The end of the corporate life cycle

This paper asks how takeover and failure hazards change as listed firms get older. The hypothesis is that they increase because firms gradually run out of growth opportunities. We find the opposite. Both takeover and failure hazard drop significantly with age. The decline in takeover hazard can be explained with Loderer, Stulz, and Waelchli’s (2013) “buggy whip makers” hypothesis: Because old firms are comparatively well-managed and are affected by limited agency problems, on average, they offer little value added potential to acquirers. Failure hazard drops because to learning. The results are robust to various alternative interpretations and cannot be explained by unobserved heterogeneity. While hazards decline with age, they do not go to zero. This explains why, eventually, all listed firms disappear

Commentary on "Alternative Strategies for Identifying High-Performing Charter Schools in Texas"

In the last few years policy makers and practitioners nationally have shown much interest in identifying, recognizing, and replicating successful charter schools, many of which are showing that they can educate low-income and otherwise at-risk students remarkably well. However past efforts to identify high performing schools have been problematic. Using these systematic, rigorous value-added methods, the authors identify 44 Open Enrollment charter schools that merit a “high-performer” rating. Nearly all of those campuses identified serve a disadvantaged student population. The article also finds that most of those high performers are highly cost-effective, earning high ratings on the cost-efficiency measures. The authors argue for more widespread use of value-added modeling in the state accountability system. The approach taken to identifying high-performers is sensible and fair, but any formulaic approach to school labels comes with some limitations.

Alternative Strategies for Identifying High-Performing Charter Schools in Texas

The Obama administration's recurring policy emphasis on high-performing charter schools begs the obvious question: how do you identify a high-performing charter school? That is a crucially important policy question because any evaluation strategy that incorrectly identifies charter school performance could have negative effects on the economically and/or academically disadvantaged students who frequently attend charter schools. If low-performing schools are mislabeled and allowed to persist or encouraged to expand, then students may be harmed directly. If high-performing schools are driven from the market by misinformation, then students will lose access to programs and services that can make a difference in their lives. Most of the scholarly analysis to date has focused on comparing the performance of students in charter schools to that of similar students in traditional public schools (TPS). By design, that research measures charter school performance only in relative terms. Charter schools that outperform similarly situated, but low performing, TPSs have positive effects, even if the charter schools are mediocre in an absolute sense. This analysis describes strategies for identifying high-performing charter schools by comparing charter schools with one another. We begin by describing salient characteristics of Texas charter schools. We follow that discussion with a look at how other researchers across the country have compared charter school effectiveness with TPS effectiveness. We then present several metrics that can be used to identify high-performing charter schools. Those metrics are not mutually exclusive—one could easily justify using multiple measures to evaluate school effectiveness—but they are also not equally informative. If the goal is to measure the contributions that schools are making to student knowledge and skills, then a value-added approach like the ones highlighted in this report is clearly superior to a levels-based approach like that taken under the current accountability system.

El plan estratégico Argentina Apícola 2017 y su influencia en el sector apícola de la localidad de Tandil

By means of this paper is to critically analyze the current situation of beekeeping in the town of Tandil (Buenos Aires), from the objectives set out in the Strategic Plan Argentina Beekeeping 2017, approved in 2008, whose goal is aimed at that country from becoming a global market leader of value-added bee products, ensuring sustainable development in economic, environmental and social. At first briefly reviews the national bee scene, in which Argentina is known for being the third largest producer of honey, after China and the U.S., while competing with China for the first world exporter, a situation that contrasts with low domestic consumption. Then describes the strategic objectives that promotes the Plan, including: marketing, production, promotion and added value. Then we analyze the main characteristics of the honey industry in the area chosen, the town of Tandil, where the stage is characterized by a large number of small producers who are mostly engaged in the informal sale of honey for direct consumption but whose demand is low, compared to a small number of collectors, packers and exporters that dominate the international market. In general it is observed that, with few exceptions, the honey is exported in bulk, as a commodity, and its main use molasses to improve lower quality of recipient countries. Meanwhile the honey for local consumption, is usually of inferior quality because they generally are not subject to quality controls required by the circuit of export. To overcome the limitations of beekeeping above, highlights the collaborative efforts of government agencies such as the National Institute of Agricultural Technology (INTA) and the Faculty of Veterinary Science, National University Centre of the Province of Buenos Aires. As a preliminary conclusion, it is argued that the Strategic Plan Argentina Beekeeping is still valid as a tool for development of the sector, and is also essential to encourage the development of competitive products in terms of quality and differentiation, through the development of technology and knowledge sharing to ensure growth and sustainability of beekeeping in the town of Tandil

Dinámicas del sector agropecuario argentino en el siglo XXI : La distribución del ingreso en regiones pampeanas y extrapampeanas

En este trabajo se analizan una serie de aspectos que resultan centrales para comprender la situación de los trabajadores en el sector agropecuario. En primer lugar, se contrapone la evolución del producto del sector con su capacidad para generar puestos de trabajo. Luego, se da cuenta de las condiciones de empleo poniendo especial énfasis en el estudio del grado de informalidad y de los niveles salariales. Se compara, a continuación, la distribución primaria del ingreso del sector con la de la economía nacional en su conjunto. Este análisis distributivo se complementa con dos estudios de caso que intentan poner de manifiesto las implicancias de los distintos cultivos llevados a cabo en diferentes regiones. El estudio muestra que el salario medio del sector agropecuario sigue estando muy por debajo de la remuneración promedio de la economía y que, además, la participación de los salarios en el valor agregado del sector se ha reducido desde la salida de la Convertibilidad, incluso en un contexto de aumento del salario medio sectorial. Finalmente, sobre la base del análisis de los casos mencionados, se asocia la distribución del ingreso con los distintos cultivos y las regiones donde estos se desarrollan. Al respecto, se discute el rol de las ganancias individuales como guía orientadora del uso de la tierra cultivable

Dinámicas del sector agropecuario argentino en el siglo XXI : La distribución del ingreso en regiones pampeanas y extrapampeanas

En este trabajo se analizan una serie de aspectos que resultan centrales para comprender la situación de los trabajadores en el sector agropecuario. En primer lugar, se contrapone la evolución del producto del sector con su capacidad para generar puestos de trabajo. Luego, se da cuenta de las condiciones de empleo poniendo especial énfasis en el estudio del grado de informalidad y de los niveles salariales. Se compara, a continuación, la distribución primaria del ingreso del sector con la de la economía nacional en su conjunto. Este análisis distributivo se complementa con dos estudios de caso que intentan poner de manifiesto las implicancias de los distintos cultivos llevados a cabo en diferentes regiones. El estudio muestra que el salario medio del sector agropecuario sigue estando muy por debajo de la remuneración promedio de la economía y que, además, la participación de los salarios en el valor agregado del sector se ha reducido desde la salida de la Convertibilidad, incluso en un contexto de aumento del salario medio sectorial. Finalmente, sobre la base del análisis de los casos mencionados, se asocia la distribución del ingreso con los distintos cultivos y las regiones donde estos se desarrollan. Al respecto, se discute el rol de las ganancias individuales como guía orientadora del uso de la tierra cultivable

El plan estratégico Argentina Apícola 2017 y su influencia en el sector apícola de la localidad de Tandil

By means of this paper is to critically analyze the current situation of beekeeping in the town of Tandil (Buenos Aires), from the objectives set out in the Strategic Plan Argentina Beekeeping 2017, approved in 2008, whose goal is aimed at that country from becoming a global market leader of value-added bee products, ensuring sustainable development in economic, environmental and social. At first briefly reviews the national bee scene, in which Argentina is known for being the third largest producer of honey, after China and the U.S., while competing with China for the first world exporter, a situation that contrasts with low domestic consumption. Then describes the strategic objectives that promotes the Plan, including: marketing, production, promotion and added value. Then we analyze the main characteristics of the honey industry in the area chosen, the town of Tandil, where the stage is characterized by a large number of small producers who are mostly engaged in the informal sale of honey for direct consumption but whose demand is low, compared to a small number of collectors, packers and exporters that dominate the international market. In general it is observed that, with few exceptions, the honey is exported in bulk, as a commodity, and its main use molasses to improve lower quality of recipient countries. Meanwhile the honey for local consumption, is usually of inferior quality because they generally are not subject to quality controls required by the circuit of export. To overcome the limitations of beekeeping above, highlights the collaborative efforts of government agencies such as the National Institute of Agricultural Technology (INTA) and the Faculty of Veterinary Science, National University Centre of the Province of Buenos Aires. As a preliminary conclusion, it is argued that the Strategic Plan Argentina Beekeeping is still valid as a tool for development of the sector, and is also essential to encourage the development of competitive products in terms of quality and differentiation, through the development of technology and knowledge sharing to ensure growth and sustainability of beekeeping in the town of Tandil

Dinámicas del sector agropecuario argentino en el siglo XXI : La distribución del ingreso en regiones pampeanas y extrapampeanas

En este trabajo se analizan una serie de aspectos que resultan centrales para comprender la situación de los trabajadores en el sector agropecuario. En primer lugar, se contrapone la evolución del producto del sector con su capacidad para generar puestos de trabajo. Luego, se da cuenta de las condiciones de empleo poniendo especial énfasis en el estudio del grado de informalidad y de los niveles salariales. Se compara, a continuación, la distribución primaria del ingreso del sector con la de la economía nacional en su conjunto. Este análisis distributivo se complementa con dos estudios de caso que intentan poner de manifiesto las implicancias de los distintos cultivos llevados a cabo en diferentes regiones. El estudio muestra que el salario medio del sector agropecuario sigue estando muy por debajo de la remuneración promedio de la economía y que, además, la participación de los salarios en el valor agregado del sector se ha reducido desde la salida de la Convertibilidad, incluso en un contexto de aumento del salario medio sectorial. Finalmente, sobre la base del análisis de los casos mencionados, se asocia la distribución del ingreso con los distintos cultivos y las regiones donde estos se desarrollan. Al respecto, se discute el rol de las ganancias individuales como guía orientadora del uso de la tierra cultivable

El plan estratégico Argentina Apícola 2017 y su influencia en el sector apícola de la localidad de Tandil

By means of this paper is to critically analyze the current situation of beekeeping in the town of Tandil (Buenos Aires), from the objectives set out in the Strategic Plan Argentina Beekeeping 2017, approved in 2008, whose goal is aimed at that country from becoming a global market leader of value-added bee products, ensuring sustainable development in economic, environmental and social. At first briefly reviews the national bee scene, in which Argentina is known for being the third largest producer of honey, after China and the U.S., while competing with China for the first world exporter, a situation that contrasts with low domestic consumption. Then describes the strategic objectives that promotes the Plan, including: marketing, production, promotion and added value. Then we analyze the main characteristics of the honey industry in the area chosen, the town of Tandil, where the stage is characterized by a large number of small producers who are mostly engaged in the informal sale of honey for direct consumption but whose demand is low, compared to a small number of collectors, packers and exporters that dominate the international market. In general it is observed that, with few exceptions, the honey is exported in bulk, as a commodity, and its main use molasses to improve lower quality of recipient countries. Meanwhile the honey for local consumption, is usually of inferior quality because they generally are not subject to quality controls required by the circuit of export. To overcome the limitations of beekeeping above, highlights the collaborative efforts of government agencies such as the National Institute of Agricultural Technology (INTA) and the Faculty of Veterinary Science, National University Centre of the Province of Buenos Aires. As a preliminary conclusion, it is argued that the Strategic Plan Argentina Beekeeping is still valid as a tool for development of the sector, and is also essential to encourage the development of competitive products in terms of quality and differentiation, through the development of technology and knowledge sharing to ensure growth and sustainability of beekeeping in the town of Tandil

Industrialization Policies of Korea and Taiwan and Their Effects on Manufacturing Productivity

In this paper the total factor productivity (TFP) of the manufacturing sectors in Taiwan and the Republic of Korean was measured and compared using the growth accounting method. Through descriptive analysis, inefficiency in the Korean manufacturing sectors was revealed, especially for the period prior to 1986. Also for the period posterior to 1986, it was found that TFP tended to contribute more to the value-added growth in both countries. An econometric analysis with industrialization-related variables revealed a contrast in the structure of TFP growth between the two countries. Import penetration, capital intensity, and growth of real output were estimated to exert a positive productivity impact in Taiwan, reflecting Taiwan's flexibility and superiority in factor utilization compared with Korea. It was estimated that the export ratio did not have any major productivity impact in both countries, in contrast with the results reported by the World Bank (The East Asian Miracle: Economic Growth and Public Policy, New York: Oxford University Press, 1993).

Industrialization in Indonesia since the 1970s

Introduction: During the period from the latter half of the 1980s until just before the Asian currency crisis in 1997, Indonesia’s economic development had drawn expectations and attention from various quarters, along with Malaysia and Thailand within the same Association of Southeast Asian Nations (ASEAN). In fact, the 1993 report by the World Bank, entitled “East Asian Miracle: Economic Growth and Public Policy,” recognized Indonesia as one of the East Asian economies with the strong economic performance, i.e. sustained economic growth (World Bank [1993]). And it was the manufacturing industry that had been the driving force behind Indonesia’s economic growth during that period. Since the 1997 outbreak of the Asian currency crisis, however, the manufacturing sector in Indonesia has been mired in a situation that rules out the kind of bright prospects it had emanated previously. The Indonesian economy is still in the developing stage, and in accordance with the history of industrial structural changes in other countries, Indonesia’s manufacturing industry can still be expected to serve as the engine of the country’s economic development. But is it really possible in an environment where economic liberalization and globalization are forging ahead? And, what sort of problems have to be dealt with to make it possible? To answer these questions, it is necessary to know the current conditions of Indonesia’s manufacturing sector, and to do that, it becomes important to think back on the history of the country’s industrialization. Thus, this paper is intended to retrace and unlock the track of Indonesia’s industrialization up until the establishment of the manufacturing sector in its present form, with the ultimate goal being to give answers to the above-mentioned questions. Subject to an analysis in this paper is the period from the installment of President Soeharto’s administration onward when industrialization of the modern industrial sector2 moved into high gear. 　　　The composition of this paper is outlined below. Section 1 first shows why it is important to examine import substitution and export orientation, both of which are used as the measures of the analysis in this paper, in tracking the history of the industrialization, and then discuss indicators of import substitution and export orientation as well as statistical data and resources needed to develop those indicators. Section 2 clarifies the status of the manufacturing industry among all industries by looking at the composition ratio of the manufacturing industry in terms of value added, imports and exports. Section 3 to 5 cover three periods between 1971 and 1995 and make an analysis of import substitution, export orientation and changes in the industrial structure for each period. Section 3 analyzes the period from 1971 through 1985, when Indonesia pursued the import substitution policy amid the oil boom. Section 4 covers the period from 1985 through 1990, when the packages of deregulatory measures were announced successively under structural adjustment policies made necessary by the fall in oil prices. Section 5 examines the period from 1990 through 1995, which saw the alternate shifts between the overheating of the economy by sharply rising investment by both domestic and foreign investors in the wake of the liberalization of investment, trade and financial services, and polices to cool down the economy. Section 6, which covers the 1995-1999 period straddling the economic crisis, is designed for an analysis of the changes in production trends before and after the economic crisis as well as the changes in the industrial structure. Section 7, after summing up the history of Indonesia’s industrialization examined in the previous sections, discusses problems found in respective sectors and attempts to present future prospects for the country’s manufacturing industry.

Production Networks and Spatial Economic Interdependence: An International Input-Output Analysis of the Asia-Pacific Region

The Asia-Pacific Region has enjoyed remarkable economic growth in the last three decades. This rapid economic growth can be partially attributed to the global spread of production networks, which has brought about major changes in spatial interdependence among economies within the region. By applying an Input-Output based spatial decomposition technique to the Asian International Input-Output Tables for 1985 and 2000, this paper not only analyzes the intrinsic mechanism of spatial economic interdependence, but also shows how value added, employment and CO2 emissions induced are distributed within the international production networks.

Compilation, application and challenge of IDE-JETRO's International Input-Output tables

International input-output tables are among the most useful tools for economic analysis. Since these tables provide detailed information about international production networks, they have recently attracted considerable attention in research on spatial economics, global value chains, and issues relating to trade in value-added. The Institute of Developing Economies at the Japan External Trade Organization (IDE-JETRO) has more than 40 years of experience in the construction and analysis of international input-output tables. This paper explains the development of IDE-JETRO’s multi-regional input-output projects including the construction of the Asian International Input-Output table and the Transnational Interregional Input-Output table between China and Japan. To help users understand the features of the tables, this paper also gives examples of their application.

Agriculture Plus Plus : growth strategy for Myanmar agriculture

The development of agriculture is a main pillar of Myanmar’s growth strategies. It is natural for the Myanmar government to prioritize agriculture as a source of economic growth, since it accounted for 36% of GDP, employs a majority of labor force, and generates nearly 30% of exports as of 2010. Although the agricultural share in GDP and employment usually declines as an economy grows, it is not a sunset industry in Myanmar. Methods exist for increasing agriculture’s value added other than the growth of labor and land inputs. The key is to enhance three productivity measures: labor, land, and total productivity. We call this strategy "Agriculture Plus Plus."

Impacts of common rules of origin on FTA utilization

This paper examines empirically the impacts of sharing rules of origin (RoOs) with other ASEAN+1 free trade agreements (FTAs) on ASEAN-Korea FTA/ASEAN-China FTA utilization in Thai exports in 2011. Our careful empirical analysis suggests that the harmonization of RoOs across FTAs play some role in reducing the costs yielded through the spaghetti bowl phenomenon. In particular, the harmonization to "change-in-tariff classification (CTC) or real value-added content (RVC)" will play a relatively positive role in not seriously discouraging firms’ use of multiple FTA schemes. On the other hand, the harmonization to CTC or CTC&RVC hinders firms from using those schemes.