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New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure

Morais, Ulisses Lacerda de
Fonte: FEUC Publicador: FEUC
Tipo: Dissertação de Mestrado
Português
Relevância na Pesquisa
75.75%
The possibility that the existence of New-Issues Markets (NIM) could promote, through a behavioural response of potential entrants, a greater market concentration on economic sectors is the object of the present work. I analyse in what conditions do entrepreneurs choose to abandon their plans of entering some industry in order to invest in securities of companies in that same industry. To engage this matter an agent-based model, named Utility Load, was developed and simulated in NetLogo platform, where the entrepreneurs rely on a hybrid heuristic among Prospect Theory and Random Walk Model of perceptual decision-making to choose between starting a firm, assembling a portfolio or doing neither by postponing their decision. I arrive at the conclusion that a lengthy investment horizon or high bonds’ coupon, by offering greater prospective gains, attracts the vast majority of potential entrants to the NIM, which has a nefarious effect on the sector’s structure by increasing its concentration – measured by the Herfindahl-Hirschman Index. Moreover, the model indicates that a more bounded rationale is welfare increasing whilst allowing firms to continuously issue new debt to the public diminishes welfare. The results narrow the scope of reality to be emulated in experimental works and open the door for future empirical researches on this matter by making them more attainable.; Dissertação de mestrado em Economia (Economia Industrial)...

A Qualitative Investigation of Barriers to Entry into Couples Treatment for Alcohol Problems

Schonbrun, Yael Chatav; Strong, David R.; Wetle, Terrie; Stuart, Gregory L.
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
65.94%
This study used qualitative methodology to evaluate barriers to entry into couples treatment for alcohol problems. Data were collected using semi-structured interviews. Patients were recruited from (1) treatment for primary substance use disorders, (2) treatment for psychiatric disorders (other than substance use disorders), and (3) court-mandated outpatient domestic violence programs. Mental health experts were recruited based on expertise in (1) couples treatment, (2) alcohol treatment, and (3) couples treatment for alcohol problems. Patients (N=57) met criteria for hazardous drinking, and were in committed romantic relationships. Partners (N=19) and mental health experts (N=12) also completed interviews. Interviews were analyzed using accepted qualitative strategies. Barriers to treatment entry were identified at the patient, partner, and couple level. Barriers identified included psychological barriers, alcohol illness factors, treatment preferences and beliefs, and interpersonal factors. Although many barriers are similar to those previously identified in individual alcohol treatment, barriers unique to couples treatment provide guidance for next directions for dissemination.

Sunk Costs and Risk-Based Barriers to Entry

Pindyck, Robert S.
Fonte: Cambridge, MA; Alfred P. Sloan School of Mangement, Massachusetts Institute of Technology Publicador: Cambridge, MA; Alfred P. Sloan School of Mangement, Massachusetts Institute of Technology
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
65.87%
In merger analysis and other antitrust settings, risk is often cited as a potential barrier to entry. But there is little consensus as to the kinds of risk that matter— systematic versus non-systematic and industry-wide versus firm-specific — and the mechanisms through which they affect entry. I show how and to what extent different kinds of risk magnify the deterrent effect of exogenous sunk costs of entry, and thereby affect industry dynamics, concentration, and equilibrium market prices. To do this, I develop a measure of the “full,” i.e., risk-adjusted, sunk cost of entry. I show that for reasonable parameter values, the full sunk cost is far larger than the direct measure of sunk cost typically used to analyze markets.

Barriers to Trade in Services in the CEFTA Region

Handjiski, Borko; Sestovic, Lazar
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
75.91%
This paper describes the economic importance of the service sector in Central European Free Trade Agreement (CEFTA) countries and current barriers to trade in services between CEFTA countries. It looks at four sectors: construction, land transport, legal services, and Information and Communication Technology (ICT) services. The intent is to stimulate dialogue on trade in services between decision-makers in CEFTA countries. In CEFTA economies, export of services accounts for about 10 percent of GDP in non coastal countries and much more in coastal countries, where foreign currency earnings from tourism are the dominant form of service = exports. Though CEFTA countries have opened their markets considerably, mostly because they are pursuing accession to the European Union (EU) and the World Trade Organization (WTO), there are still obstacles to trade in services. Some, such as the movement of professional workers, are general; others are sector-specific. In what follows, the next section illustrates the importance of the services sectors in CEFTA economies and analyzes trends in services trade and in intraregional trade for countries that have such data available. The third section describes general barriers to trade in services...

Export Discoveries, Diversification and Barriers to Entry

Klinger, Bailey; Lederman, Daniel
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
96%
The literature on the relationship between economic diversification and development has grown rapidly in recent years, partly due to the surprising finding that diversification rises with gross domestic product per capita up to a certain point. Export diversification along the extensive margin is inextricable from the introduction of new export products. The authors test the hypothesis that the threat of imitation inhibits the introduction of new exports -- export discoveries -- under the assumption that the intensive and extensive margins of exports are correlated within broad country-industry groups. Econometric evidence from panel-data techniques that are appropriate for count data (the number of discoveries) suggests that discoveries within countries and industries rise with the growth of exports along the intensive margin (relative to the growth of non-export gross domestic product) but the magnitude of this partial correlation increases with domestic barriers to entry and with customs delays in exporting. However...

Foreign Bank Participation in Developing Countries : What Do We Know about the Drivers and Consequences of This Phenomenon?

Cull, Robert; Martinez Peria, Maria Soledad
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
65.94%
Foreign bank participation has increased steadily across developing countries since the mid-1990s. This paper documents this trend and surveys the existing literature to explore the drivers and consequences of this phenomenon, paying particular attention to the differences observed across regions both in the degree of foreign bank participation and in the impact of this process. Local profit opportunities, the absence of barriers to entry, and the presence of mechanisms to mitigate information problems have been the main factors driving foreign bank entry across developing countries. In general, foreign bank participation has been shown to exert a positive influence on banking sector efficiency and competition. The weight of the evidence suggests that foreign bank presence does not endanger, but rather enhances banking sector stability. And although some case studies suggest that foreign bank entry limits access to finance, many cross-country studies offer evidence to the contrary.

Barriers to Competition in Croatia : The Role of Government Regulation

De Rosa, Donato; Madzarevic-Sujster, Sanja; Boromisa, Ana-Maria; Sonje, Velimir
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
75.76%
This paper examines product market policies in Croatia by benchmarking them to OECD countries and highlighting how policies that are more conducive to competition would stimulate a more efficient allocation of resources and, in consequence, facilitate convergence to higher income levels. OECD indicators of overall regulation in product markets indicate that Croatias policies in 2007 were generally more restrictive of competition than were the policies in OECD countries. This is especially true for policies concerned with the degree of state control of the economy and with barriers to entrepreneurship. Regulatory obstacles to trade and foreign direct investment, by contrast, are in line with those of pre-accession European Union countries (Czech Republic, Hungary, Slovak Republic, and Poland in 2003, as well as Bulgaria and Romania in 2006), albeit well above the OECD average. Regulation of post, electricity, gas, telecoms, air, rail, and road transport, as estimated by the OECD energy transport and communication sectors indicator...

Competition in Network Industries : Where and How to Introduce It

Klein, Michael; Gray, Philip
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
75.83%
If privatizing network industries is to bring lasting public benefits, governments should also attempt to introduce competition. The scope for such competition is growing with increasing deregulation and technological innovation. As technology continues to improve, the use of "smart markets"--computer-assisted auction systems to clear competitive but complex markets--is likely to become feasible for an ever-expanding group of products and countries. This Note outlines the opportunities for introducing network competition--competition for the market, competition over existing networks, and competition among networks. It briefly considers in each case whether it will become easier or more complicated. It looks at how these opportunities could be applied in different networks. And it concludes with some basic guidelines for introducing competition: 1) the more complex the network and the lower the sunk cost, the more value there is likely to be in introducing competition from other networks. 2) Where technical change is rapid...

Productivity and the Investment Climate: What Matters Most?

Bastos, Fabiano; Nasir, John
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
Relevância na Pesquisa
65.89%
The authors explore the links between the investment climate and firm-level productivity and attempt to identify which dimensions of the investment climate matter most for productivity. Their analysis is based on data collected in a recent investment climate survey of garment and food processing firms in five countries in Eastern Europe and Central Asia. The authors use the first principal components of a series of indicators to summarize broad aspects of the investment climate and identify those most important in determining productivity. Their results indicate that competitive pressure is the most critical factor in the investment climate, accounting for more variation in firm-level productivity than infrastructure provision or issues related to government rent seeking and bureaucratic burden. This suggests that to improve productivity, increase output, and reduce poverty, policymakers should focus reform efforts on removing barriers to entry and creating open, highly competitive markets.

Microeconomic Evidence of Creative Destruction in Industrial and Developing Countries

Bartelsman, Eric; Haltiwanger, John; Scarpetta, Stefano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
65.92%
In this paper the authors provide an analysis of the process of creative destruction across 24 countries and 2-digit industries over the past decade. They rely on a newly assembled dataset that draws from different micro data sources (business registers, census, or representative enterprise surveys). The novelty of their approach is in the harmonization of firm-level data across countries, which enables international comparisons and the identification of country-specific factors as opposed to sector and time effects. All countries display a massive reallocation of resources, with the entry and exit of many firms in all markets, the failure of many newcomers and the expansion of successful ones. This process of creative destruction affects productivity directly by reallocating resources toward more productive uses, but also indirectly through the effects of increased market contestability. There are also large differences across groups of countries. While entry and exit rates are fairly similar across industrial countries...

Addressing Regulatory Software Barriers to Business Growth

Kularatne, Chandana; Lopez-Calix, Jose
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
75.82%
This policy paper explores the relative importance of the software regulatory barriers to growth in Pakistan. Such software barriers have been identified as part of the major constraint in the Framework for Economic Growth of the Government of Pakistan. Indeed, adequate software is needed to provide an environment in which the hardware of growth (physical infrastructure) could be expanded and made more productive. Among possible software constraints, the findings of various international surveys allow to disentangle the relative importance of multiple possible regulatory barriers; first by identifying what is in the books, and then by assessing what is actually experienced on the ground by entrepreneurs. Following the ensuing prioritization of the identified barriers, this paper suggests that the new growth strategy would benefit from focused policy efforts in seven key areas, where regulatory barriers and perceived obstacles are most constraining to business development: getting electricity, paying taxes...

Markups, Entry Regulation, and Trade : Does Country Size Matter?

Hoekman, Bernard; Kee, Hiau Looi; Olarreaga, Marcelo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
65.99%
Actual, and potential competition is a powerful source of discipline on the pricing behavior of firms with market power. The authors develop a simple model that shows that the effects of new entry, and import competition on industry price-cost markups, depend on country size. The authors predicted that barriers to domestic entry would have a stronger anti-competitive effect in large countries, while barriers to foreign entry (imports) would have a stronger effect in small countries. After estimating markups for manufacturing sectors in forty-one industrial, and developing countries, they test these hypotheses, and find that the hypotheses cannot be rejected by the data. For example, although Indonesia, and Italy impose the same number of regulations on the entry of new firms, the effect of the regulations on manufacturing markups is twenty percent greater in Italy because of its larger size. Similarly, while Chile and Zimbabwe have the same import penetration ration, the market discipline effect of imports is thirteen percent greater in Zimbabwe because of its smaller size.

Labor Policy to Promote Good Jobs in Tunisia : Revisiting Labor Regulation, Social Security, and Active Labor Market Programs

Angel-Urdinola, Diego F.; Nucifora, Antonio; Robalino, David
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
65.85%
Tunisians are striving for the opportunity to realize their potential and aspirations in a country that is rich in both human and physical capital, but whose recent economic growth has failed to create enough opportunities in the form of good and productive jobs. This report highlights the main barriers that hinder the Tunisian labor market from providing income, protection, and prosperity to its citizens and proposes a set of labor policies that could facilitate the creation of better, more inclusive, and more productive jobs. The weak economic performance and insufficient and low-quality job creation in Tunisia is primarily the result of an economic environment permeated by distortions, barriers to competition, and excessive red tape, including in the labor market. This has resulted in the creation of a insufficient number of jobs, especially in the formal sector. To change this situation, policy makers need to address five strategic directives that can promote long-term inclusive growth and formality: foster competition; realign incentives...

Administrative Barriers to Foreign Investment in Developing Countries

Morisset, Jacques; Lumenga Neso, Olivier
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
85.92%
Recent international experience has shown that excessively complex administrative procedures, required to establish, and operate a business, discourage inflows of foreign direct investment. The authors present a new database on the administrative costs faced by private investors in 32 developing countries. The database is much more comprehensive than the existing sources, as it contains not only information on general entry procedures, such as business and tax registration, but also captures regulation on land access, site development, import procedures, and inspections, The data include measures on the number of procedures, direct monetary costs, and time. The cost of administrative procedures vary significantly across countries. The most important barriers appear to be the delays associated with securing land access, and obtaining building permits, which in several countries, take more than two years. Countries that impose excessive administrative costs on entry, tend to be equally intrusive in firm operations...

Bulgaria - Administrative and regulatory barriers to business

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Pre-2003 Economic or Sector Report
Português
Relevância na Pesquisa
75.74%
The present report on the Administrative and Regulatory Barriers to Business is part of an ongoing World Bank analytical and advisory support to the Government of Bulgaria in the area of regulatory reform. Since 2006, the World Bank has provided analytical and advisory support to the government in this area. In 2007, the Bank reviewed administrative procedures in the tourism, food, and road transportation sectors, calling for reduction and simplification of certain burdensome administrative regimes and emphasizing superfluous regulation at the municipality level. This report aims to identify ways in which Bulgaria can further remove obstacles to business regulation, recognizing that achieving pre-crisis growth levels, raising labor productivity and improving the business environment will require continued reforms to eliminate administrative and regulatory barriers to business. The report serves three purposes, such as: 1) providing the economic backdrop and comparators of Bulgaria's regulatory environment; 2) reporting on survey results including assessments by and perceptions of senior managers of Bulgarian enterprises; and 3) identifying strategic reform recommendations...

Reducing Structural Dominance and Entry Barriers in Russian Industry

Broadman, Harry G.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
75.91%
Many industrial firms in Russia have undergone changes in ownership, but relatively few have been competitively restructured. Using survey and other data, the author suggests that much of Russian industry is immune from robust competition because of heavy vertical integration, geographic segmentation, and the concentration of buyers and sellers, in selected markets. Moreover, regulatory constraints protect incumbent firms from competition with new entrants, both domestic and foreign. The author sketches a reform agenda for Russia's post-privatization program, which emphasizes the restructuring of anti-competitive structures and the reduction of barriers to entry. The author's proposed reform agenda calls broadly for strengthening Russia's nascent rules-based framework for competition policy to reduce discretion, increase transparency, and improve accountability.

Exploring Lebanon's Growth Prospects

Berthélemy, Jean-Claude; Dessus, Sébastien; Nahas, Charbel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
65.85%
This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition...

General Trends in Competition Policy and Investment Regulation in Mandatory Defined Contribution Markets in Latin America

Dayoub, Mariam; Lasagabaster, Esperanza
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
65.92%
Following Chile's pension reform in 1981, a wave of multi-pillar pension reforms took place in Latin America (LAC). Their implementation has revealed new policy challenges. To shed light on these issues, this paper reviews the structure and performance of mandatory DC pillars in LAC. The review highlights three important points. First, it suggests overall positive outcomes from reforms in the LAC countries that implemented multi-pillar pension systems. There is, however, scope for increasing efficiency. Second, management fees have declined but remain relatively high whereas decreases in operational costs have only been partially passed through to consumers reflecting inadequate competition. Limits on transfers and related measures have been ineffective in curtailing management fees but created new barriers to entry. In recent years, a few countries in LAC introduced or are in the process of introducing a combination of new measures that focus more directly on the two root causes of inadequate competition - the inelasticity of demand to fees and selective elimination of barriers to entry by facilitating unbundling of services. These new measures show some promise. Third...

Sunk Costs and Antitrust Barriers to Entry

Schmalensee, Richard
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Tipo: Trabalho em Andamento Formato: 194770 bytes; application/pdf
Português
Relevância na Pesquisa
75.96%
US antitrust policy takes as its objective consumer welfare, not total economic welfare. With that objective, Joe Bain's definition of entry barriers is more useful than George Stigler's or definitions based on economic welfare. It follows that economies of scale that involve sunk costs may create antitrust barriers to entry. A simple model shows that sunk costs without scale economies may discourage entry without creating an antitrust entry barrier.

Sunk Costs and Antitrust Barriers to Entry

Schmalensee, Richard
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Tipo: Trabalho em Andamento Formato: 194768 bytes; application/pdf
Português
Relevância na Pesquisa
75.96%
US antitrust policy takes as its objective consumer welfare, not total economic welfare. With that objective, Joe Bain's definition of entry barriers is more useful than George Stigler's or definitions based on economic welfare. It follows that economies of scale that involve sunk costs may create antitrust barriers to entry. A simple model shows that sunk costs without scale economies may discourage entry without creating an antitrust entry barrier.