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Content:Ahlfeldt, Gabriel M., Wolfgang Maennig: Impact of Non-smoking Ordinances on Hospitality Revenues: The Case of Germany JBNST - Vol. 230/5 - 2010, pp. 506-521.
+ show abstract- hide abstractNon-smoking ordinances are among the most popular albeit controversial public health-care
legislations worldwide. This article provides an empirical assessment of the impact of nonsmoking
ordinances on bar and restaurant revenues in German Federal States. By application
of a standard panel regression approach and a quasi-experimental research design, we find no
compelling evidence for a significant impact of the introduction as well as the weakening of the
legislation on revenues of bars and restaurants. Consumption pattern has either not changed at
all or any reduction in spending by smokers is compensated for by a corresponding increase by
non-smokers. These findings support the German – and similar – non-smoking legislations in
the sense that positive externalities resulting from reduced health care cost are likely to outweigh
the risk to businesses in the hospitality sector. Aschhoff, Birgit: Who Gets the Money? The Dynamics of R&D Project Subsidies in Germany JBNST - Vol. 230/5 - 2010, pp. 522-546.
+ show abstract- hide abstractIn this paper I analyze which firms receive R&D project grants and how this public support
evolves over time by considering in particular firm’s previous participation. The extent of the
dynamics of firms’ participation within the funding scheme gives information about the openness
of the scheme towards non-participating firms. Using firm-level data on German manufacturing
and knowledge-intensive service firms, it turns out that participation in the funding
scheme shows a rather high level of continuity. This is also confirmed by applying a multivariate
approach. Firms which received funding in the past are more likely to be selected for public
funding again. Moreover, a firm’s size and knowledge capabilities increase the probability of
entering the scheme. Balsmeier, Benjamin, Achim Buchwald, Heiko Peters: The Impact of Multiple Board Memberships of CEOs and Chairmen of Supervisory Boards on Corporate Performance in Germany JBNST - Vol. 230/5 - 2010, pp. 547-570.
+ show abstract- hide abstractMembers of management boards as well as supervisory boards often attract public criticism
when they are simultaneously active in several other boards. We use a panel data set of the
biggest German corporations for the period from 1996-2006 to estimate the impact of multiple
board memberships of the CEO and the chairman of the supervisory board on corporate performance.
The results suggest a positive and inverse U-shaped relation between the number of
external supervisory board seats of the CEO and corporate performance. Chairmen of supervisory
boards who simultaneously serve on external management boards tend to improve the
performance of the controlled firm. Further external supervisory board seats of the chairman of
a supervisory board do not seem to have any influence on corporate performance, though. Eickmeier, Sandra: A FAVAR-based Analysis of the Transmission of US Shocks to Germany JBNST - Vol. 230/5 - 2010, pp. 571-600.
+ show abstract- hide abstractThe paper assesses the transmission of US supply, demand and monetary policy shocks between
1976 and 2008 based on a factor-augmented vector autoregressive model (FAVAR) which is
applied to a newly constructed set of more than 200 German time series. The study not only
assesses the transmission of US shocks to German GDP via impulse response analysis but also
to a large number of variables capturing the various transmission channels. The inclusion not
only of aggregate trade variables but also of variables covering trade with different partner
countries/regions helps analyzing more deeply the trade channel, e. g. the role of direct trade
versus trade with third countries. Another focus lies on the transmission of US shocks to specific
industries such as the car and the machinery industries which were particularly severely
affected by the global financial crisis. Finally, the role of US shocks for the most recent downturn
in Germany is assessed based on a historical decomposition. Gudehus, Timm: Logic of MarketsMarket Rules, Behaviour of Actors, and Market Outcome JBNST - Vol. 230/5 - 2010, pp. 601-629.
+ show abstract- hide abstractThis contribution shows how the outcome of dynamic markets can be derived, without the
unrealistic assumptions of a perfect market, from the current rules of a market and the possible
behaviour of the actors. An analysis of the observable rules for real-lifemarkets results in transfer
equations and algorithms for the calculation of the individual purchasing prices and sales
quantities.With distribution functions for offer and demand, which reflect the behaviour of the
actors, the collective market outcome can be calculated, such as market price and sales, their
variance and time dependency as well as the distribution effects of markets. The market laws,
which result by simulation and probability theory, deviate in many respects from the statements
of common price- and market-theories. The new approach enables to solve current problems,
such as the market design for material and immaterial goods and finance products. Ziegler, Andreas: Z-Tests in Multinomial Probit Models under Simulated Maximum Likelihood Estimation: Some Small Sample Properties JBNST - Vol. 230/5 - 2010, pp. 630-652.
+ show abstract- hide abstractThis paper analyzes small sample properties of several versions of z-tests in multinomial probit
models under simulated maximum likelihood estimation. OurMonte Carlo experiments show
that z-tests on utility function coefficients provide more robust results than z-tests on variance
covariance parameters. As expected, both the number of observations and the number of random
draws in the incorporatedGeweke-Hajivassiliou-Keane (GHK) simulator have on average
a positive impact on the conformities between the shares of type I errors and the nominal significance
levels. Furthermore, an increase of the number of observations leads to an expected
decrease of the shares of type II errors, whereas the number of random draws in the GHK
simulator surprisingly has no significant effect in this respect. One main result of our study
is that the use of the robust version of the simulated z-test statistics is not systematically
more favorable than the use of other versions. However, the application of the z-test statistics
that exclusively include the Hessian matrix of the simulated loglikelihood function to estimate
the information matrix often leads to substantial computational problems.
Book Reviews Brenke, K., K.F. Zimmermann (Hrsg.): Die Wirtschaft in Ostdeutschland 20 Jahre nach dem Fall der Mauer – Rückblick, Bestandsaufnahme, Perspektiven JBNST - Vol. 230/5 - 2010, pp. 653-654.
Baker, Dean: Taking Economics Seriously JBNST - Vol. 230/5 - 2010, pp. 655-655.
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