In renewable resource industries, labor is commonly paid with a share of operating profit rather than with a per unit-of-effort wage. This paper shows that the sharing agreements interact with fluctuations in the natural capital stock to cause inefficient investment levels and skew industry rents toward labor. As a consequence, optimal regulatory policy for such industries must account for the ...

This paper provides a different perspective on the firm-level empirical analysis of the relation between foreign ownership and capital demand adjustment in host countries. The author estimates a dynamic structural model of investment on a sample of 4672 Belgian firms observed between 2003 and 2010 that permits to distinguish the ‘ownership status’ of firms. He considers a dynamic discrete choic...

Different from traditional efficiency research and previous studies considering undesirable outputs, this paper proposes models which distinguish weak and strong disposability features among various undesirable outputs based on the technical nature of the undesirable outputs. The paper illustrates the approach using a research sample covering 582 base-load Chinese coal-fired power plants in 200...

Duality Theory of production imposes a number of simplifying assumptions regarding the production technology, including various maintained convexity assumptions. Emphasizing the technological information content of alternative models, this paper challenges some widely held views on the role of convexity. The role of convexity in Duality Theory is asymmetric: While convexity is of importance in ...

The aim of this work is to introduce a new econometric methodology for multioutput production frontiers. In the context of a system of frontier equations, we use a flexible multivariate distribution for the inefficiency error term. This multivariate distribution is constructed through a copula function which allows for separate modelling of the marginal inefficiency distributions and the depend...

Several studies among recent empirical work have suggested that the systematic behavior of lending standards over the business cycles, with laxer standards applied during expansions and tighter standards applied during recessions, may be responsible for driving economic fluctuations. We build a dynamic screening model with informational asymmetry in credit markets that rationalizes these findin...

This study compares activity-based costing (ABC) model and traditional costing method in Malaysia. Activity based costing (ABC) which was developed into the manufacturing/service sectors in Malaysia. It calculates the cost and performance of activities, resources and cost objects. It can be considered as an alternative model to Traditional Cost-based accounting systems. In this study the result...

Changes in allosteric regulation of glycolytic enzymes have been linked to metabolic reprogramming involved in cancer. Remarkably, allosteric mechanisms control enzyme function at significantly shorter time-scales compared to the long-term effects of metabolic reprogramming on cell proliferation. It remains unclear if and how the speed and reversibility afforded by rapid allosteric control of m...

This paper proposes a simple model that possibly explains the productivity slowdown observed in Japan during the 1990s. Under a forbearance policy by the government toward nonperforming loans, one keeping insolvent firms afloat, other economic agents become exposed to a higher risk of not being paid by their customers (payment uncertainty). It is shown that the payment uncertainty, working thro...