Pub Date : 2022-08-08DOI: 10.1080/13571516.2022.2106092
Miguel Mello, Jorge Ponce
Abstract Using quarterly data for Uruguayan banks we find that this sector is a concentrated oligopoly that exhibits global economies of scale. Specific product economies of scale are statistically significant in households and corporate loans. There are economies of scope between varieties of loans, deposits in local currency and portfolio management. The credit market to households is the least competitive, behaving like a monopoly or under implicit collusion. The credit market to firms exhibits greater competition than that suggested by the structure of the market, especially in local currency. Overall, the results suggest that there exists room for development and increasing competition in the Uruguayan banking sector.
{"title":"Structure and Competition in the Uruguayan Banking Sector","authors":"Miguel Mello, Jorge Ponce","doi":"10.1080/13571516.2022.2106092","DOIUrl":"https://doi.org/10.1080/13571516.2022.2106092","url":null,"abstract":"Abstract Using quarterly data for Uruguayan banks we find that this sector is a concentrated oligopoly that exhibits global economies of scale. Specific product economies of scale are statistically significant in households and corporate loans. There are economies of scope between varieties of loans, deposits in local currency and portfolio management. The credit market to households is the least competitive, behaving like a monopoly or under implicit collusion. The credit market to firms exhibits greater competition than that suggested by the structure of the market, especially in local currency. Overall, the results suggest that there exists room for development and increasing competition in the Uruguayan banking sector.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87723648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-09DOI: 10.1080/13571516.2022.2095889
Alice Aguiar-Noury, Pedro Garcia‐del‐Barrio
Abstract This paper contributes to understanding the financial situation of European football clubs and the role of their media visibility and historical brand status. By estimating production and revenue equations, the study tests hypotheses concerning the relationships between teams’ sporting performance (current and past), historical status, media exposure, annual revenues, and annual wages. The empirical analysis is carried out on an extensive dataset, which comprises records, for seasons 1995/1996 to 2015/2016, of teams competing in the 1st division of the Premier League, La Liga, Serie A, and Ligue 1. In the study, we use two innovative variables: the Elo Rating, as a ‘proxy’ to capture clubs’ historical sporting status (brand value), and the Media Visibility Index, to measure clubs’ abilities to capture the attention of the fans and the media. These two variables have proven to be key assets in the revenue-generating capacity of European football clubs.
{"title":"Performance and Revenues in European Football: Clubs’ Media Visibility and Brand Value","authors":"Alice Aguiar-Noury, Pedro Garcia‐del‐Barrio","doi":"10.1080/13571516.2022.2095889","DOIUrl":"https://doi.org/10.1080/13571516.2022.2095889","url":null,"abstract":"Abstract This paper contributes to understanding the financial situation of European football clubs and the role of their media visibility and historical brand status. By estimating production and revenue equations, the study tests hypotheses concerning the relationships between teams’ sporting performance (current and past), historical status, media exposure, annual revenues, and annual wages. The empirical analysis is carried out on an extensive dataset, which comprises records, for seasons 1995/1996 to 2015/2016, of teams competing in the 1st division of the Premier League, La Liga, Serie A, and Ligue 1. In the study, we use two innovative variables: the Elo Rating, as a ‘proxy’ to capture clubs’ historical sporting status (brand value), and the Media Visibility Index, to measure clubs’ abilities to capture the attention of the fans and the media. These two variables have proven to be key assets in the revenue-generating capacity of European football clubs.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81320220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-04DOI: 10.1080/13571516.2022.2088987
S. Gansonré, S. A. Ouédraogo
Abstract We examine how management quality is related to product market competition when firms are managed by their founders instead of hired managers. While the relationship between competition and managerial incentives is mostly found to be ambiguous in theory, testing it empirically has been challenged by the lack of robust quantitative data. Using a survey on Small and Medium-sized Enterprises from Burkina Faso, we measure management quality, building on the Management and Organizational Practices Survey, and find suggestive evidence that management quality increases with competition. Although the results are robust across a range of measures of competition and sub-indicators of management quality, no significant association is observed in larger firms.
{"title":"Product market competition and management quality among small and medium-sized enterprises: Evidence from Burkina Faso","authors":"S. Gansonré, S. A. Ouédraogo","doi":"10.1080/13571516.2022.2088987","DOIUrl":"https://doi.org/10.1080/13571516.2022.2088987","url":null,"abstract":"Abstract We examine how management quality is related to product market competition when firms are managed by their founders instead of hired managers. While the relationship between competition and managerial incentives is mostly found to be ambiguous in theory, testing it empirically has been challenged by the lack of robust quantitative data. Using a survey on Small and Medium-sized Enterprises from Burkina Faso, we measure management quality, building on the Management and Organizational Practices Survey, and find suggestive evidence that management quality increases with competition. Although the results are robust across a range of measures of competition and sub-indicators of management quality, no significant association is observed in larger firms.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82873609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-04DOI: 10.1080/13571516.2022.2071707
Kevin Amess, D. Paton, H. Frech III
The Editors have judged that the 2021 Best Paper Prize be awarded to: John Kwoka and Pinshuo Wang for their paper ‘Raising Rivals Costs by Customer Diversion: Evidence from Airline Baggage Fees’. The paper encapsulates the scholarly aims of the journal by using microeconomics to address a business issue. In particular, the paper presents novel insight concerning strategic behaviour between firms. New evidence is presented on how pricing strategy is used to divert high-cost customers to rivals, making rivals less competitive, allowing the firm using the price diversion strategy to raise prices. Along with recognition from the Journal, the Best Paper Prize includes a cash award for the authors.
{"title":"International Journal of the Economics of Business Best Paper Prize Announcement","authors":"Kevin Amess, D. Paton, H. Frech III","doi":"10.1080/13571516.2022.2071707","DOIUrl":"https://doi.org/10.1080/13571516.2022.2071707","url":null,"abstract":"The Editors have judged that the 2021 Best Paper Prize be awarded to: John Kwoka and Pinshuo Wang for their paper ‘Raising Rivals Costs by Customer Diversion: Evidence from Airline Baggage Fees’. The paper encapsulates the scholarly aims of the journal by using microeconomics to address a business issue. In particular, the paper presents novel insight concerning strategic behaviour between firms. New evidence is presented on how pricing strategy is used to divert high-cost customers to rivals, making rivals less competitive, allowing the firm using the price diversion strategy to raise prices. Along with recognition from the Journal, the Best Paper Prize includes a cash award for the authors.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89792193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Two and a half years ago COVID-19 spread to the United States. Following the federalism model (New State Ice Co. vs Liebmann; Cheng and Lee 2019), the 50 states and their governors and legislators made many of their own pandemic policy choices to mitigate the damage from the virus. States learned from one another over time about what policies worked most and least effectively in terms of containing the virus while minimizing the negative effects of lockdown strategies on businesses and children. This study is an expanded and updated version of an October 2020 report card of how pandemic health, economy, and policy varied across the 50 states and the District of Columbia (Committee to Unleash Prosperity 2020). It examines three variables: health outcomes, economic performance throughout the pandemic, and impact on education. We find no relationship between reduced economic activity during the pandemic and mortality.
两年半前，COVID-19传播到美国。遵循联邦制模式(New State Ice Co.诉Liebmann;Cheng and Lee 2019)， 50个州及其州长和立法者做出了许多自己的大流行政策选择，以减轻该病毒的损害。随着时间的推移，各国相互了解哪些政策在遏制病毒方面最有效，哪些政策最无效，同时最大限度地减少封锁战略对企业和儿童的负面影响。这项研究是2020年10月报告卡的扩展和更新版本，报告卡显示了50个州和哥伦比亚特区(2020年释放繁荣委员会)的大流行卫生、经济和政策如何变化。它审查了三个变量:健康结果、疫情期间的经济表现以及对教育的影响。我们发现大流行期间经济活动减少与死亡率之间没有关系。
{"title":"A Final Report Card on the States’ Response to COVID-191","authors":"Phil Kerpen, Stephen Moore, C. Mulligan","doi":"10.3386/w29928","DOIUrl":"https://doi.org/10.3386/w29928","url":null,"abstract":"Abstract Two and a half years ago COVID-19 spread to the United States. Following the federalism model (New State Ice Co. vs Liebmann; Cheng and Lee 2019), the 50 states and their governors and legislators made many of their own pandemic policy choices to mitigate the damage from the virus. States learned from one another over time about what policies worked most and least effectively in terms of containing the virus while minimizing the negative effects of lockdown strategies on businesses and children. This study is an expanded and updated version of an October 2020 report card of how pandemic health, economy, and policy varied across the 50 states and the District of Columbia (Committee to Unleash Prosperity 2020). It examines three variables: health outcomes, economic performance throughout the pandemic, and impact on education. We find no relationship between reduced economic activity during the pandemic and mortality.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82732034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-24DOI: 10.1080/13571516.2022.2033078
O. Yılmaz, Oleksandr Talavera, J. Jia
Abstract This paper explores how liquidity in the UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of a property to exit the market changes across calendar months. Our unique dataset comes from Zoopla.com and contains 300,198 rental listings in 13 major UK university cities over the 2015–2017 period. Our results suggest that the probability of exit is lower during the winter season compared to summer. This could be explained by students’ higher housing demand at the start of the academic term. The results become more pronounced (i.e. the seasonal difference is higher) when the distance between marketed property and university campuses is taken into account.
{"title":"Rental Market Liquidity, Seasonality, and Distance to Universities","authors":"O. Yılmaz, Oleksandr Talavera, J. Jia","doi":"10.1080/13571516.2022.2033078","DOIUrl":"https://doi.org/10.1080/13571516.2022.2033078","url":null,"abstract":"Abstract This paper explores how liquidity in the UK rental markets reacts to variations in demand across time and space. We employ a survival analysis approach with a non-parametric hazard rate to investigate whether the probability of a property to exit the market changes across calendar months. Our unique dataset comes from Zoopla.com and contains 300,198 rental listings in 13 major UK university cities over the 2015–2017 period. Our results suggest that the probability of exit is lower during the winter season compared to summer. This could be explained by students’ higher housing demand at the start of the academic term. The results become more pronounced (i.e. the seasonal difference is higher) when the distance between marketed property and university campuses is taken into account.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88063411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-29DOI: 10.1080/13571516.2021.1976051
D. Allen
Abstract An examination of over 100 Covid-19 studies reveals that many relied on false assumptions that over-estimated the benefits and under-estimated the costs of lockdown. The most recent research has shown that lockdowns have had, at best, a marginal effect on the number of Covid-19 deaths. Generally speaking, the ineffectiveness stemmed from individual changes in behavior: either non-compliance or behavior that mimicked lockdowns. The limited effectiveness of lockdowns explains why, after more than one year, the unconditional cumulative Covid-19 deaths per million is not negatively correlated with the stringency of lockdown across countries. Using a method proposed by Professor Bryan Caplan along with estimates of lockdown benefits based on the econometric evidence, I calculate a number of cost/benefit ratios of lockdowns in terms of life-years saved. Using a mid-point estimate for costs and benefits, the reasonable estimate for Canada is a cost/benefit ratio of 141. It is possible that lockdown will go down as one of the greatest peacetime policy failures in modern history.
{"title":"Covid-19 Lockdown Cost/Benefits: A Critical Assessment of the Literature","authors":"D. Allen","doi":"10.1080/13571516.2021.1976051","DOIUrl":"https://doi.org/10.1080/13571516.2021.1976051","url":null,"abstract":"Abstract An examination of over 100 Covid-19 studies reveals that many relied on false assumptions that over-estimated the benefits and under-estimated the costs of lockdown. The most recent research has shown that lockdowns have had, at best, a marginal effect on the number of Covid-19 deaths. Generally speaking, the ineffectiveness stemmed from individual changes in behavior: either non-compliance or behavior that mimicked lockdowns. The limited effectiveness of lockdowns explains why, after more than one year, the unconditional cumulative Covid-19 deaths per million is not negatively correlated with the stringency of lockdown across countries. Using a method proposed by Professor Bryan Caplan along with estimates of lockdown benefits based on the econometric evidence, I calculate a number of cost/benefit ratios of lockdowns in terms of life-years saved. Using a mid-point estimate for costs and benefits, the reasonable estimate for Canada is a cost/benefit ratio of 141. It is possible that lockdown will go down as one of the greatest peacetime policy failures in modern history.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78085601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-16DOI: 10.1080/13571516.2021.1971485
María Celeste Gómez, Carina Borrastero
Abstract This paper assesses the innovative process of Argentinian manufacturing firms and its impact on labour productivity. Applying a CDM model, we combined firms’ innovative decisions with innovation results and their impacts on labour productivity. We used recent data from Argentina’s National Survey on Employment and Innovation Dynamics (ENDEI in Spanish) from 2010-2012 and 2014-2016. Our findings verify the innovative process which links innovation with productivity regardless of prevailing macroeconomic and industrial conditions.
{"title":"The productivity impact of innovation on industry in Argentina","authors":"María Celeste Gómez, Carina Borrastero","doi":"10.1080/13571516.2021.1971485","DOIUrl":"https://doi.org/10.1080/13571516.2021.1971485","url":null,"abstract":"Abstract This paper assesses the innovative process of Argentinian manufacturing firms and its impact on labour productivity. Applying a CDM model, we combined firms’ innovative decisions with innovation results and their impacts on labour productivity. We used recent data from Argentina’s National Survey on Employment and Innovation Dynamics (ENDEI in Spanish) from 2010-2012 and 2014-2016. Our findings verify the innovative process which links innovation with productivity regardless of prevailing macroeconomic and industrial conditions.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86292161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-03DOI: 10.1080/13571516.2021.1963185
Vera Brenčič
Abstract With the wide-spread adoption of the Internet, websites that host job boards and CV banks have become important intermediaries in the labor market. Despite their popularity and conflicting evidence about their effectiveness, we know relatively little about the market for these websites and about their decision making. We address this void in two ways. First, we document how the market for employment websites evolved in the U.S. Second, we explore how a rapid expansion of Craigslist into local markets in the U.S. impacted market concentration and decision-making of competing websites.
{"title":"Developments in the Market for Employment Websites in the U.S","authors":"Vera Brenčič","doi":"10.1080/13571516.2021.1963185","DOIUrl":"https://doi.org/10.1080/13571516.2021.1963185","url":null,"abstract":"Abstract With the wide-spread adoption of the Internet, websites that host job boards and CV banks have become important intermediaries in the labor market. Despite their popularity and conflicting evidence about their effectiveness, we know relatively little about the market for these websites and about their decision making. We address this void in two ways. First, we document how the market for employment websites evolved in the U.S. Second, we explore how a rapid expansion of Craigslist into local markets in the U.S. impacted market concentration and decision-making of competing websites.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89193179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-02DOI: 10.1080/13571516.2021.1981750
T. Dao, X. Mai, Thanh Ngo, Tu D. Q. Le, Huong Ho
Abstract This paper examines the key factors that influenced the cost efficiency of 7,633 Vietnamese manufacturing firms during 2010–2016 via a hierarchical linear modelling (HLM) approach. The main reason for using HLM in this case is that observations in the same group may not be independent from each other (e.g. firms operate within the same city), and some variables may not vary across those observations. Although most of the findings are consistent with previous studies, the statistical power of our HLM model is higher than that of the traditional single-level analysis, suggesting that HLM can provide better analytical insights. The results further indicate a case for cities or provinces pursuing different policies aimed at improving the performance of their local firms.
{"title":"From Efficiency Analyses to Policy Implications: a Multilevel Hierarchical Linear Model Approach","authors":"T. Dao, X. Mai, Thanh Ngo, Tu D. Q. Le, Huong Ho","doi":"10.1080/13571516.2021.1981750","DOIUrl":"https://doi.org/10.1080/13571516.2021.1981750","url":null,"abstract":"Abstract This paper examines the key factors that influenced the cost efficiency of 7,633 Vietnamese manufacturing firms during 2010–2016 via a hierarchical linear modelling (HLM) approach. The main reason for using HLM in this case is that observations in the same group may not be independent from each other (e.g. firms operate within the same city), and some variables may not vary across those observations. Although most of the findings are consistent with previous studies, the statistical power of our HLM model is higher than that of the traditional single-level analysis, suggesting that HLM can provide better analytical insights. The results further indicate a case for cities or provinces pursuing different policies aimed at improving the performance of their local firms.","PeriodicalId":45470,"journal":{"name":"International Journal of the Economics of Business","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72366978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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