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Market Characteristics (market + characteristic)
Kinds of Market Characteristics Selected AbstractsMarket power in tobacco: Measuring multiple marketsAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2007Kellie Curry Raper Traditional market power analyses of the U.S. cigarette manufacturing industry consider monopoly power exertion by manufacturers in selling cigarettes to consumers. Market characteristics combined with government policy make it plausible that manufacturers exert monopsony market power in procuring tobacco. We investigate this possibility in the U.S. and international tobacco markets by extending nonparametric tests to include simultaneously potential monopoly market power with potential monopsony market power in multiple input markets, allowing both Hicks-neutral and biased technical change. We use annual data from the cigarette manufacturing industry from 1977 to 1993. Results indicate substantial departures from competitive pricing in the procurement of domestic tobacco, supporting the postulate that cigarette manufacturers appropriate monopsony rents despite, and perhaps at times through, U.S. tobacco farm policy. Results are less clear with respect to monopsony market power exertion in imported leaf tobacco procurement by cigarette manufacturers. Finally, results indicate that monopoly market power exertion is relatively small and that, when the possibility of monopsony market power exertion is admitted, monopoly market power exertion is no longer problematic.[EconLit citations: L100, L660]. © 2007 Wiley Periodicals, Inc. Agribusiness 23: 35,55, 2007. [source] Collective organisation in small- and medium-sized enterprises , an application of mobilisation theoryHUMAN RESOURCE MANAGEMENT JOURNAL, Issue 4 2006Sian Moore This article draws on mobilisation theory to explain the presence and absence of collective organisation in small- and medium-sized enterprises (SMEs). The analysis is based upon case studies of 11 UK SMEs reflecting variation in respect of employment size, industry sector, workforce composition, ownership and product/service market characteristics. It suggests that recently introduced statutory trade union recognition legislation and increased formalisation within some larger SMEs may provide the conditions for unionisation, although the presence and role of ,key activists' with union histories is critical to the process of gaining recognition and sustaining organisation. The nature of social relations in micro and small firms, however, inhibits the articulation of injustice. This is not least because the framing of grievances is a high-risk strategy with a potential to shatter the informal social relationships upon which work is based, and this inhibits the identification of collective interests. [source] HR strategy and competitive advantage in the service sectorHUMAN RESOURCE MANAGEMENT JOURNAL, Issue 3 2003Peter Boxall While taking its cue from studies of high-performance work systems in manufacturing, this article examines theory and research on the potential for HR advantage in the service sector, building directly on recent studies of market segmentation and HR strategy in the sector. The article uses these studies, along with strategic management theory, to put forward a new typology of market characteristics, competitive dynamics and HR strategy in services. Three broad types of competition, ranging from mass market to knowledge-intensive services, are identified. This framework helps the article to explore the issue of whether competitive differentiation through human resources is possible only in high-skill areas such as professional services. It argues that opportunities for HR advantage are broader; they exist where quality and/or knowledge are important in competitive strategy. However, seeing the opportunity is not the same as achieving the result. Service firms that identify and pursue these opportunities face the problems of building and maintaining barriers to imitation, and of managing the ,politics of appropriation'. [source] The Changing Distribution of Pension Coverage The Changing Distributionof Pension CoverageINDUSTRIAL RELATIONS, Issue 2 2000William E. Even Data from the Current Population Surveys reveal that between 1979 and 1993 the gap in pension coverage between workers with less than 12 years of education and those with more than 16 years of education nearly tripled among men and more than quadrupled among women. The empirical analysis reveals that differences in labor market characteristics related to gender and education have grown over time and can account for virtually all the changing distribution of coverage. There is mixed evidence on the extent to which the growth of the 401(k) plan has contributed to the changing distribution of coverage. [source] Still a distinctive southern European employment model?INDUSTRIAL RELATIONS JOURNAL, Issue 6 2008Maria Karamessini ABSTRACT Current similarities among the four southern European EU Member States,Greece, Italy, Portugal and Spain,with respect not only to labour market characteristics but also to the institutional arrangements that influence labour supply, utilisation and demand corroborate the concept of a distinctive southern European employment model. Its origins go back to common features in the pattern of socio-economic development and the political history of these countries. In the past 20 years or so, national differences in the pace and content of institutional change have increased diversity within the model and eroded some of its components. They have not, however, destroyed its unity and distinctiveness. [source] The determinants of export performance: A review of the research in the literature between 1998 and 2005INTERNATIONAL JOURNAL OF MANAGEMENT REVIEWS, Issue 4 2008Carlos M.P. Sousa Considerable attention has been paid to the determinants of export performance. However, despite this research effort in identifying and examining the influence of such determinants, the literature is characterized by fragmentation and diversity, hindering theory development and practical advancement in the field. This paper attempts to review and synthesize the knowledge on the subject. As a result, this study reviews and evaluates 52 articles published between 1998 and 2005 to assess the determinants of export performance. The assessment reveals that: (a) more studies have been conducted outside the USA; (b) the majority of the studies focus on manufacturing firms, with relatively few studies examining the service sector; (c) the majority of the export studies continue to focus on small to medium-sized firms; (d) there is a continuous increase in the sample size; (e) despite the problems that may arise from the use of single informants, it seems that none of the studies reviewed here collected data from more than one informant in the firm; (f) an increasing number of studies have been using the export venture as the unit of analysis; (g) the level of statistical sophistication has improved; (h) the use of control and moderating variables in export performance studies has increased; (i) more studies have started to include the external environment in their models, including domestic market characteristics; and (j) market orientation as a key determinant of export performance emerges in this review. Finally, conclusions are drawn, along with some suggestions for further research. [source] AUTOREGRESSIVE CONDITIONAL DURATION MODELS IN FINANCE: A SURVEY OF THE THEORETICAL AND EMPIRICAL LITERATUREJOURNAL OF ECONOMIC SURVEYS, Issue 4 2008Maria Pacurar Abstract This paper provides an up-to-date survey of the main theoretical developments in autoregressive conditional duration (ACD) modeling and empirical studies using financial data. First, we discuss the properties of the standard ACD specification and its extensions, existing diagnostic tests, and joint models for the arrival times of events and some market characteristics. Then, we present the empirical applications of ACD models to different types of events, and identify possible directions for future research. [source] ECONOMETRIC MODELS OF ASYMMETRIC PRICE TRANSMISSIONJOURNAL OF ECONOMIC SURVEYS, Issue 2 2007Giliola Frey Abstract In this paper, we review the existing empirical literature on price asymmetries in commodities, providing a way to classify and compare different studies that are highly heterogeneous in terms of econometric models, type of asymmetries and empirical findings. Relative to the previous literature, this paper is novel in several respects. First, it presents a detailed and updated survey of the existing empirical contributions on price asymmetries in the transmission mechanism linking input prices to output prices. Second, this paper presents an extension of the traditional distinction between long-run and short-run asymmetries to new categories of asymmetries, such as: contemporaneous impact, distributed lag effect, cumulated impact, reaction time, equilibrium and momentum equilibrium adjustment path, regime effect, regime equilibrium adjustment path. Each empirical study is then critically discussed in the light of this new classification of asymmetries. Third, this paper evaluates the relative merits of the most popular econometric models for price asymmetries, namely autoregressive distributed lags, partial adjustments, error correction models, regime switching and vector autoregressive models. Finally, we use the meta-regression analysis to investigate whether the results of asymmetry tests are not model-invariant and find which additional factors systematically influence the rejection of the null hypothesis of symmetric price adjustment. The main results of our survey can be summarized as follows: (i) each econometric model is specialized to capture a subset of asymmetries; (ii) each asymmetry is better investigated by a subset of econometric models; (iii) the general significance of the F test for asymmetric price transmission depends mainly on characteristics of the data, dynamic specification of the econometric model, and market characteristics. Overall, our empirical findings confirm that asymmetry, in all its forms, is very likely to occur in a wide range of markets and econometric models. [source] The Wage Effects of Being Raised in the Catholic Religion: Does Religion Matter?AMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 3 2000Bradley T. Ewing This paper provides new empirical evidence about the existence of a Catholic wage premium. A simple allocation-of-time model provides two explanations for the observation that those persons raised in the Catholic religion earn more than their non-Catholic counterparts. The Catholic religion may add to a person's stock of human capital and/or it may act as a signal of desirable labor market characteristics such as discipline, honesty, trustworthiness, and high motivation. [source] Welfare Regimes for Aging Populations: No Single Path for ReformPOPULATION AND DEVELOPMENT REVIEW, Issue 4 2009Mehmet F. Aysan We consider recent trends in pension policies in OECD countries in light of demographic aging associated with welfare regime type (Liberal, Social Democratic, Continental, and Southern European). These regime types represent different responsibilities assumed for social security on the part of the market, the state, and the family. While there are significant differences in labor market characteristics, the demographic similarities in aging bring similar pressures for pension reforms across OECD countries. These reforms address fiscal issues in state pensions, typically by increasing the length of the working life, placing more of the pension responsibility on individuals, or converting to defined-contribution approaches. Our study shows that there is no single path for pension reform. While there are some variations, welfare states tend to follow their traditional paths, which differ across welfare regime types. [source] What keeps pensioners at work in Russia?THE ECONOMICS OF TRANSITION, Issue 1 2002Evidence from Household Panel Data The proportion of working pensioners in Russia is high relative to what is usually observed in several Eastern and Western European countries. In this paper, we present an analysis of the determinants of pensioner employment, using panel data from the on-going Russian Longitudinal Monitoring Survey for the period 1994-99. Given the sharp deterioration in the safety net in recent years, a particular attempt is made to assess the role of inadequate pension benefits, along with other individual, household, and local labour market characteristics, in driving up the employment rate of older people during transition. Both the probability of holding a job and the number of hours worked are modeled. The microeconometric analysis confirms the role that family income and access to alternative coping mechanisms such as subsistence farming play in pensioner employment for women, but also stresses for both men and women the importance of age, education, and health status. Finally, the results show a low sensitivity of pensioner employment to pension arrears and pension benefits, indicating that even the full payment of benefits may be too low to significantly affect the decision to remain in employment. JEL classification: C33, H55, J14, J21, P36. [source] Decimalization, ETFs and futures pricing efficiencyTHE JOURNAL OF FUTURES MARKETS, Issue 2 2009Wei-Peng Chen This study investigates the impact of decimalization (penny pricing) on the arbitrage relationship between index exchange-traded funds and E-mini index futures. The empirical results reveal that subsequent to penny pricing, there is a significant fall in the mean ex ante arbitrage profit, especially in the cases with higher transaction costs. Using the ordinary least squares and quantile regressions to control for the influences of changes in other market characteristics, it is found that the overall pricing efficiency has deteriorated in the post-decimalization period. These results are consistent with the hypothesis that, due to the lowered market depth and increased execution risks, the introduction of decimalization has in general resulted in weakening the ability and the willingness of arbitrageurs to initiate arbitrage trades, which subsequently leads to a reduction in the general efficiency of the cash/futures pricing system. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 29:157,178, 2009 [source] The pricing of electricity futures: Evidence from the European energy exchangeTHE JOURNAL OF FUTURES MARKETS, Issue 4 2007Sascha Wilkens This study investigates the pricing of electricity futures at the European Energy Exchange (EEX) over the period 2002 through 2004. To calculate theoretical contract values, the reduced-form models of J. J. Lucia and E. S. Schwartz (2002) are used, and a thorough empirical analysis by means of an out-of-sample test is conducted for both one- and two-factor models, incorporating a constant non-zero price of risk. Although the models are proven to capture all basic spot market characteristics and provide an accurate in-the-sample fit to observed futures prices, the forecasting performance is subject to biases. For instance, it was found that the relative mispricing depends on both the spot price level and the remaining time-to-maturity of the futures contracts. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:387,410, 2007 [source] Toward a National Market System for U.S. Exchange,listed Equity OptionsTHE JOURNAL OF FINANCE, Issue 2 2004Robert Battalio ABSTRACT In its response to the 1975 Congressional mandate to implement a national market system for financial securities, the Securities and Exchange Commission (SEC) initially exempted the option market. Recent dramatic changes in the structure of the option market prompted the SEC to revisit this issue. We examine a sample of actively traded, multiply listed equity options to ask whether this market's characteristics appear consistent with the goals of producing economically efficient transactions and facilitating "best execution." We find marked changes between June 2000, when quotes are often ignored, and January 2002, when the market more closely resembles a national market. [source] Flexibility-based competition: Skills and competencies in the new EuropeHUMAN FACTORS AND ERGONOMICS IN MANUFACTURING & SERVICE INDUSTRIES, Issue 1 2005Andrzej K. Kozminski In this paper the competitive strength and weaknesses of unifying and enlarging Europe in the global economy are examined. The focus is on people at work, their skills, and competencies. The idea of flexibility-based competition is developed implicating product and services portfolios, technologies, volumes, quality standards, distribution networks, and development cycles. Flexibility calls for speed maximizing management and special work force and labor markets characteristics. A new employment policy should change European labor markets making them more flexible and enabling "high-speed management." People able to adjust to flexible labor markets are described as "niche finders." Those who are equipped to excel in such markets and to win the competition game are presented in this paper as "top performers." Educational systems and particularly management education and development have to undergo deep restructuring to meet the challenge. An outline of new management education is provided. © 2005 Wiley Periodicals, Inc. Hum Factors Man 15: 35,47, 2005. [source] | |||||||||||||||||||||||||