantitative Economics Complutense University of Madrid and Institute of Economic Research Kyoto University)
    Abstract: Experts possess knowledge and information that are not publicly available. The paper is concerned with forecasting academic journal quality and research impact using a survey of international experts from a national project on ranking academic finance journals in Taiwan. A comparison is made with publicly available bibliometric data, namely the Thomson Reuters ISI Web of Science citations database (hereafter ISI) for the Business - Finance (hereafter Finance) category. The paper analyses the leading international journals in Finance using expert scores and quantifiable Research Assessment Measures (RAMs), and highlights the similarities and differences in the expert scores and alternative RAMs, where the RAMs are based on alternative transformations of citations taken from the ISI database. Alternative RAMs may be calculated annually or updated daily to answer the perennial questions as to When, Where and How (frequently) published papers are cited (see Chang et al. (2011a, b, c)). The RAMs include the most widely used RAM, namely the classic 2-year impact factor including journal self citations (2YIF), 2-year impact factor excluding journal self citations (2YIF*), 5-year impact factor including journal self citations (5YIF), Immediacy (or zero-year impact factor (0YIF)), Eigenfactor, Article Influence, C3PO (Citation Performance Per Paper Online), h-index, PI-BETA (Papers Ignored - By Even The Authors), 2-year Self-citation Threshold Approval Ratings (2Y-STAR), Historical Self-citation Threshold Approval Ratings (H-STAR), Impact Factor Inflation (IFI), and Cited Article Influence (CAI). As data are not available for 5YIF, Article Influence and CAI for 13 of the leading 34 journals considered, 10 RAMs are analysed for 21 highly-cited journals in Finance. The harmonic mean of the ranks of the 10 RAMs for the 34 highly-cited journals are also presented. It is shown that emphasizing the 2-year impact factor of a journal, which partly answers the question as to When published papers are cited, to the exclusion of other informative RAMs, which answer Where and How (frequently) published papers are cited, can lead to a distorted evaluation of journal impact and influence relative to the Harmonic Mean rankings. A linear regression model is used to forecast expert scores on the basis of RAMs that capture journal impact, journal policy, the number of high quality papers, and quantitative information about a journal. The robustness of the rankings is also analysed.
    Keywords: Expert scores, Journal quality, RAMs, Impact factor, IFI, C3PO, PI-BETA, STAR, Eigenfactor, Article Influence, h-index, harmonic mean, robustness.
    JEL: C18 C81 C83
    Date: 2013–03
  37. By: Lerner, Josh (Harvard Business School); Tåg, Joacim (Research Institute of Industrial Economics)
    Abstract: We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared to the US. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.
    Keywords: Financial market development; Institutions; IPOs; Labor markets; Legal environment; R&D; Taxation; Stock markets; Venture Capital. [Running Title: Spinoffs in Sweden]
    JEL: E02 G24 G28 N20 O16 O43 O57
    Date: 2013–08–08
  38. By: Albers, Scott; Albers, Andrew L.
    Abstract: In Albers & Albers (Spring, 2013) we demonstrated that the historic development of U.S. real GNP, 1869-present, may be structured in recurring 14-year periods. A steady-state rate of growth of 3.4969% is thereby calculated, generating an increase in real GNP proportional to the famous “Golden Mean” (1:phi or 1:1.6180) every fourteen years on average. Building on this foundation we show herein that “Okun’s Law,” a 3:1 proportion between percent growth in real GNP and percent decrease in the rate of unemployment, is actually a pi:1 proportion, created through a form of mathematic / harmonic inverse. The resulting model of economics in the United States is thereby aligned with geometric, harmonic and trigonometric analysis, rather than purely statistical methods.
    Keywords: Pi, Phi, Golden Mean, Okun's Law, United States economic history, GNP Spiral, Kondratiev Wave, Long Wave, trigonometric analysis
    JEL: A10 A12 A13 B0 B00 B4 B40 B50 B59 C0 C00 C01 C02 C1 C19 C5 C50 C51 C53 D0 D01 D03 E0 E00 E1 E10 E13 E19 E3 E32 P1 P10 P16 Z0 Z00
    Date: 2013–03–07
  39. By: Brunhart, Andreas
    Abstract: Several economic data series of Liechtenstein are backwardly estimated in order to achieve consistent historic time series. The generated series consist for instance of the national income for the years 1954 to 1992 (by regressive inter- and retropolation with indicators) and 1993 to 1997 (by approximative computation after national accounting scheme). Also, the sectoral and total employment of some missing years in the 70s, 80s and 90s is complemented and the gross domestic product from 1972 until 1997 is provided by an approximative computation/estimation relying on the identity of the generation of income account as part of the national accounts. These methods and the presented series are being evaluated with respect to their accuracy, which turns out to be satisfying, and can be linked with the released results from the official national accounts, which were introduced for the year 1998 and have been published until 2009 so far. Along with the provision of these figures, Liechtenstein’s economic growth pattern is being identified, the business cycles are detected and first analytical insights are obtained.
    Keywords: Economic Growth, Business Cycles, Liechtenstein, Regressive Interpolation and Retropolation, Multiple Imputation, National Accounts
    JEL: C1 C32 E01 N1
    Date: 2012–11–20
  40. By: Morero, Hernan Alejandro
    Abstract: In recent decades the highlighted characteristics of the economic and techno-productive context involves an increasing degree of internationalization: a large expansion of international trade flows, capital, technology and information, greater interconnection between socio-institutional and production systems of nations, and an important transnationalization of the major economic actors. In this context, the Thesis inquires into the relevance of the domestic sources of knowledge for the innovative performance of firms that perform in internationalized production activities in an emerging economy, such as Argentina. Addressing this problem involves asking about the way in which the internationalization of production affects the National System of Innovation (NSI). More precisely, we wonder about its ability to affect the innovative performance of firms in internationalized production activities in a developing economy. In fact, a recurrent issue in the NSI’s literature is the way which the national dimension of the Systems of Innovation (SI) is affected by the phenomenon of internationalization of production and, within this problem and in this context, the relative relevance of domestic sources of production of knowledge for innovation (Lundvall, 2007, 1992, Johnson 1992, Nelson, 1993; López, 1996; Chudnovsky, 1999; Balzat and Hanusch 2004). The literature that studies the SI’s internationalization has pointed two main conclusions (Carlsson, 2006): first, empirically the growing internationalization of the ISs, and, secondly, the national institutions maintain their importance in supporting innovative activity, even in activities increasingly internationalized. However, this literature focuses mainly on developed countries. Then, the general concern of this paper is if a developing country, like Argentina, which is far from the international technological frontier, the NSI, the national institutions and the domestic sources of generation of knowledge, remain important for the support of innovative activity, or if, on the contrary, its significance is marginal in highly internationalized production activities. The main objective of the Thesis is to study the way in which the National System of Innovation (NSI) affects the innovation capabilities in internationalized production activities from an emerging economy. Particularly, to analyze the importance of the NSI and the relative relevance of the domestic sources of knowledge for the innovative performance of firms that operates in internationalized production activities in an emerging economy, as Argentina. A National System of Innovation approach from a Production Network (PN) perspective is adopted to analyze two internationalized PNs in Argentina: The Automotive (APN), organized around foreign subsidiaries of Multinational Companies (MNCs); and the Iron and Steel (IPN), organized around a domestic MNC’s headquarter. In that sense, a second specific objective is to analyze if the relevance of NSI and the domestic knowledge sources for innovation differs between internationalized PN organized around MNC’s foreing subsidiaries, or around local headquarters. The main idea that guides the research is that the national dimension of the NSI is relevant to the processes of accumulation and generation of knowledge even in internationalized PN. It follows the first hypothesis of the research: it is expected that even in internationalized PNs, the firms that complement their external knowledge with domestic knowledge, will have better innovative performance than those firms with sources of knowledge that remain mainly external and foreign. However, this importance will vary according to the particular characteristics regarding the type of internationalization of each PN. In particular, by of the importance of the tacit dimension of knowledge rooted in the nation, in the internationalized PNs whose cores are local, the importance of the NSI for the generation and accumulation of knowledge of the companies will be higher, respect to the internationalized PNs whose cores are outside the country; which is the second hypothesis of the Thesis. A qualitative and a quantitative analysis were done to deal with these hypotheses. The qualitative analysis involves an historical approach though secondary sources of the internationalization process in both PN, and a structural characterization of each PN at the moment of the data of quantitative analysis (2006). The chapter II presents the historical evolution of Argentina's APN focusing on its internationalization’s process. This analysis tries to emphasize the character that the globalization process acquired in this network from its beginnings, and the relative importance that acquired the domestic and foreign elements in this processes. This will involve analyze the process of development of the production network’s cores, the development of their supply chain, the evolution of the trade, technological and production flows, and the impact of the sectoral policy. The analysis will follow five parts: the first covers the period between 1920 and 1950, characterized by the installation of the firsts assembly plants; the second between 1951 and 1958, when began the domestic production driven by the State; the third between 1959 and 1974, characterized by the domination of the network by foreign automakers; the fourth between 1975 and 1990, where the domestic institutional and macroeconomic instability led to a deep crisis in the network; and finally, the fifth between 1990 and 2006, characterized by the approaching of the local production network to the international technological frontier and its final integration into the global production chain. The chapter ends with a static characterization of the APN at 2006 year. The chapter III presents the historical evolution of the IPN focusing on their internationalization process. The analysis follow to three time periods: the first one covers the period between 1940 and 1975, when the gestation of the core companies was carried on by the state and there existed a public - private articulation, which was fully focused on supplying the domestic market; the second one covers from 1975 to 1990, with the incorporation of private actors as integrated factories, and the start of commercial internationalization through exports; and finally, the third one, from 1990 to 2006, was characterized by the privatization of state-owned companies, and by the productive internationalization -via FDI- to the rest of the world. The chapter ends with a static characterization of the IPN at 2006 year. Chapter IV presents the quantitative analysis. A Multiple Factor and a Cluster Analysis were carried out using data for 163 firms from a specific technological survey. A different innovative performance was identified according to the complementarities of knowledge sources: The best performance is positively related to a certain balance between domestic and foreign sources, although in the IPN case the international linkages are less important. The findings of this empirical paper are confirmatory of the working hypothesis in the following direction: i) the level of internationalization of industrial activities does not reduce nor extinguishes the importance of national sources of knowledge; ii) for those internationalized PNs organized around domestic MNCs’ headquarters, the best innovative performance underlines the relevance of some foreign knowledge sources, as regards PNs organized around foreign subsidiaries. Chapter V summarizes the main conclusions of the Thesis, were the qualitative analysis from chapters II and III adds elements to enlighten and to a better understanding of the quantitative results.
    JEL: B52 L6 L61 L62 O14 O31
    Date: 2013–02–08

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NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.