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Political Influence of Firms in the Tradables and Non-Tradables Sectors: A Cross-Country Analysis
Economics & Politics, 2011Recent theoretical studies have shown that firms lobby government agencies to influence the structure of trade policies. This article empirically examines whether firms classified as either exporting or import-competing (i.e. firms in the tradables sector) have differential levels of political influence relative to domestic firms that only produce non ...
Yasar, Mahmut +3 more
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Dividend preference of tradable‐share and non‐tradable‐share holders in Mainland China
Accounting & Finance, 2009AbstractComprehensive data on corporate announcements of Chinese firms allows us to examine the preference for, and determinants of, cash and stock dividends. The results indicate that Chinese public investors prefer stock dividends over cash dividends, which are preferred by large state and legal person shareholders generally.
Louis T. W. Cheng +2 more
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Financial integration: The role of tradable and non-tradable goods
Economic Modelling, 2016This paper examines the potential benefits of financial integration focusing on the role of tradable and non-tradable goods. We construct a new country-level index for tradability of output using disaggregate sector level data on output, imports and exports.
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Granting non‐tradable stock options: the opportunity costs for shareholders and employees
The Journal of Risk Finance, 2006Purpose – Firms grant non‐tradable stock options to their employees as an incentive device. Is the cost of issuing these options equal to the amount the company would receive if it sold the same options to outside investors? The evaluation of this cost is the main objective of this article.
ROSSINI, GIANPAOLO, Michele Moretto
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Tradable and non-tradable expenditure and aggregate demand for imports in an emerging market economy
Economic Systems, 2017The Turkish economy has recently showed a remarkable performance in economic growth. This performance is particularly meaningful because it has occurred just after the worst economic crisis of the economy. Among other factors, the availability of high liquidity in international markets has played an important role in the easy access to foreign ...
Öner Günçavdı, Burç Ülengin
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Location choice, competition, and welfare in non-tradable service FDI
International Review of Economics & Finance, 2009Abstract We investigate whether non-tradable service FDI is efficient from a welfare point of view. A fixed number of firms strategically decide which markets to locate in and then compete in quasi-Cournot fashion. Considering firm location in two symmetric markets, non-tradable service FDI may or may not be efficient for the source country ...
Hiroshi Kurata +2 more
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Non-Tradable Share Reform, Liquidity and Stock Returns in China
SSRN Electronic Journal, 2014AbstractThis article studies the influence of the non‐tradable share reform in the cross‐section of stock returns in China. Prior research has generally neglected this important development in the Chinese stock market. We find that the firm‐specific illiquidity measures that reflect direct transaction costs, price impact and difficulties in trading ...
Chi‐Hsiou D. Hung +2 more
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Natural resource dependence, non-tradables, and economic growth
Journal of Comparative Economics, 2010Abstract I argue that the commonly used nominal measure of natural resource dependence – the share of exports of primary products in GNP – understates in growth regressions the negative link between natural resource dependence and per capita GDP growth.
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Politicians, insiders and non-tradable share reform decisions in China
Journal of International Financial Markets, Institutions and Money, 2016Abstract We use the natural experiment provided by the non-tradable share (NTS) reform in China to examine how CEOs respond to a time-window within which they were able to convert non-tradable shares into tradable shares. We find that more politically connected firms delayed the conversion, on average.
Jing Liao, Chris Malone, Martin Young
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Adverse Selection, (Non-Tradable) Emission Permits and Optimal Price Differentiation
Annals of Economics and Statistics, 2011In this paper, we focus on the adverse selection issue that prevails when the regulator is not able to observe the type of the abatement costs of the firms. The regulator decides the total level of emission that minimizes the expected social cost of pollution and she sells them to the firms. In an environment where firms can hide their type relative to
Mourad Afif, Sandrine Spaeter
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