How Do Mutual Dependence and Power Imbalance Condition the Effects of Technological Similarity on Post-acquisition Innovation Performance Over Time?

This study investigates how mutual dependence and power imbalance, which have been differentiated by recent studies adopting the theoretical lens of resource dependence theory (RDT) as two distinct forms of interdependence, change the effect of technological similarity between the acquiring firm and the target firm on post-acquisition innovation across times. The analysis of panel data on mergers and acquisitions undertaken by US firms reveals that in the short-run, mutual dependence strengthens the effect of technological similarity on post-acquisition innovation, whereas power imbalance weakens it. However, the effect of mutual dependence persists over time, while that of power imbalance declines over time. These findings extend the RDT to the context of technological acquisition and innovation and offer important implications for research and practice.     

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics

We study a model of lumpy investment wherein establishments face persistent shocks to common and plant‐specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S, s) investment rules. We allow persistent heterogeneity in both capital and total factor productivity alongside low‐level investments exempt from adjustment costs to develop the first model consistent with the cross‐sectional distribution of establishment investment rates. Examining the implications of lumpy investment for aggregate dynamics in this setting, we find that they remain substantial when factor supply considerations are ignored, but are quantitatively irrelevant in general equilibrium. The substantial implications of general equilibrium extend beyond the dynamics of aggregate series. While the presence of idiosyncratic shocks makes the time‐averaged distribution of plant‐level investment rates largely invariant to market‐clearing movements in real wages and interest rates, we show that the dynamics of plants' investments differ sharply in their presence. Thus, model‐based estimations of capital adjustment costs involving panel data may be quite sensitive to the assumption about equilibrium. Our analysis also offers new insights about how nonconvex adjustment costs influence investment at the plant. When establishments face idiosyncratic productivity shocks consistent with existing estimates, we find that nonconvex costs do not cause lumpy investments, but act to eliminate them.     

以EMME／2为平台估测温室气体的研究成果

京都协议已确认并应用战略战术措施来减少温室气的排放，因此，城市交通系统规划人员不得不寻求一种革新的方法来满足京都协议的要求。本文包括四部分：第一部分简要介绍了环境可持续的城市交通的概念，油耗，温室气体排放和京都协议的要求；第二部分描述了温室气体排放估测所需的方法，并指出了在实践中存在的缺陷，第三部分阐述了如何应用ＥＭＭＥ／２作为平台来估测室气体的排放；最后第四部分作了总结。