Partial Compatibility and Vertical Differentiation

In this paper we construct a game-theoretic model to analyze firms¡¦ partial compatibility choices. The quality of a hybrid system depends on the minimum of the compatibility levels chosen by firms. We find that, depending on the investment cost, the compatibility level could be incompatibility or partial compatibility. When the investment cost is very small, firms¡¦ optimal compatibility levels are partial. If the investment cost is relatively large, then firms will choose incompatibility. These results offer an explanation for why firms do not produce components which are fully compatible with their rivals¡¦.

Franchise Fee, Tax/Subsidy Policies and Economic Growth

In this paper, we take a new look at the effects of the subsidy policy and the government’s R&D activities in an R&D-based growth model. The government not only subsidizes the R&D cost of the firms but also engages in R&D activities and, in addition, levies a specific tax on the firms producing the final and the intermediate goods, respectively, in order to finance the expenditure. We find that in the economy there exist two balanced equilibrium growth paths. In an economy with a high growth path, the government’s subsidy policy and its R&D activities will crowd out the private R&D activities, and hence the fiscal policies are of no help to the economic growth. In other words, the intermediate goods firms play an important role in driving the economic growth. By contrast, in an economy with a low growth path, the government that directly engages in R&D activities plays an important role in economic growth. The fiscal policies of the government have a positive effect on the economic growth.Government’s R&D activities, Specific tax, Subsidy policy, Endogenous growth, R&D

The effects of unionization in an R&D growth model with (In)determinate equilibrium

This paper extends an R&D-based growth model of the Rivera-Batiz and Romer-type [Quarterly Journal of Economics 106 (1991) 531] endogenous growth model by embodying a union with elastic labor to investigate the effects of unionization on employment and growth by highlighting the essence of internal conflict within the union. It is shown that an increase in the union’s bargaining power or a union which is more employment-oriented boosts employment and economic growth when the balanced growth equilibrium is determinate. On the other hand, if the union is more wage-oriented, employment and economic growth are enhanced when the balanced growth equilibrium is indeterminate.Union, Collective bargaining, R&D, Indeterminacy, Economic growth

Did the Foreign Exchange Market Cheer or Jeer in Response to Political Events? An Event Study of Malaysia – Some Stylised Facts

This paper explores the effects of political events on foreign exchange returns in Malaysia. We identify five recent events that induce political uncertainty on investors, namely the 13th General Election (GE13), the imprisonment of a key opposition politician, the scandal from the 1MDB exposé, the appointment of a new Central Bank Governor and the 14th General Election (GE14). Using an event study, our findings show that the imprisonment of the opposition party leader triggered a favourable response from the foreign exchange market. However, market reactions to the 1MDB scandal were followed largely unfavourable. The GE13 triggered unfavourable market response, while the reverse is true for market reactions to GE14. Market response to the appointment of the new Central Bank Governor was rather favourable. The Event Study is the first of its kind that examines the foreign exchange market implications of key political events in Malaysia. There are practical considerations emanating from these findings

What Do Foreign Exchange Markets Say About Election Outcomes? A Comparison Between Malaysia, Singapore and Philippines

In this paper, Event Studies are conducted to examine the effects of political events on foreign exchange returns in Malaysia, Singapore and Philippines. The political events of interest in this paper cover the general elections in all three countries. Some of the salient findings are as follows. First, the 13th General Election in Malaysia led to a mostly negative response from the foreign exchange market, with a sharper than expected Ringgit depreciation. Second, the 14th Malaysian General Election elicited a rather positive reaction from the foreign exchange market – there was far less depreciation of the Ringgit than what was previously believed. Third, both the 2011 and 2015 General Elections in Singapore were followed by positive reactions from the market. Fourth, presidential elections in the Philippines produced contrasting results – the election of Benigno Aquino III was greeted with optimism, whereas his successor, Rodrigo Duterte received a less welcoming reception from the foreign exchange market, with the Philippine Peso depreciating more than the predicted amount in the market model

The solo string works of J. S. Bach: the relationship between dance and musical elements

In 1685, the Doge of Genoa made a visit to the French court and asked Louis XIV to host a ball. Louis XIV responded affirmatively and arranged a magnificent dance in his private apartment. The type of dance that took place was a kind of social dancing which later became the standard included Allemande, Courante, Sarabande, Gigue, Minuet, Gavotte, Bourée, Loure and Chaconne. These dances were called theatrical dances when they were used in theatrical production by professional dancers. During this period, the relationship between composer and choreographer was sometimes inseparable. Maestro Jean-Baptiste Lully (1632-1687) and his well-known choreographer Pierre Beauchamp (1631-1705) collaborated on several operas for Louis XIV. The dance part, also called dance notation, was published by Raoul-Auger Feuillet (1653-1709). The purpose of this research paper is to present the relationship between dance and musical elements in Bach’s solo string works. Before the chapters, I will briefly introduce a survey of dance in European music. King Louis XIV of France (1638-1715) was a great dancer. Under his regime, his noble dance style became the fashion throughout Europe in the seventeenth century. Following the discussion of French fashion and taste, I will explain the interrelationship between dance and music in the first chapter. In the next chapter, I will discuss the basic step structure and aspects from the dance notation system of Beauchamp-Feuillet as they apply dance to the music in the Baroque era. In the third chapter, I will combine Bach’s dance music with French noble dances, especially for the dances in triple meter, which were Courante, Sarabande, Minuet, and discuss these titled dances used in Bach’s solo works for strings. In the final chapter, chapter four, I will provide my own experiences as a string player and suggest how to choose a good tempo when performing Bach’s dance music. The consideration of the dance components in music, whether literal or implied, should influence and even inspire any musical performance today. If a dancer needs to study the music before he dances, shouldn’t musicians be aware of the proper dance elements in their art form

What Do Foreign Exchange Markets Say About Election Outcomes? A Comparison Between Malaysia, Singapore and Philippines

In this paper, Event Studies are conducted to examine the effects of political events on foreign exchange returns in Malaysia, Singapore and Philippines. The political events of interest in this paper cover the general elections in all three countries. Some of the salient findings are as follows. First, the 13th General Election in Malaysia led to a mostly negative response from the foreign exchange market, with a sharper than expected Ringgit depreciation. Second, the 14th Malaysian General Election elicited a rather positive reaction from the foreign exchange market – there was far less depreciation of the Ringgit than what was previously believed. Third, both the 2011 and 2015 General Elections in Singapore were followed by positive reactions from the market. Fourth, presidential elections in the Philippines produced contrasting results – the election of Benigno Aquino III was greeted with optimism, whereas his successor, Rodrigo Duterte received a less welcoming reception from the foreign exchange market, with the Philippine Peso depreciating more than the predicted amount in the market model