Using novel subway passenger and theater information data, we examine how the demand for a theater in a densely populated metropolitan area is affected by the floating population around the theater. We find that the floating population positively affects the demand for a theater and its impact becomes significant and larger in magnitude than the impact of resident population for theaters located in the largest metropolitan cities. Our findings suggest that taking the floating population as well as the resident population into account is necessary for measuring local market size accurately, especially for theaters located in the largest metropolitan cities.
{"title":"Floating population and demand for movie theaters in metropolitan cities","authors":"I. Kim, Yoon-Jin Lee, Y. Yoon","doi":"10.15057/HJE.2020007","DOIUrl":"https://doi.org/10.15057/HJE.2020007","url":null,"abstract":"Using novel subway passenger and theater information data, we examine how the demand for a theater in a densely populated metropolitan area is affected by the floating population around the theater. We find that the floating population positively affects the demand for a theater and its impact becomes significant and larger in magnitude than the impact of resident population for theaters located in the largest metropolitan cities. Our findings suggest that taking the floating population as well as the resident population into account is necessary for measuring local market size accurately, especially for theaters located in the largest metropolitan cities.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"61 1","pages":"140-169"},"PeriodicalIF":0.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46857174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper constructs a theoretical framework of trade to investigate how business services function as a mean of reducing costs and then encouraging research activities. Our theoretical model predicts that a country with a higher degree of business service specialization tends to have higher research intensity andsubsequently higher income. Using a panel dataset for 38 countries over the period1996-2015 to test the theoretical predictions, various robust estimations support our theoretical predictions.
{"title":"Business Services,Trade,and Research Intensity","authors":"C. Lo, Chih‐hai Yang","doi":"10.15057/HJE.2020003","DOIUrl":"https://doi.org/10.15057/HJE.2020003","url":null,"abstract":"This paper constructs a theoretical framework of trade to investigate how business services function as a mean of reducing costs and then encouraging research activities. Our theoretical model predicts that a country with a higher degree of business service specialization tends to have higher research intensity andsubsequently higher income. Using a panel dataset for 38 countries over the period1996-2015 to test the theoretical predictions, various robust estimations support our theoretical predictions.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"61 1","pages":"38-59"},"PeriodicalIF":0.6,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47370455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine an endogenous timing game in a mixed oligopoly by focusing on the vertical linkages. Our main findings are as follows. First, under discriminatory input pricing, public (private) leadership emerges in a price-setting (quantity-setting) mixed oligopoly. This results contrast with one-tier mixed oligopoly, where a simultaneous-move in Bertrand competition (Barcena-Ruiz, 2007) or a sequential-move with multiple equilibria in Cournot competition (Pal, 1998) emerges. Second, with downstream Bertrand competition, firmsʼ profit and consumer surplus rankings are reversed between uniform and discriminatory input pricing. Finally, banning (allowing) price discrimination on imported inputs is socially desirable under downstream Bertrand (Cournot) competition.
{"title":"Endogenous Timing in a Mixed Duopoly with Vertically Related Markets","authors":"Ki‐Dong Lee, Kangsik Choi, Dongjoon Lee","doi":"10.15057/HJE.2020004","DOIUrl":"https://doi.org/10.15057/HJE.2020004","url":null,"abstract":"We examine an endogenous timing game in a mixed oligopoly by focusing on the vertical linkages. Our main findings are as follows. First, under discriminatory input pricing, public (private) leadership emerges in a price-setting (quantity-setting) mixed oligopoly. This results contrast with one-tier mixed oligopoly, where a simultaneous-move in Bertrand competition (Barcena-Ruiz, 2007) or a sequential-move with multiple equilibria in Cournot competition (Pal, 1998) emerges. Second, with downstream Bertrand competition, firmsʼ profit and consumer surplus rankings are reversed between uniform and discriminatory input pricing. Finally, banning (allowing) price discrimination on imported inputs is socially desirable under downstream Bertrand (Cournot) competition.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"61 1","pages":"60-88"},"PeriodicalIF":0.6,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42202157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine whether religion influences the quality of corporate disclosure, focusing on the role of social trust. Using country-level data on religion and disclosure quality from 38 countries, we find that general religiosity is negatively related to both voluntary and mandatory corporate disclosure qualities. Moreover, by dividing religiosity into two groups according to the hierarchy of religions, we find that these negative relationships are more pronounced for non-hierarchical religions. Finally, we show that religious heterogeneity is positively associated with both disclosure qualities. Overall, our findings suggest a novel channel ‒ social trust ‒ through which national religiouscharacteris ticsa ffect corporate disclosure quality.
{"title":"Religion and Corporate Disclosure Quality","authors":"Frederick Dongchuhl Oh, Donglim Shin","doi":"10.15057/HJE.2020002","DOIUrl":"https://doi.org/10.15057/HJE.2020002","url":null,"abstract":"We examine whether religion influences the quality of corporate disclosure, focusing on the role of social trust. Using country-level data on religion and disclosure quality from 38 countries, we find that general religiosity is negatively related to both voluntary and mandatory corporate disclosure qualities. Moreover, by dividing religiosity into two groups according to the hierarchy of religions, we find that these negative relationships are more pronounced for non-hierarchical religions. Finally, we show that religious heterogeneity is positively associated with both disclosure qualities. Overall, our findings suggest a novel channel ‒ social trust ‒ through which national religiouscharacteris ticsa ffect corporate disclosure quality.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"61 1","pages":"20-37"},"PeriodicalIF":0.6,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49104254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, we attempt to examine the effects of participation in a rice out grower scheme on several outcomes, such as rice income and output price, in Vietnam's Mekong Delta by using the propensity score matching approach and employing cross-sectional data gathered from 248 rice growers. The results reveal that participation in the outgrower scheme has a significantly positive impact on farmers' rice income and output selling price. A possible implication of the results of this study is that the outgrower scheme may help increase rice households' income in the Mekong Delta.
{"title":"Impact of Outgrower Scheme on Yield,Output Price,and Income: A Rice-Farm-Level Study in the Mekong Delta,Vietnam","authors":"Trần Quốc Nhân, R. Gillette, T. Yutaka, N. Can","doi":"10.15057/HJE.2020001","DOIUrl":"https://doi.org/10.15057/HJE.2020001","url":null,"abstract":"In this study, we attempt to examine the effects of participation in a rice out grower scheme on several outcomes, such as rice income and output price, in Vietnam's Mekong Delta by using the propensity score matching approach and employing cross-sectional data gathered from 248 rice growers. The results reveal that participation in the outgrower scheme has a significantly positive impact on farmers' rice income and output selling price. A possible implication of the results of this study is that the outgrower scheme may help increase rice households' income in the Mekong Delta.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"61 1","pages":"1-19"},"PeriodicalIF":0.6,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47232219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using firm fixed-effects regression and data from Vietnamʼs Enterprise Censuses, this study aims to test the female underperformance hypothesis. Our findings decisively undermine these hypotheses. Female-managed firms are smaller than male-managed ones. However, once observed variables and firm fixed-effects are controlled for, female-managed firms have higher revenues and return on assets and capital than male-managed firms. Female-managed firms are more likely to employ female workers and provide more jobs with social insurance. Compared with male-managed firms, moreover, female-managed firms have a higher tax payment rate as well as a higher tax payment amounts.
{"title":"Do Male CEOs Really Run Firms Better than Female Counterparts? New Evidence from Vietnam","authors":"Tuyen T. Hoang, C. Nguyen, T. Phung","doi":"10.15057/30786","DOIUrl":"https://doi.org/10.15057/30786","url":null,"abstract":"Using firm fixed-effects regression and data from Vietnamʼs Enterprise Censuses, this study aims to test the female underperformance hypothesis. Our findings decisively undermine these hypotheses. Female-managed firms are smaller than male-managed ones. However, once observed variables and firm fixed-effects are controlled for, female-managed firms have higher revenues and return on assets and capital than male-managed firms. Female-managed firms are more likely to employ female workers and provide more jobs with social insurance. Compared with male-managed firms, moreover, female-managed firms have a higher tax payment rate as well as a higher tax payment amounts.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"121-140"},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47731615","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The number of single-person households in the U.S. has steadily risen since 1960. We provide a dynamic general equilibrium model to investigate the impact of this change on aggregate savings and labor supply. Our analysis indicates that single individuals tend to save and work more than married ones with the same economic characteristics. Importantly, this finding at the individual level extends to the aggregate level: both aggregate savings and labor supply increase as the share of single-person households increases, for which the general equilibrium effect plays a crucial role.
{"title":"The Rise of Single-Person Households and the Macroeconomic Consequences","authors":"Taejun Lim","doi":"10.15057/30890","DOIUrl":"https://doi.org/10.15057/30890","url":null,"abstract":"The number of single-person households in the U.S. has steadily risen since 1960. We provide a dynamic general equilibrium model to investigate the impact of this change on aggregate savings and labor supply. Our analysis indicates that single individuals tend to save and work more than married ones with the same economic characteristics. Importantly, this finding at the individual level extends to the aggregate level: both aggregate savings and labor supply increase as the share of single-person households increases, for which the general equilibrium effect plays a crucial role.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"189-198"},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45234817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I examine an asymmetric-information model of layoffs (Gibbons and Katz, 1991) by comparing changes in earnings of laid-off workers and displaced workers by plant closings using Korean data. The estimation result shows that laid-off male workers experience 11.5% greater earnings losses than those displaced by plant closings. Laid-off workers also have longer unemployment spells. Contrary to previous studies, the signaling effect of layoffs is observed not only in white-collar but also blue-collar occupations in South Korea. The seniority-based wage payment system and low unionization rate in South Korea are suggested as possible reasons for this unique finding.
{"title":"Signaling Effects of Layoffs in South Korea","authors":"Taehoon Kim","doi":"10.15057/30889","DOIUrl":"https://doi.org/10.15057/30889","url":null,"abstract":"I examine an asymmetric-information model of layoffs (Gibbons and Katz, 1991) by comparing changes in earnings of laid-off workers and displaced workers by plant closings using Korean data. The estimation result shows that laid-off male workers experience 11.5% greater earnings losses than those displaced by plant closings. Laid-off workers also have longer unemployment spells. Contrary to previous studies, the signaling effect of layoffs is observed not only in white-collar but also blue-collar occupations in South Korea. The seniority-based wage payment system and low unionization rate in South Korea are suggested as possible reasons for this unique finding.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"163-188"},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47642228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this article, we propose a numerically computable utility function that can apply to inferior goods. The implicit function and its optimization technique are fully used. Since the implicit function is carefully formulated, it works well as a standard utility function. This technique ensures tractability and extendability. We propose the following: (1) a simple utility function of an inferior good which contains only two parameters; (2) a total cost function and its extension to the Cobb-Douglas production function with an inferior input; (3) a generalized utility function whose Engel-curve always stems from the origin.
{"title":"Demand Functions with Inferior Goods: The Implicit Function Approach","authors":"Shuji Takahashi","doi":"10.15057/30363","DOIUrl":"https://doi.org/10.15057/30363","url":null,"abstract":"In this article, we propose a numerically computable utility function that can apply to inferior goods. The implicit function and its optimization technique are fully used. Since the implicit function is carefully formulated, it works well as a standard utility function. This technique ensures tractability and extendability. We propose the following: (1) a simple utility function of an inferior good which contains only two parameters; (2) a total cost function and its extension to the Cobb-Douglas production function with an inferior input; (3) a generalized utility function whose Engel-curve always stems from the origin.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"79-105"},"PeriodicalIF":0.6,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42032217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Moneyʼs Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.
{"title":"REVERSE MORTGAGES FOR MANAGING LONGEVITY RISK IN KOREA","authors":"Jaehwan Yang, Yoonkyung Yuh","doi":"10.15057/30360","DOIUrl":"https://doi.org/10.15057/30360","url":null,"abstract":"This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Moneyʼs Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"21-40"},"PeriodicalIF":0.6,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48290880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：