| 16111. |
- Maican, Florin G., 1975, et al.
(författare)
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Productivity Dynamics and the Role of ‘Big-Box’ Entrants in Retailing
- 2017
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Ingår i: Journal of Industrial Economics. - : Wiley. - 0022-1821 .- 1467-6451. ; 65, s. 397-438
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Tidskriftsartikel (refereegranskat)abstract
- © 2017 The Editorial Board of The Journal of Industrial Economics and John Wiley & Sons Ltd We use a dynamic model to measure the impact of the entry of large stores on incumbents’ productivity separate from demand while accounting for local markets and the endogeneity of entry. Using data on all retail food stores in Sweden, we find that incumbents’ productivity increases after the entry of large stores and that the magnitude of the increase declines toward the upper part of the productivity distribution. Our findings highlight that large entrants drive productivity.
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| 16112. |
- Maican, Florin G., 1975, et al.
(författare)
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Real Exchange Rate Adjustment In European Transition Countries
- 2006
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper presents unit-root test results for real exchange rates in ten Central and Eastern European transition countries during 1993:01-2003:12. Because of the shift from controlled to market economies and the accompanying crises, failed policy regimes and changes in exchange rate regimes, appropriate tests in transition countries require allowing for both structural changes and outliers. In both single-equation tests and panel tests with SUR techniques, the data reject the unit-root null for the CEE countries. Accounting for structural breaks and outliers gives much faster mean-reversion speeds than otherwise.
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| 16113. |
- Maican, Florin G., 1975, et al.
(författare)
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Real exchange rate adjustment in European transition countries
- 2013
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Ingår i: Journal of Banking & Finance. - : Elsevier BV. - 0378-4266. ; 37:3, s. 907-926
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Tidskriftsartikel (refereegranskat)abstract
- In single-equation tests, real exchange rates show mean reversion for nine of 10 Central and Eastern European transition countries for the period January 1993 to December 2005. Because of the shift from controlled to market economies and accompanying crises, failed policy regimes and changes in exchange rate regimes, unit root tests for transition countries often require allowance for structural changes. Accounting for structural breaks gives substantially faster mean-reversion speeds than those found for major industrialized countries. These fast adjustment speeds are plausible: Transition countries had perhaps 10 years to make unprecedented adjustments required for accession to the European Union. A number of papers have applied non-linear models to the Central and Eastern European countries. This paper investigates four non-linear models and compares them with piece-wise linear break models. The break models appear superior in detecting mean reversion for the Central and Eastern European transition countries.
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| 16114. |
- Maican, Florin G., 1975, et al.
(författare)
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Rejection Probabilities for a Battery of Unit-Root Tests
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- If the researcher tests each model in a battery at the a % significance level, the probability that at least one test rejects is generally larger than a %. For five unit-root models, this paper uses Monte Carlo simulation and the inclusion-exclusion principle to show for a %=5% for each test, the probability that at least one test rejects is 16.2% rather than the upper-bound of 25% from the Bonferroni inequality. It also gives estimated probabilities that any combination two, three, four or five models all reject.
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| 16115. |
- Maican, Florin G., 1975, et al.
(författare)
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The Dynamic Impact of Exporting on Firm R&D Investment
- 2023
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Ingår i: Journal of the European Economic Association. - : Oxford University Press (OUP). - 1542-4766 .- 1542-4774. ; 21:4, s. 1318-1362
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Tidskriftsartikel (refereegranskat)abstract
- This article estimates a dynamic structural model of firm R&D investment in twelve Swedish manufacturing industries and uses it to measure rates of return to R&D and to simulate the impact of trade restrictions on the investment incentives. Export market profits are a substantial source of the expected return to R&D. R&D spending is found to have a larger impact on firm productivity in the export market than in the domestic market. Counterfactual simulations show that trade restrictions lower both the expected return to R&D and R&D investment level, thus reducing an important source of the dynamic gains from trade. A 10% tariff on Swedish exports reduces the expected benefits of R&D for the median firm by 18.6% and lowers the amount of R&D spending by 7.6% in the high-tech industries. The corresponding reductions in the low-tech industries are 20.6% and 5.5%, respectively. R&D adjustments in response to export tariffs mainly occur on the intensive, rather than the extensive, margin.
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| 16116. |
- Maican, Florin G., 1975
(författare)
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Two Essays in Empirical Finance: Unit-Root Testing in the Presence of Structural Breaks
- 2008
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Essay 1: Real Exchange Rate Adjustment in European Transition Countries Essay 1 presents unit-root test results for real exchange rates in ten Central and Eastern European transition countries relative to the Euro during 1993:01-2005:12. Because of the shift from controlled to market economies and the accompanying crises, failed policy regimes and changes in exchange rate regimes, appropriate tests in transition countries require allowing for both structural changes and outliers. Single-equation tests reject the unit-root null for nine of ten countries. Accounting for structural breaks (and in some cases, outliers) gives much faster mean-reversion speeds than otherwise. Essay 2: Size and Power in a Battery of Unit-Root Tests Essay 2 studies the overall size of a battery of unit-root tests containing multiple alternative hypotheses and also studies the power of the tests in the battery. Under the unit-root null, the probability of no rejections in a battery of five tests, where the size of each is 5%, the size of the battery of tests is approximately 17%. Simulations for power show that generally a particular model is much more likely to reject if that model corresponds to the underlying DGP than otherwise. The paper guides the researcher in using a battery of tests. If the researcher tests the unit-root null against only a single alternative, but misspecifies the alternative, the probability of a Type II error is substantial. Use of multiple series mitigates the effect on size of using a battery of tests.
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| 16117. |
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| 16118. |
- Maio, Paulo, et al.
(författare)
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On the driving forces of real exchange rates: Is the Japanese Yen different?
- 2023
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Ingår i: JOURNAL OF EMPIRICAL FINANCE. - 0927-5398 .- 1879-1727. ; 74
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Tidskriftsartikel (refereegranskat)abstract
- We estimate variance decompositions of the real exchange rate (q) for 19 currencies based on a present-value relation. At very short horizons, the driving force of q is predictability of the future exchange rate. At long horizons, return predictability drives most variation in q, with predictability of interest differentials playing a secondary role. This pattern is especially strong for the Non-G10 currencies. However, the long-run predictability mix associated with the Japanese Yen clearly deviates from the other currencies and is unstable over time. The quantitative simulation of a liquidity-based exchange rate model largely replicates our main empirical findings.
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| 16119. |
- Majlesi, Kaveh, et al.
(författare)
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Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure
- 2020
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Ingår i: American Economic Review. - : American Economic Association. - 0002-8282.
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Tidskriftsartikel (refereegranskat)abstract
- Has rising import competition contributed to the polarization of U.S. politics? Analyzing multiple measures of political expression and results of congressional and presidential elections spanning the period 2000 through 2016, we find strong though not definitive evidence of an ideological realignment in trade-exposed local labor markets that commences prior to the divisive 2016 U.S. presidential election. Exploiting the exogenous component of rising import competition by China, we find that trade exposed electoral districts simultaneously exhibit growing ideological polarization in some domains—meaning expanding support for both strong-left and strong-right views—and pure rightward shifts in others. Specifically, trade-impacted commuting zones or districts saw an increasing market share for the FOX News channel (a rightward shift), stronger ideological polarization in campaign contributions (a polarized shift), and a relative rise in the likelihood of electing a Republican to Congress (a rightward shift). Trade-exposed counties with an initial majority white population became more likely to elect a GOP conservative, while trade-exposed counties with an initial majority-minority population become more likely to elect a liberal Democrat, where in both sets of counties, these gains came at the expense of moderate Democrats (a polarized shift). In presidential elections, counties with greater trade exposure shifted towards the Republican candidate (a rightward shift). These results broadly support an emerging political economy literature that connects adverse economic shocks to sharp ideological realignments that cleave along racial and ethnic lines and induce discrete shifts in political preferences and economic policy.
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| 16120. |
- Majlesi, Kaveh, et al.
(författare)
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International Import Competition and the Decision to Migrate: Evidence from Mexico
- 2015
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We analyze the effects of the increase in China’s import competition on Mexican domestic and international migration. We exploit the variation in exposure to competition from China, following its accession to the WTO in 2001, across Mexican municipalities and estimate the effect of international competition on the individual decision to migrate. Controlling for individual and municipality features, we find that individuals living in municipalities more exposed to Chinese import competition are more likely to migrate to other municipalities within Mexico, while a negative effect is found on the decision to migrate to the US. In particular, we find that Chinese import competition reduces migrants’ negative self-selection: the rising international competition lowers the likelihood of low-educated, low-income people to migrate to the US, by making them more financially constrained.
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