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Vegetationskundliche und populationsbiologische Untersuchungen im Hohendeicher See in Hamburg
(1997)
Die Zusammensetzung des Arteninventars, die Vergesellschaftung der Arten im See und die erheblichen Veränderungen im Lauf von mehr als fünfzehn Jahren werden beschrieben. Durch Erkundungen phänologischer Stadien, der Lebensgeschichte der Arten und der verschiedenen Wachstumsphasen einzelner Makrophyten im Jahresverlauf wurde versucht, Zusammenhänge zwischen der Entwicklung von Plankton, Epiphyton und Epipelon, der Detritusbildung, der Herbivorie und den beobachteten Veränderungen bei der Makrophytenvegetation zu finden.
The "quiet life hypothesis (QLH)" posits that banks enjoy the advantages of market power in terms of foregone revenues or cost savings. We suggest a unified approach to measure competition and efficiency simultaneously to test this hypothesis. We estimate bank-specific Lerner indices as measures of competition and test if cost and profit efficiency are negatively related to market power in the case of German savings banks.We find that both market power and average revenues declined among these banks between 1996 and 2006. While we find clear evidence supporting the QLH, estimated effects of the QLH are small from an economical perspective.
We analyze the performance of marketplace lending using loan cash flow data from the largest platform, Lending Club. We find substantial risk-adjusted performance of about 40 basis points per month for the entire loan portfolio. Other loan portfolios grouped by risk category have similar risk-adjusted performance. We show that characteristics of the local bank sector for each loan, such as concentration of deposits and the presence of national banks, are related to the performance of loans. Thus, marketplace lending has the potential to finance a growing share of the consumer credit market in the absence of a competitive response from the traditional incumbents.
Dog-strangling vine (Vincetoxicum rossicum) is an exotic plant originating from Central and Eastern Europe that is becoming increasingly invasive in southern Ontario, Canada. Once established, it successfully displaces local native plant species but mechanisms behind this plant’s high competitive ability are not fully understood. It is unknown whether cooler temperatures will limit the range expansion of V. rossicum, which has demonstrated high tolerance for other environmental variables such as light and soil moisture. Furthermore, if V. rossicum can establish outside its current climatic limit it is unknown whether competition with native species can significantly contribute to reduce fitness and slow down invasion. We conducted an experiment to test the potential of V. rossicum to spread into northern areas of Ontario using a set of growth chambers to simulate southern and northern Ontario climatic temperature regimes. We also tested plant-plant competition by growing V. rossicum in pots with a highly abundant native species, Solidago canadensis, and comparing growth responses to plants grown alone. We found that the fitness of V. rossicum was not affected by the cooler climate despite a delay in reproductive phenology. Growing V. rossicum with S. canadensis caused a significant reduction in seedpod biomass of V. rossicum. However, we did not detect a temperature x competition interaction in spite of evidence for adaptation of S. canadensis to cooler temperature conditions. We conclude that the spread of V. rossicum north within the tested range is unlikely to be limited by climatic temperature but competition with an abundant native species may contribute to slow it down.
A majority of the plant species that are introduced into new ranges either do not become established, or become naturalized yet do not attain high densities and are thus considered ecologically and economically unproblematic. The factors that limit these relatively “benign” species are not well studied. The biotic resistance hypothesis predicts that herbivores, pathogens and competition reduce growth and reproduction of individual plants and so suppress population growth of non-native species. We explored the effect of insect herbivory and surrounding vegetation on growth and fitness of the non-native biennial plant Verbascum thapsus (common mullein) in Colorado, USA. Mullein is widespread in its introduced North American range, yet is infrequently considered a management concern because populations are often ephemeral and restricted to disturbed sites. To evaluate the impact of insect herbivores on mullein performance, we reduced herbivory using an insecticide treatment and compared sprayed plants to those exposed to ambient levels of herbivory. Reducing herbivory increased survival from rosette to reproduction by 7%, from 70–77%. Of plants that survived, reducing herbivory increased plant area in the first year and plant height, the length of the reproductive spike, and seed set during the second year. Reducing herbivory also had a marked effect on plant fitness, increasing seed set by 50%, from about 48,000 seeds per plant under ambient herbivory to about 98,000 per plant under reduced herbivory. Our findings also highlight that the relationship between herbivory and performance is complex. Among plants exposed to ambient herbivory, we observed a positive relationship between damage and performance, suggesting that, as predicted by the plant vigor hypothesis, insect herbivores choose the largest plants for feeding when their choice is not restricted by insecticide treatment. In contrast to the strong effects of experimentally reduced herbivory, we found that cover of other plants surrounding our focal plants explained relatively little variation in performance outcomes. Overall, we found that herbivore-induced impacts on individual plant performance and seed set are substantial, and thus may help prevent this naturalized species from becoming dominant in undisturbed recipient communities.
How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous
rm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the 'competition effect', by which desired price markups and inflation decrease when entry rises. We
find that a 1 percent increase in the number of competitors lowers desired markups by 0.18 percent. Most of the cyclical variability in inflation is driven by markup fluctuations due to sticky prices or exogenous shocks rather than endogenous changes in desired markups.
How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous
rm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the 'competition effect', by which desired price markups and inflation decrease when entry rises. We
find that a 1 percent increase in the number of competitors lowers desired markups by 0.18 percent. Most of the cyclical variability in inflation is driven by markup fluctuations due to sticky prices or exogenous shocks rather than endogenous changes in desired markups.
We use detailed data on exporters from Costa Rica, Ecuador and Uruguay as well as on their buyers to show that: aggregate exports are disproportionally driven by few multi-buyers exporters; and each multi-buyer exporter's foreign sales of any product are in turn accounted for by few dominant buyers. We propose an analytically solvable multi-country model of endogenous selection in which dominant exporters, dominant products and dominant buyers emerge in parallel as multi-product sellers with heterogeneous technologies compete for buyers with heterogeneous needs. The model not only provides an explanation of the existence of dominant buyers but also makes specific predictions on how the relative importance of dominant buyers should vary across export destinations depending on their market size and accessibility. We show that these predictions are borne out by our data and discuss their welfare implications in terms of gains from trade.
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholder-oriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value than shareholder-oriented societies. In some circumstances, firms may voluntarily choose to be stakeholder-oriented because this increases their value. Consumers that prefer to buy from stakeholder firms can also enforce a stakeholder society. With globalization entry by stakeholder firms is relatively more attractive than entry by shareholder firms for all societies. JEL Classification: D02, D21, G34, L13, L21
We uncover a new channel for spillovers of funding dry-ups. The 2016 US money market fund (MMF) reform exogenously reduced unsecured MMF funding for some banks. We use novel data to trace those banks to a platform for corporate deposit funding. We show that intensified competition for corporate deposits spilled the funding squeeze over to other banks with no MMF exposure. These banks paid more for deposits, and their pool of funding providers deteriorated. Moreover, their lending volumes and margins declined, and their stocks underperformed. Our results suggest that banks' competitiveness in funding markets affect their competitiveness in lending markets.