Gazelles, Industry Growth and Structural Change

This paper examines to what extent gazelles are the drivers of the growth of industries and structural change. To this purpose we analyze gazelles over a 12 year period (annually from 1997 until 2008) in the Netherlands, and relate them to the dynamics in employment per industry. We use a panel vector autoregressive (PVAR) model to explore the relations between the presence of gazelles and industry (employment) growth (with 43 two digit industries). An increase in the presence of gazelles in an industry appears to have a positive effect on the subsequent growth of the industry. We do not find evidence for an inverse causal relation: there are no long run positive effects of increases in industry growth on the presence of gazelles. There is also no relation between the overrepresentation of gazelles and subsequent industry growth.entrepreneurship, gazelles, industry growth, structural economic change

FDI, terrorism and the availability heuristic for U.S. investors before and after 9/11

We record the existence of an availability heuristic that is reflected in disaster myopia of U.S. investors and exists prior to the attacks of 9/11. We argue that this is fueled by an aggregate experience hypothesis effect, resulting in a pronounced increase in the sensitivity of U.S. stock prices to terrorist attacks on foreign soil. After 9/11, stock prices react proportionally to the size of an attack and the share of FDI stock held in the region by the sector in which firms operate. This effect, non-existent prior to 2002, has become increasingly strong in recent years

Gazelles, Industry Growth and Structural Change

This paper examines to what extent gazelles are the drivers of the growth of industries and structural change. To this purpose we analyze gazelles over a 12 year period (annually from 1997 until 2008) in the Netherlands, and relate them to the dynamics in employment per industry. We use a panel vector autoregressive (PVAR) model to explore the relations between the presence of gazelles and industry (employment) growth (with 43 two digit industries). An increase in the presence of gazelles in an industry appears to have a positive effect on the subsequent growth of the industry. We do not find evidence foran inverse causal relation: there are no long run positive effects of increases in industry growth on the presence of gazelles. There is also no relation between the over-representation of gazelles and subsequent industry growth.industrial organization ;

Trends in Competition and Profitability in the Banking Industry: A Basic Framework

This paper brings to the forefront the assumptions that we make when focusing on a particular type of explanation for bank profitability. We evaluate a broad field of research by introducing a general framework for a profit maximizing bank and demonstrate how different types of models can be fitted into this framework. Next, we present an overview of the current major trends in European banking and relate them to each model’s assumptions, thereby shedding light on the relevance, timeliness and shelf life of the different models. This way, we arrive at a set of recommendations for a future research agenda. We advocate a more prominent role for output prices, and suggest a modification of the intermediation approach. We also suggest ways to more clearly distinguish between market power and efficiency, and explain why we need time-dependent models. Finally, we propose the application of existing models to different size classes and sub-markets. Throughout we emphasize the benefits from applying several, complementary models to overcome the identification problems that we observe in individual models.

Is there a single frontier in a single European banking market?

This paper attempts to estimate comparable efficiency scores for European banks operating in the Single Market in the EU. Using a data set of more than 5000 large commercial banks from all major European banking markets over the period 1993-2004, the application of meta-frontiers enables us to assess the existence of a single and integrated European banking market. We find evidence in favor of a single European banking market characterized by cost and profit meta-frontiers. However, compared to the meta-frontier estimations, pooled frontier estimations tend to underestimate efficiency levels and correlate poorly with country-specific frontier efficiency ranks. JEL Classification: G21, L11, L22, L23banking, meta-frontiers, stochastic frontiers, technology gap ratios, X-efficiency

Research Ethics for Students in the Social Sciences

This open access textbook offers a practical guide into research ethics for undergraduate students in the social sciences. A step-by-step approach of the most viable issues, in-depth discussions of case histories and a variety of didactical tools will aid the student to grasp the issues at hand and help him or her develop strategies to deal with them. This book addresses problems and questions that any bachelor student in the social sciences should be aware of, including plagiarism, data fabrication and other types of fraud, data augmentation, various forms of research bias, but also peer pressure, issues with confidentiality and questions regarding conflicts of interest. Cheating, ‘free riding’, and broader issues that relate to the place of the social sciences in society are also included. The book concludes with a step-by-step approach designed to coach a student through a research application process

Specialization in the Presence of Trade and Financial Integration: Explorations of the Integration-Specialization Nexus

In this paper we investigate the economic integration - industrial specialization nexus and unravel the relationship between trade and financial openness and industrial specialization. For a panel of 31 countries over the period 1970 to 2005, we find that trade integration relates negatively to specialization, while financial integration relates positively tospecialization. Furthermore, the relationship between trade (financial) integration and specialization is further deepened by the level of financial (trade) integration. Lastly, trade integration has a stronger connection to industrial specialization in countries with a high degree of intra-industry trade, whereas financial integration has a stronger connectionto specialization in countries with a relatively underdeveloped financial system. Our findings are robust to various measures and alternative model specifications.financial economics and financial management ;

Reconfigurable Mobile Multimedia Systems

This paper discusses reconfigurability issues in lowpower hand-held multimedia systems, with particular emphasis on energy conservation. We claim that a radical new approach has to be taken in order to fulfill the requirements - in terms of processing power and energy consumption - of future mobile applications. A reconfigurable systems-architecture in combination with a QoS driven operating system is introduced that can deal with the inherent dynamics of a mobile system. We present the preliminary results of studies we have done on reconfiguration in hand-held mobile computers: by having reconfigurable media streams, by using reconfigurable processing modules and by migrating functions