School Quality, Educational Attainment and Aggregation Bias Data from 31 countries participating in the Programme for International Student Assessment (PISA) is used to estimate education production functions for reading literacy. The analysis suggests that the probability of finding statistically significant and correctly signed class size effects increases the higher the level of aggregation ...

Existing studies using low-frequency data show that macroeconomic shocks contribute little to international stock market covariation. Those studies, however, do not account for the presence of asymmetric information, where sophisticated investors generate private information about the fundamentals that drive returns in many countries. In this paper, the authors use a new microstructure data set...

Family firms are the most prevalent form of economic organization in world, but despite their reputation for resilience and agility, many them facing enormous challenges due to Covid-19 pandemic. In this essay, we examine how pressures respond health emergency affecting ability family preserve socioemotional wealth (SEW). addition, also provide implications business research a post-Covid world....

The value of networks as integral part of the explanation of entrepreneurial success is widely acknowledged. However, the network perspective lacks specification of the various dimensions of a network and their impact on the early development of a venture. We make a distinction between a Schumpeterian start-up pursuing a radical innovation and a Kirznerian venture on basis of an incremental inn...

within the early theories of fdi and multinational firms, fdi and foreign trade were considered to be substitutes. new international trade theories emphasize, however the complementary relationship between fdi and foreign trade.this is the result of introducing new aspects in the models like increasing returns to scale, product differentiation and technology-differences among nations.this paper...

Some researchers believe that there is only little difference between business and personal risks among small businesses. Personal assets and wealth can become subject to business risks depending on the organizational and legal structure chosen for the business. By the choice of the organizational and legal form the owner has a chance to increase the separation between the risks mentioned above...

If the Mortensen and Pissarides model with efficient bargaining is calibrated to replicate the fluctuations of unemployment over the business cycle, it implies a far too strong rise of the unemployment rate when unemployment benefits rise. This paper explores an alternative, right-to-manage bargaining scheme. This also generates the right degree of fluctuations of unemployment but at the same t...

Quit Turnover and the Business Cycle: A Survey The focus of this chapter is to consider new developments in the search and matching literature where wages, quit turnover and unemployment are endogenously determined in economies with aggregate shocks. The aim of the discussion is not only to highlight possible market failures but also to explain how on-the-job search and employee turnover fundam...

We present an agent-based model of a multi-tier energy market. We show how reward interdependence between strategic business units within a vertically integrated firm can increase its profits in oligopolistic energy markets. The effects are shown to be distinct from those of the raising rivals’ costs model. In our case, higher prices relate to the nature of energy markets, which facilitate the ...

This paper proposes a new methodology to build composite coincident and leading indexes. Based on a formal definition that requires that the first differences of the leading index is the best linear predictor of the first differences of the coincident index, it is shown that the notion of polynomial serial correlation common features can be used to build these composite variables. Concepts and ...