摘要:

ABSTRACTFranchised distribution accounts for a substantial proportion of retail sales each year. This form of vertical integration is frequently found in the accompaniment of parallel distribution through company‐owned establishments. Similarly, franchise contracts are characterized by mixed compensation strategies. This paper contains empirical models of the market for franchise opportunities where incentives for mixed distribution and compensation strategies are evaluate

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00626.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThe efficiency of futures markets is critical to their price discovery role. This paper investigates the joint hypothesis of market efficiency and unbiasedness of futures prices for the FTSE‐100 stock index futures contract. Unlike previous studies, it tests for both long‐run and short‐run efficiency using cointegration and error correction models. Variance‐bounds tests are developed and utilized for examining the question of efficiency. Results show that the market is efficient and provides an unbiased estimate of future spot prices for one and two months away from expiration. However, for three and more months away from expiration this is not the case, which has implications for the users of this

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00627.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper shows that it is impossible to rule out factor‐intensity reversals (FIRs) under monopolistic competition unless production functions are homothetic. We construct a simple example where the capital‐intensity at unchanged output is fixed, but where FIRs still can occur because equilibrium output and thus the average capital‐intensity depends on the wage‐renta

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00628.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper uses aggregate data from 42 police‐force areas over 12 years to test predictions of Becker's economic model of crime. The effects of measures for deterrence on the incidence of three types of acquisitive criminal activity (burglary, theft, robbery) in England and Wales are explored. Mixed support for the Becker model emerges. The growth in unemployment is seen to impact positively on two of the three types of criminal activity examined.Per capitahousehold income is seen to have a negative effect on the recorded rates of burglary and theft, but there is some evidence that the income variable is a proxy for the effects of unemployment. Poor housing conditions and the relative youth of the population were also found to play a role in the determination of criminal activit

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00629.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper explores a method of recovering the structural parameters of a Nash‐bargained model of household labour supply. It proceeds by computing the desired hours of labour supply numerically rather than analytically, thus circumventing the need for analytical tractability. This numerical procedure is then embedded in a conventional maximum‐likelihood estimation to obtain estimates of the structural preference parameters. An example usingFamily Expenditure Surveydata is repor

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00630.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper demonstrates the significance of age and duration effects in the relationship between earnings and unemployment using two‐step GMM estimation and UK county level data for 1984–1

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00631.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY