Journal of International Economics

Size: px
Start display at page:

Download "Journal of International Economics"

Transcription

1 Journal of International Economic 92 (2014) Content lit available at ScienceDirect Journal of International Economic journal homepage: Factor Intenity, product witching, and productivity: Evidence from Chinee exporter Yue Ma a,heiwaitang b, Yifan Zhang c, a Department of Economic and Finance, City Univerity of Hong Kong, 83 Tat Chee Avenue, Kowloon Tong, Kowloon, Hong Kong b School of Advanced International Studie, John Hopkin Univerity, 1717 Maachuett Ave NW, Wahington, DC 20036, USA c Department of Economic, Lingnan Univerity, 8 Catle Peak Road, Tuen Mun, Hong Kong article info abtract Article hitory: Received 21 January 2008 Received in revied form 30 Augut 2013 Accepted 5 November 2013 Available online 14 November 2013 JEL claification: F11 L16 O53 Keyword: Exporter Productivity Factor intenity Multi-product firm Thi paper analyze how a firm' pecialization in it core product after exporting affect it factor intenity and productivity. Uing Chinee manufacturing firm data for the period, we find that firm become le capital-intenive but more productive after exporting, compared to non-exporter that hare imilar ex ante characteritic. To rationalize thee finding that contrat with exiting tudie, we develop a variant of the model by Bernard, Redding, and Schott (2010, 2011) to conider firm producing multiple product with varying capital intenity. The model predict that when a firm in a labor-abundant country tart exporting, it pecialize in it core competencie by allocating more reource to produce more labor-intenive product. Firm ex ante productivity i aociated with a maller decline in capital intenity after exporting. A harper pot-export decline in capital intenity i aociated with a larger increae in meaured total factor productivity. We find firm-level evidence upporting thee prediction. Uing tranaction-level data for the period, we how that Chinee new exporter add product that are le capital-intenive than their exiting product and drop thoe that are more capital-intenive in ubequent year International Monetary Fund. Publihed by Elevier B.V. All right reerved. 1. Introduction A rich body of reearch document the uperior performance of exporter compared to non-exporter. Exporter are larger, more productive, more capital-intenive, and more kill-intenive (e.g., Bernard and Jenen, 1999). Exiting explanation for exporter' uperior performance can be categorized into three broad theme: elf-election (e.g., Cleride et al., 1998; Bernard et al., 2003; Melitz, 2003), learning by exporting (e.g., Aw et al., 2000; Van Bieebroeck, 2005; De Loecker, 2007), and firm' invetment in preparation for export (e.g., Bernard and Jenen, 1997; Yeaple, 2005; Lileeva and Trefler, 2010; Buto, 2011; Aw et al., 2011; Iacovone and Javorcik, 2012). We thank the editor, Daniel Trefler, and two anonymou referee for their valuable comment. We alo thank Daniel Berkowitz, Loren Brandt, Swati Dhingra, Chang-Tai Hieh, Yaheng Huang, Amit Khandelwal, Steven Klepper, Alexi Leon, Ben Mandel, Marc Muendler, Soiliou Namoro, Emanuel Ornela, Albert Park, Veronica Rappaport, Thoma Rawki, Stephen Redding, Peter Schott, Robert Staiger, Jo Van Bieebroeck, and eminar participant at the AEA Meeting, Berkeley-Booth-IGC China Summer Intitute, Clemon, Hitotubahi-COE Conference, IFPRI, John Hopkin SAIS, LSE, LMU Munich, NBER ITI Meeting, Penn-State-Tinghua Conference, World Bank, and UIUC, for their helpful comment and dicuion. The author gratefully acknowledge funding from Competitive Earmarked Reearch Grant (LU3409/06H) of the RGC of HKSAR Government. The uual diclaimer applie. Correponding author. Tel.: addree: yue.ma@cityu.edu.hk (Y. Ma), hwtang@jhu.edu (H. Tang), yifan.zhang@ln.edu.hk (Y. Zhang). Thi paper tudie a leer known effect of exporting on firm performance: how a firm' pecialization in it core product after exporting affect it factor intenity and thu productivity. Uing a large panel data et of China' manufacturing firm for the period, we find that firm' meaured productivity increae but capital intenity decline after exporting. Fig. 1 (unbalanced panel) and 2 (balanced panel) how that, although the average firm capital intenity increaed for both exporter and non-exporter from 1998 to 2007 in China, exporter were peritently le capital-intenive than non-exporter and there wa no ign of convergence before We confirm that exporter have a relatively lower capital intenity than non-exporter, both within firm and within a narrowly defined indutry, and for both dometic and foreign firm. To tackle the potential etimation bia due to firm' election into exporting, we ue variou matching method to compare exporter and non-exporter with imilar ex ante characteritic (i.e., Heckman et al., 1997 and ubequent tudie). 1 Within the ame bin of ex ante productivity, capital intenity and ale, we find that new exporter experienced a ignificant decline in capital intenity relative to non-exporter. Moreover, we how that the relative decline in capital intenity after exporting i maller for the ex ante more productive exporter, but i larger for the ex ante more capital-intenive one. 1 In thi paper, we addre endogeneity iue by uing the matching etimation technique only. We do not have well-defined intrumental variable, uch a tariff cut a in Lileeva and Trefler (2010) /$ ee front matter 2014 International Monetary Fund. Publihed by Elevier B.V. All right reerved.

2 350 Y. Ma et al. / Journal of International Economic 92 (2014) Average ln(k/l) during (unbalanced panel) non-exporter exporter Fig. 1. Note: the unbalanced panel include all firm in our ample. Source: China' NBS above-cale manufacturing firm data. 4.3 Average ln(k/l) during (balanced panel) non-exporter exporter Fig. 2. Note: the balanced panel include only thoe firm that appear every year in our ample. The balanced ample cover 7.6% of all firm in our ample. Source: China' NBS above-cale manufacturing firm data. Our finding regarding the relatively lower capital intenity among exporter contrat harply with the exiting evidence from both developed and developing countrie (e.g., Bernard and Wagner, 1997; Bernard and Jenen, 2004; Van Bieebroeck, 2005; De Loecker, 2007). However, our reult provide mirror image evidence upporting Bernard et al. (2006),whofind that U.S. manufacturing firm in ector facing more import competition from low-wage countrie are more likely to witch indutrie and become more kill and capital-intenive over time. During our ample period, we find that Chinee firm exploited the country' comparative advantage and ued le capital in production when they became exporter. Thee finding how that the claic Heckcher Ohlin force are operating at the firm level, erving a another channel through which trade can affect the factor market in both developing countrie and their trade partner. 2 What account for the decline in firm' capital intenity after exporting and the heterogeneou outcome acro firm? To anwer thi quetion, we develop a variant of the multi-product model by Bernard et al. (2010, 2011) to conider both capital and labor a factor of production. In the model, heterogeneou firm can produce a 2 Although Bernard et al. (2007b) alo embed a Heckcher Ohlin framework within the Melitz (2003) model, firm in their model only differ in term of productivity but not factor intenity within an indutry. continuum of product with different capital intenitie of production. Beide firm heterogeneity in productivity ( ability ) a in Melitz (2003), a firm' profitability from elling a product in a foreign market depend on a et of exogenou firm-product conumer tate attribute. In addition to the country-pecific fixed export cot, exporting an additional product entail extra fixed cot (e.g., R&D expenditure to produce a blue print or overhead cot to manage a product-pecific ale team). Thu, a firm will export a product only if it product attribute guarantee ufficiently high revenue to cover thee extra fixed cot. Given China' labor abundance, labor-intenive product are on average aociated with lower zero-profit threhold than capitalintenive product for all firm. When a firm receive a favorable cot hock and tart exporting to a capital-abundant country, it will pecialize in it core competencie it labor-intenive product. Thu, a firm become more labor-intenive after exporting either by expanding ale of exiting labor-intenive product (the intenive margin) or by adding more labor-intenive product (the extenive margin). Although our model focue on product churning a a driver of the oberved change in firm factor intenity, thi i not the only channel through which exporting ha an effect. Firm may till invet in new capital or capital-intenive activitie, a hown by ome exiting tudie (e.g., Aw et al., 2011; Buto, 2011). It hould be noted that our empirical reult how the net effect of exporting on capital intenity, implying that in China the tandard invetment effect propoed in the literature

3 Y. Ma et al. / Journal of International Economic 92 (2014) could be dominated by product-churning effect. Importantly, our model i general enough to be extended to incorporate the invetment deciion conidered by exiting tudie for an examination of the gro effect of product churning through different channel. Our model yield two prediction in addition to rationalizing the finding on exporter' lower capital intenity. Firtly, it how how change in product cope can affect a firm' meaured total-factor productivity (TFP). In particular, firm that have a larger reallocation of reource from capital-intenive to labor-intenive product after exporting have a bigger increae in meaured TFP.Givenfixed export cot and firm productivity, an increae in the ale of labor-intenive product implie a larger extent of increaing return relative to capital-intenive product. Secondly, our model alo predict that the ex ante more productive exporter experience le product churning and have a maller decline in capital intenity after exporting. We find upporting evidence for both theoretical prediction uing firm-level data. Although recent tudie on multi-product firm have made imilar prediction, to the bet of our knowledge there i little direct evidence of the effect of trade through the propoed product churning channel on firm productivity. 3 Our finding provide a new angle for interpreting the relationhip between exporting and firm productivity, both ex ante and ex pot, in addition to the exiting empirical tudie that focu mainly on learning by exporting or election. To provide further evidence of product churning' effect on firm' factor intenity after exporting, we ue tranaction-level trade data merged with manufacturing firm data. We compute the weighted average capital intenity of a product (HS 6-digit), uing the capital intenity of the firm producing that product. Employing thee product-level capital intenity meaure, we invetigate whether firm' product churning pattern are conitent with the model prediction that firm pecialize in labor-intenive product after exporting. We find that over the period, new exporter in China added product that are le capital-intenive than their exiting product and dropped thoe that are more capital-intenive in the year following the firt year of exporting. The newly added product were on average more laborintenive if the detination country wa more capital-abundant. The ret of the paper i organized a follow. Section 2 review the related literature. Section 3 decribe our data ource. Section 4 explore the baic pattern of export participation, capital intenity, and productivity. Section 5 examine the effect of exporting on new exporter' capital intenity. Section 6 preent a theoretical model to rationalize our finding. Section 7 and 8 examine the pecific theoretical prediction uing tranaction-level trade data. The lat ection conclude. 2. Related literature Our paper relate to everal trand of the literature. Firt, it contribute to the growing theoretical literature on multi-product exporter. A common feature of thi literature i that diverification acro product i cotly and that acce to foreign market provide an opportunity for firm to pecialize in their core competencie. Feentra and Ma (2008) tudy how trade liberalization reduce firm' product cope due to the preence of cannibalization effect. Nocke and Yeaple (2008) tudy the implication when a firm' marginal cot of production increae in product cope due to manager' limited pan of control a in Luca (1978). Eckel and Neary (2010) develop a model featuring each firm having a core product that i aociated with the lowet marginal cot, with increaing marginal cot for product farther away from the core. Bernard et al. (2011) how that trade 3 For example, Bernard et al. (2010) and Mayer et al. (2012) theoretically how that a firm' pecialization in core competencie can enhance it meaured firm productivity. They provide conitent but not direct evidence for the model prediction. liberalization can theoretically reult in both within and acro-firm reallocation of reource, leading to growth in both firm and aggregate productivity. The added multi-product dimenion permit firm to drop product that are le appealing to conumer and add thoe that are more appealing upon trade liberalization, raiing meaured firm productivity. The related empirical literature i alo growing. Uing U.S. publicly lited firm data, Liu (2010) how that firm are more likely to drop peripheral product to refocu on core competencie in repone to trade liberalization. Arkolaki and Muendler (2011) document the within-firm pattern of pecialization in core competencie for Brazilian firm. They rationalize their finding uing a multiproduct model that feature local entry cot that increae in the firm' product cope. Mayer et al. (2012) go further to how the relationhip between detination market toughne and exporter' product mix. They how theoretically and empirically that firm increae ale of the bet-performing product in tougher market. We provide evidence for the poitive relationhip between product churning and meaured firm productivity, by uing the change in capital intenity after exporting to capture the degree of pecialization. Moreover, we extend the exiting multi-product framework, which largely focue on a ingle factor of production, to conider both capital and labor a input. We empirically verify that pecialization in core competencie (labor-intenive product for exporter in developing countrie) i aociated with a higher meaured firm productivity. 4 Second, a mentioned in the introduction, our paper i related to the exiting tudie that conitently find exporter to be more capital- or kill-intenive (e.g., Bernard and Wagner, 1997; Bernard and Jenen, 2004; Van Bieebroeck, 2005; De Loecker, 2007). Although mot of thee tudie are ilent about the pecific channel through which exporting affect firm' factor intenity, the conventional widom in the literature i that only the mot productive firm elect into exporting and that firm invet to upgrade their product quality or production technology before exporting. To the extent that firm' capability i poitively correlated with kill or capital intenity (e.g., Yeaple, 2005; Harrigan and Rehef, 2012) or invetment are kill and capital-biaed (e.g., Verhogeen, 2008), the literature concerning the productivity premium of exporter can readily be ued to explain higher capital and kill intenity of exporter. Our finding of lower capital intenity among Chinee exporter hould not be taken a a rejection to the invetment hypothei. Intead, our finding imply that product churning appear to dominate the invetment and election mechanim in China, which lead to a net decline in capital intenity among exporter. Third, our paper contribute to the extenive literature on the productivity effect of exporting. Previou tudie hypotheize that exporter can learn from foreign buyer about product deign and advanced production technology (World Bank, 1993; De Loecker, 2007). Firm-level empirical tudie find mixed reult for thi learning-byexporting hypothei (e.g., Cleride et al., 1998; Bernard and Jenen, 1999; Van Bieebroeck, 2005; De Loecker, 2007). 5 Specific to China, Kraay (1999) find that exporter are more productive than nonexporter baed on urvey data of over 2000 firm. Park et al. (2010) ue expoure to the 1997 Aian financial crii a an intrument and find that Chinee firm that export to developed countrie experience 4 In the appendix of Bernard et al. (2010), the author extend the baeline model to conider two factor of production. They further how how endogenou product choice upon export participation affect firm meaured productivity. Our paper extend their model by explicitly olving for how relative factor endowment of the exporting country can erve a a ource of within-firm comparative advantage. 5 Cleride et al. (1998) and Bernard and Jenen (1999) are among the firt tudie to empirically ditinguih the caual effect of exporting on productivity and elf-election into exporting. They find that exporter have higher productivity than non-exporter before exporting but not after. Other tudie find more poitive reult. A more recent tudy by a group of economit (International Study Group on Export and Productivity, 2008) ue comparable firm panel data for 14 countrie and an identical method to invetigate the relationhip between export and productivity. They find trong evidence for elf-election but no evidence for learning-by-exporting.

4 352 Y. Ma et al. / Journal of International Economic 92 (2014) higher productivity. Notably, our work i related to Lu (2012), who alo incorporate factor intenity in a heterogeneou-firm trade model. While he focue on export participation acro ector with different capital intenity, we focu on within-firm product churning and it effect on firm performance. She find that exporter have lower labor productivity than non-exporter due to the lower productivity cutoff for exporting in labor-intenive ector, wherea we find that exporter have higher meaured TFP. Thefinding that exporter are le capitalintenive in China can reconcile the dratic difference between our reult. Recent tudie focu on firm' deciion to imultaneouly invet and export. For intance, Lileeva and Trefler (2010) ue the elimination of the U.S. tariff a an intrument to predict Canadian firm' entry into the U.S. market. They how that acce to foreign market enhance labor productivity and technology adoption for le productive firm. Buto (2011) find that Argentinian firm that experience harper tariff cut in Brazil increae invetment in proce innovation. Aw et al. (2011) tructurally etimate a dynamic model to examine the complementary effect of exporting, invetment in technology, and firm productivity. In comparion, Kaahara and Lapham (2013) tructurally etimate a dynamic model to examine the complementary effect of exporting, importing, and firm productivity. Intead of focuing on thee relationhip, we focu on product churning. 3. Data We ue two data et for the empirical analyi: the above-cale manufacturing firm panel data from China' National Bureau of Statitic (NBS) urvey and cutom tranaction-level trade data. The manufacturing firm data cover all tate-owned firm and all non-tateowned firm with ale above 5 million yuan over the period (about 0.6 million USD during the ample period). 6 Thi data et contain detailed balance-heet information, uch a ownerhip, output, value added, four-digit indutry code (484 categorie), export, employment, original value of fixed aet, and intermediate input. The firm in the ample account for 57% of the total indutrial value added in 1998 and 94% of that in We exclude obervation with miing value for key variable and thoe that fail to atify ome baic error check. 8 The cleaned data et provide an unbalanced panel of firm that increae in coverage from 148,685 firm in 1998 to 313,048 in We ue unique numerical ID to link firm in the ample over time. Firm occaionally receive a new ID a a reult of a retructuring, merger, or acquiition. Where poible, we aim to track firm a their boundarie or ownerhip tructure change, linking firm with information uch a a firm' name, indutry, and addre. 9 Thee matche are important a one-ixth of all firm that are oberved for more than one year experience a change in their official ID over the period of analyi. In the latter part of the paper, we ue tranaction-level trade data from China Cutom that cover all tranaction of Chinee exporter and importer from 2000 to The trade data provide information on import and export value, quantitie, and price between China and over 200 detination countrie at the HS 6-digit level for each 6 Theunitofanalyiiafirm, not the individual plant, but other information in the urvey ugget that more than 95% of all obervation in our ample are ingle-plant firm. 7 We focu on manufacturing and exclude mining and utility indutrie. 8 Some firm have miing obervation for variable required to calculate productivity. Thi arie either becaue the information wa not originally reported, or becaue of negative value for variable uch a the real capital tock or value added. Following Jefferon, Rawki and Zhang (2008), we drop all firm with le than eight employee a they fall under a different legal regime. A a reult, 17% of firm in the original data et are dropped from the ample in The percentage excluded drop to 6% in each year after The fraction of firm in a year that can be linked to a firm in the previou year increae over time from 84.5% in the firt two year ( ) to 92.2% in the final two year ( ). Overall, 95.9% of all year-to-year matche are contructed uing firm ID, and 4.1% uing other information on the firm. trading firm, by ownerhip of enterprie, and cutom regime (ordinary trade and proceing trade). 10 A an example, Appendix Table A7 how the HS 6-digit product within the indutry of footwear, gaiter, and the like (HS2 = 64 ). The purpoe of uing the tranaction-level trade data et i to tudy within-firm product churning after a firm tart exporting. We merge the manufacturing firm data with the tranactionlevel trade data baed on firm name and their contact information. 11 Table A6 in the Appendix report tatitic of the merged data et. Uing the merged data, we can identify new exporter in the trade data et and contruct capital intenity meaure at the product level (HS6). 12 See Appendix A.3 for detail. A firm' capital intenity i defined a the real value of the capital tock per worker. It i crucial to meaure both firm capital and labor accurately. For capital tock, the NBS data only report the original value of fixed aet (OVFS) and net value of fixed aet (NVFS). OVFS i the total capital tock at original purchae price, while NVFS i OVFS le accumulated depreciation. Thu, OVFS and NVFS are nominal value from different year and cannot be ued directly a meaure of capital tock. To contruct firm capital tock erie correctly, we adopt the perpetual inventory method propoed by Brandt et al. (2012). Specifically, we firt etimate the firm' initial capital tock uing information from it founding year. Then we ue the firm' annual invetment and aumed depreciation rate to calculate it real capital tock in each year. Appendix A.1 provide the detailed procedure for thi approach. 13 To tet the robutne of our reult, we alo ue the NVFS deflated by the indutry-pecific invetment price index a an alternative meaure of real capital tock. The invetment price indice are taken from variou iue of China Statitical Yearbook. From the ame ource, we alo obtain the conumer price index to calculate average real wage at the firm level. 14 A an attempt to adjut for the quality of worker employed by a firm, we ue a firm' total wage bill intead of it employment to compute an alternative meaure of labor. The problem with thi approach i that it i likely to underetimate the total employee compenation, which hould alo include employee upplementary benefit (Qian and Zhu, 2012). 15 The magnitude of the underetimation may vary acro ownerhip type, region, and year. Therefore, we ue employment a our primary meaure for labor and only ue total wage bill for a robutne check. A firm' real output and value added are deflated by a ector-pecific ex-factory price index. 16 We ue thee firm variable to etimate revenue-baed TFP. To deal with the etimation biae ariing from endogenou input choice, we adopt the Levinohn and Petrin (2003) procedure that ue intermediate input a a proxy for unobervable productivity hock. 17 For reaon that will become clear below, exporter and non-exporter can have a different factor intenity of production within a diaggregated ector. We thu aume different ector-pecific production function for exporter and non-exporter when etimating 10 The data alo include information on quantity, unit of quantity, cutom office (port) where the tranaction were proceed, and tranportation mode. 11 A hown in Section 8, depending on the year, 37 to 49% of the export value in the trade data et i uccefully merged to the NBS firm data et. 12 To the bet of our knowledge, Bernard et al. (2010) are the only group of reearcher who did the imilar data contruction before. They compute the meaure of factor intenity at the SIC 5-digit level for the US, and find ubtantial within-ector (2-digit) heterogeneity in capital and kill intenity. 13 The correlation between the two capital tock meaure i a high a The price indice are from China Statitical Yearbook, variou iue. 15 In our data, labor' hare of value added i only 34%, which i much lower than the 55 to 60% uggeted by national income accounting. Hieh and Klenow (2009) alo experience the ame problem with the ame data et. They aume that non-wage benefit are a contant fraction of a plant' wage bill and elect an adjutment factor o that the wage plu non-wage compenation equal half of China' aggregate value added. 16 Ex-factory price refer to the price at the factory gate, and doe not include any other charge, uch a delivery or ubequent taxe. 17 The Levinohn Petrin procedure i implemented in thi paper uing the Stata module levpet developed by Petrin, Levinohn and Poi (2004).

5 Y. Ma et al. / Journal of International Economic 92 (2014) firm TFP. 18 Pairwie correlation of the key firm variable are hown in Table A1 in the Appendix. In thi paper, a non-exporter i a firm that had never exported up to and including the reporting year. New exporter are firm that did not export in the previou year in the ample but tarted exporting in the year of analyi. Their pre-export characteritic can therefore be matched with thoe of the non-exporting firm. Exiting exporter are firm that have export record in previou year and firm that tart exporting already in their firt year of the ample. Thi group of firm i dropped in our matching exercie becaue there are no pre-export characteritic for thee firm. However, they are included in the ample for the fixed effect regreion below. 4. Baic pattern Table A2 in the Appendix report the key tatitic of new exporter, continuing exporter, and non-exporter for the odd year in our ample. For each group of firm, we further eparate the ample into dometic and foreign firm. The fraction of dometic exporter (continuing or new exporter) fluctuate between 16% and 24%. Thi i imilar to the U.S., where roughly 20% of plant exported in 1992 (Bernard et al., 2003). Similar to U.S. firm, in China, over 80% of dometic new exporter alo ell dometically, and about half of them derive le than 10% of the revenue from foreign ale. Compared to dometic firm, exporter are ignificantly more prevalent among foreign firm. Between 63% (in 1999) and 72% (in 2004) of foreign firm export. To compare capital intenity and productivity between exporter (new and continuing exporter included) and non-exporter, we etimate the following pecification: ln S i ¼ βe i þ ffegþε i ð1þ where S i i firm i' TFP or capital intenity. E i i a dummy variable indicating the firm' export tatu. {FE} tand for a et of fixed effect, and ε i i the error term. The percentage differential in S i between exporter and non-exporting firm can be calculated from the etimated coefficient a 100 (exp (β) 1). In Table 1, PanelA C report the etimate of Eq. (1) with (log) capital intenity a the dependent variable. In Panel A, real capital tock i meaured uing the perpetual inventory method and labor i approximated by firm total employment. Column (1) include E i and year fixed effect. Column (2) alo include ownerhip, 4-digit indutry, and province fixed effect. To enure that the change een i not driven by unoberved firm characteritic, in column (3) we include firm fixed effect (along with year fixed effect). By including firm fixed effect, the correlation between the export tatu and capital intenity i identified only from firm that witch export tatu. We find that exporter are on average le capital-intenive than non-exporter. Specifically, in a given year, exporter are about 6% le capital-intenive than nonexporter within a four-digit indutry and ownerhip type (column (2)), and about 5% le capital-intenive within firm (column (3)). In column (4) and (5), when we repeat the ame analyi for column (3) on dometic and foreign firm ample repectively, we continue to find a negative coefficient on the exporter dummy. It hould be noted that the capital intenity gap between exporter and nonexporter i more than double for dometic firm than for foreign firm. By plitting the ample into the pre-wto period ( ) and the pot-wto period ( ), column (6) and (7) how that the capital intenity gap increaed after China' acceion to the WTO, conitent with Fig. 1 and 2. Thee reult contrat harply with exiting tudie, which conitently find that exporter are more 18 In an earlier verion of thi paper, we extend the Levinohn Petrin procedure by incorporating the firm' export deciion into the productivity etimation procedure to control for the export endogeneity problem (Van Bieebroeck, 2005; De Loecker, 2007), intead of etimating productivity uing eparate production function for exporter and non-exporter. The reult obtained were qualitatively imilar. capital-intenive (e.g., Bernard and Wagner (1997) for Germany, Bernard and Jenen (2004) for the U.S., Van Bieebroeck (2005) for Sub-Saharan Africa, and De Loecker (2007) for Slovenia). A a robutne check, we repeat the ame et of regreion uing alternative meaure of firm capital intenity. In Panel B, we meaure a firm' real capital tock by the net value of fixed aet deflated by the indutry-pecific invetment price index, wherea in Panel C, it i meaured uing a firm' total wage bill intead of employment a the denominator. Regardle of how capital intenity i meaured, exporter till appear to be le capital-intenive than non-exporter. The etimated capital intenity gap i larger in Panel C. Recent tudie how that exporter are larger and tend to employ more killed worker than non-exporter. Thi may explain why exporter' capital intenity i even lower when it i calculated uing effective labor unit. 19 To conerve pace, we focu on the reult uing capital intenity meaured by the perpetual inventory method. Uing the wage-denominated capital intenity meaure yield imilar reult. Panel D report etimate of Eq. (1) with ln(tfp) a the dependent variable. We find that on average, exporter have higher meaured revenue-baed TFP than non-exporter. Thi i oberved within indutrie, within a firm, and before and after China' WTO acceion, for both dometic and foreign firm. The reult that exporter have a higher TFP i conitent with mot finding in the exiting literature. We now addre potential confounding factor in the data. The prevalence of proceing exporter in China, who aemble imported intermediate into final product olely for foreign ale, mut be conidered. According to Kee and Tang (2012), conitently over half of Chinee aggregate export belong to proceing trade. It i well known that proceing exporter in China have lower value added and capital intenity than ordinary (non-proceing) exporter. To verify that our reult are not driven by the prevalence of proceing firm, we repeat the analyi in Table 1 on proceing and non-proceing exporter. We identify proceing and non-proceing exporter from the ubample that can be merged with China Cutom trade data (ee Section 8 for more detail on the merged data et). The etimation reult are reported in Table A3 in the Appendix. In column (1), only proceing exporter are included in the ample and all non-proceing exporter are excluded. We till find a trongly negative correlation between export participation and capital intenity within a narrowly defined indutry. When only non-proceing exporter are conidered (column (2)), the negative correlation i even tronger. Thee reult confirm that our main finding are not driven by the prevalence of labor-intenive proceing exporter. The lower panel of the table report the reult for firm TFP for proceing and non-proceing firm. We find that proceing exporter are on average le productive than non-exporter, wherea non-proceing exporter are more productive. Thee reult confirm previou finding by Dai et al. (2011) and Manova and Yu (2012). The potentially frequent change in the export tatu may affect the reult. To partially addre thi concern, we include three dummie related to export activitie in Table A4 in the Appendix: new exporter (a dummy equal 1 for the firt year of exporting), continuing exporter (a dummy equal 1 if the firm wa exporting in the current year and the previou year), and export topper (a dummy equal 1 if the firm exported lat year but not thi year). We find that new, continuing, and previou exporter are all le capital-intenive (Panel A) and more productive (Panel B) than non-exporter. The different export intenitie of exporter may alo affect our reult. By uing only one dummy variable to capture the export tatu, we are auming the ame average effect of exporting, regardle of how much the firm export. In Table A5 in the Appendix, we break down the exporter dummy in Eq. (1) into three dummie to repreent 19 Harrigan et al. (2012) how that in the US, kill-intenive exporter charge higher price wherea capital-intenive exporter charge lower price. Thi i another example of capital and kill intenity playing different role in haping export pattern.

6 354 Y. Ma et al. / Journal of International Economic 92 (2014) Table 1 Comparing productivity and capital intenity between exporter and non-exporter. (1) (2) (3) (4) (5) (6) (7) All firm All firm All firm Dometic firm Foreign firm Before WTO After WTO Panel A: dependent variable ln(k/l) Exporter (0.031) (0.017) (0.008) (0.012) (0.009) (0.008) (0.009) N 1,977,348 1,977,348 1,977,348 1,563, , ,694 1,403,654 Panel B: dependent variable ln(k/l), alternative meaure of K Exporter (0.032) (0.005) (0.007) (0.008) (0.008) (0.009) (0.010) N 1,979,823 1,979,823 1,979,823 1,564, , ,694 1,403,654 Panel C: dependent variable ln(k/l), alternative meaure of L Exporter (0.043) (0.026) (0.021) (0.023) (0.025) (0.024) (0.023) N 1,976,637 1,976,637 1,976,637 1,562, , ,121 1,431,480 Panel D: dependent variable ln(tfp) Exporter (0.039) (0.022) (0.035) (0.055) (0.017) (0.039) (0.032) N 1,916,347 1,916,347 1,916,347 1,503, , ,921 1,372,426 Year FE Ye Ye Ye Ye Ye Ye Ye Indutry (4-digit) FE No Ye No No No No No Ownerhip FE No Ye No No No No No Firm FE No No Ye Ye Ye Ye Ye Note: thi table report etimation reult for Eq. (1) in the text. The exporter dummy equal 1 if a firm i either a new exporter or a continuing exporter. In Panel A, real capital tock (K)i meaured uing the perpetual inventory method, while labor i the firm' total employment. In Panel B, capital tock i the net value of fixed aet deflated by the ector-pecific invetment deflator, while labor i the firm' total employment. In Panel C, capital tock i meaured uing the perpetual inventory method, while labor i the firm' total wage bill. In Panel D, ln(tfp) i meaured uing the Levinohn and Petrin (2003) method. Column (1) (3) compare exporter and non-exporter uing all firm in the ample; column (4) include only dometic firm; column (5) include only foreign firm; column (6) and (7) plit the ample into pre-wto and pot-wto period. Standard error in parenthee are corrected for clutering at the four-digit indutry level. Indicate ignificance at the 5% level. Indicate ignificance at the 1% level. high intenity exporter (firm with the export/ale ratio larger than 0.9), normal exporter (firm with the export/ale ratio between 0.1 and 0.9), and low intenity exporter (firm with the export/ale ratio maller than 0.1). Panel A how ignificant correlation between each exporter dummy and firm capital intenity. More importantly, the magnitude of the coefficient ugget that a higher export intenity i aociated with a lower capital intenity. In Panel B, we find that high intenity exporter are le productive than non-exporter. Thi i not urpriing given that mot of the intenive exporter are proceing exporter. 5. Change in capital intenity for new exporter Table 1 and the correponding Table A3 to A5 in the Appendix how the average effect of exporting on capital intenity and TFP. In thi ection, we compare the firt difference in capital intenity between non-exporter and new exporter that are ex-ante imilar. Exiting exporter, who reported poitive export in previou year, are alway excluded from thi analyi. A a firt pa, we follow Lileeva and Trefler (2010) to compare firm within a quartile bin (4 on each dimenion) baed on firm TFP and capital intenity in the previou year. Within each two-digit indutry, we aign each firm to one of the 16 bin baed on it ex ante TFP and capital intenity quartile. Thi control for indutry tructure and enure that each bin include firm from all indutrie. In Panel A of Table 2, each cell report the difference between new exporter and non-exporter in their average capital intenity growth, Δln(K/L) new exporter Δln(K/L) non-exporter. The firt column how that new exporter in the lowet quartile of TFP experience an average log-point decline (average acro all four entrie in the column) in capital intenity after exporting compared to non-exporter within the ame TFP quartile. The difference i ignificant at the 1% level. When we move to higher TFP quartile (moving to the right in each row), we continue to find a pot-export decline in capital intenity, but the decline i maller the higher the TFP quartile i. For intance, the average drop in capital intenity (relative to non-exporter) i only log point in the highet TFP quartile. We will empirically confirm and theoretically explain thi negative relationhip between firm' ex ante TFP and pot-export drop in ln (K/L) below. Table 2 Capital intenity growth: new exporter le non-exporter. Δln(K/L) new exporter Δln(K/L) non-exporter Panel A ln(k/l) quartile before exporting ln(tfp) quartile before exporting Panel B Low TFP High TFP ln(k/l) before exporting Small firm Large firm Small firm Large firm Low (bin 1) (bin 2) (bin 3) (bin 4) High (bin 5) (bin 6) (bin 7) (bin 8) Note: Thi table report the difference in capital intenity growth between new exporter and non-exporter in each bin. All firm are orted according to their characteritic in the previou year. In Panel A, bin are defined by previou-year ln(tfp) and ln(k/l) quartile. In Panel B, bin are defined by previou-year ln(tfp), ln(k/l) and ln(ale) median. We calculate thee bin for each year and each 2-digit indutry to enure each bin cover all year and all indutrie. Indicate ignificance at the 10% level. Indicate ignificance at the 5% level. Indicate ignificance at the 1% level.

7 Y. Ma et al. / Journal of International Economic 92 (2014) Table 3 New exporter' capital intenity ln(k/l)-propenity core matching reult. Bin TFP Capital intenity Size (1) (2) (3) (4) (5) All firm Dometic firm Foreign firm Alternative K Alternative L All bin Low Low Small Low Low Large High Low Small High Low Large Low High Small Low High Large High High Small High High Large Note: Thi table report the etimation reult of the impact of exporting on ln(k/l) for new exporter, uing the propenity core matching method. The matching i conducted within each bin. Thee bin (bin 1 to bin 8) are decribed in Panel B of Table 2. Column (1) include all firm in the ample; column (2) include only dometic firm; column (3) include only foreign firm; column (4) meaure capital tock a the net value of fixed aet deflated by the ector-pecific invetmentdeflator, while column (5) ue the firm' total wage bill to compute it capital intenity. Indicate ignificance at the 10% level. Indicate ignificance at the 5% level. Indicate ignificance at the 1% level. The firt row in Panel A how that among the firm in the lowet quartile of ln (K/L), the average drop in capital intenity after exporting i log-point (average acro all four entrie in the firt row) compared to the non-exporter in the ame quartile. When we move down acro row, we find that the relative pot-export decline in capital intenity i larger for firm with higher ex ante ln (K/L). The magnitude of the decline increae to an average of log point in the highet ln (K/L) quartile. Firm ize could be an important factor determining whether firm export, a larger firm are more likely to afford the fixed export cot. Following Lileeva and Trefler (2010), when we contruct the bin, we add firm ize (meaured by ln (ale)) a the third dimenion. We aign each firm into one of the eight bin baed on it poition in TFP, capital intenity, and ize in it indutry. 20 Panel B how no obviou difference in the relative decline in capital intenity between mall and large firm. However, the difference between the high and low TFP group and the difference between the high and low capital intenity group are till obviou. In addition to aigning firm into different bin to compare firm with imilar characteritic, we apply the difference-in-difference propenity-core matching etimator (Heckman et al., 1997) to match firm with ex ante imilar characteritic. We etimate the propenity core of each firm baed on a Probit model with the dependent variable equal to 1 if a firm tart reporting poitive export in the current year. We include a number of pre-export (previou-year) firm characteritic a regreor, namely TFP, wage rate, capital intenity, firm age, firm ale (all in log), 4-digit indutry, ownerhip, and year fixed effect. To minimize the bia due to potentially omitting unoberved characteritic that may affect a firm' deciion to export, we do our matching within each of the eight bin a defined in Panel B of Table 2, under the aumption that firm within the ame bin are not too different in term of unoberved characteritic. We ue nearet-neighbor matching without replacement. 21 In total, from all eight bin, 50,856 new exporter were matched to non-exporter in the control group. Table 3 preent the etimation reult of the pot-export change in capital intenity uing propenity-core matching technique. In column (1), we find a ignificant decline in a firm' capital intenity in 20 We no longer contruct bin baed on quartile a we would need too many bin (64) for all three dimenion. 21 Our reult are robut to the ue of other matching method uch a local linear regreion matching etimator. We chooe to do matching without replacement becaue we have a large number of firm in the control group. the year when it tart exporting, compared to non-exporter. Thi capital intenity gap i oberved for all eight combination of productivity and capital-intenity bin conidered in Panel B of Table 2. The gap i larger if the new exporter i ex ante more capital-intenive (bin 5 to 8), conitent with the reult in Table 2. In column (2) (3), we plit the ample into dometic firm and foreign firm for our analyi. We find the ame pattern for both type of firm, with a larger drop in capital intenity oberved in the dometic firm ample. In column (4), we meaure capital tock a the net value of fixed aet deflated by the indutry-pecific invetment price index. The reult remain largely robut beide bin 3 and 4. In the lat column, we find a larger potexport decline in capital intenity when the wage-denominated meaure of capital intenity i ued, imilar to the finding in Table 1. To ummarize, we have found robut evidence that a Chinee firm become le capital-intenive after exporting. We have ued variou method regreion including an exhautive et of fixed effect, comparion within bin, and matching within bin to enure the robutne of our reult. Our finding contrat with the exiting literature that conitently how higher kill and capital intenity for exporter. Importantly, Table 2 and 3 how heterogeneou effect on capital intenity acro new exporter. The following theoretical ection and additional empirical analyi in Section 7 and 8 will examine thee heterogeneou effect. Given China' comparative advantage in labor-intenive good, it may not be urpriing that exporter in China are le capitalintenive than non-exporter. However, when the pattern i found for both dometic firm and foreign firm within narrowly defined indutrie and within firm, the tandard factor-proportion theory of trade that emphaize between-ector reallocation of reource cannot provide ufficient explanation. We thu develop a theoretical model to rationalize the finding. Guided by the model, we will further empirically explore the linkage between capital intenity and productivity, both before and after firm' exporting. 6. Theoretical explanation To explain our empirical finding, we contruct a variant of the model by Bernard et al. (2010, 2011) (BRS hereafter). We firt briefly dicu the et-up of the BRS model before elaborating in greater detail our extenion. Reader are referred to the original paper for detail. Conumer conume a continuum of product with identical preference: U ¼ Cν d ν, where κ 1/(1 ν) N 1 i the elaticity of ubtitution between product. Within a product, firm produce

8 356 Y. Ma et al. / Journal of International Economic 92 (2014) horizontally differentiated varietie, facing their own demand. The conumption index for product, C, take the following form: " #1 Z ρ C ¼ ðλ ðωþc ðωþþ ρ dω ; 0bρb1; ð2þ ω Ω where σ 1/(1 ρ) N 1 i the elaticity of ubtitution between varietie within a product. We aume that the elaticity of ubtitution between varietie within a product i larger than that between product (σ N κ N 1). Firm are exogenouly different along two dimenion, namely firm-pecific ability and firm-product-pecific conumer appeal. More pecifically, upon paying ome fixed (unk) cot to enter any market, a firm firt draw it ability, φ [0, ), from a ditribution h(φ). φ i firm-pecificandi contantacrocountrieandproduct. The firm then draw a et of conumer tate attribute for each potential product produced, λ [0, ), from a ditribution g(λ ). 22 The et of λ i firm-product pecific and i contant acro countrie. 23 To erve market j, eitherdometicorforeign,thefirm ha to pay an extra fixed cot f j. In addition to f j, a multi-product exporter need to incur product-pecific fixed cot, f j, for each product old in market j. 24 An exporter will export product to market j when it λ i ufficiently high and generate enough revenue to cover f j.a in BRS, the more productive exporter have a wider product cope, all ele equal, a higher φ generate poitive profit for more low-λ product. To rationalize our empirical finding that feature heterogeneou effect on capital intenity, we modify the one-factor BRS model to conider two factor of production capital and labor. Formally, firm have the following total cot function: TC ¼ f þ q w 1 βðþ r βðþ ; ð3þ φ where w and r are the wage rate and the rental rate, repectively. We chooe the wage a the numeraire (i.e., w = 1). Notice that the fixed cot to produce a product i aumed to have the ame factor hare a the variable cot. β() repreent capital intenity for product. Without lo of generality, we rank product index [0, 1] o that β(0) = 0, β(1) = 1, and β () N 0 (i.e., capital intenity i increaing in product index ). Firm profit maximization implie the tandard optimal price of a variety exported to country j a p j ¼ στ j r βðþ σ 1 φ ; where τ j i the iceberg trade cot to country j. For implicity, we aume that τ j i identical for all product. Conider two countrie: China and detination country j (e.g., the U.S.), which i aumed to be more capital-abundant. With trade friction, factor price would not be equalized acro countrie and the wage rental ratio in country j will be higher than that in laborabundant China in equilibrium (i.e., w j /r j N 1/r). It can then be hown that the relative price of product between country j and China, P j() =P j ()/P(), i decreaing in capital intenity (i.e., P j () b 0) (ee Appendix A.2 for detail) We could have modeled the firm-product pecific draw a productivity, but it will not change any of the theoretical reult. The reaon i that with CES demand and monopolitic competition, firm-product productivity and firm-product demand hifter have exactly the ame effect on firm revenue and profit in equilibrium, a i alo argued by BRS. 23 Due to the law of large number, a long a we aume that firm draw productdetination pecific attribute, λ j, from the ame ditribution, our main theoretical reult will continue to hold. 24 Think of f j a R&D expenditure required to produce a blue print for the product or the overhead cot to manage the product-pecific aleteam. 25 A imilar point ha been made by Lu (2012) who rationalize why Chinee exporter are le productive than dometic producer in ufficiently labor-intenive ector. Given that P j() varie acro product, an exporter ha a different export portfolio to country j compared to the dometic market, even when the et of product attribute (λ ) i identical for different detination. 26 Conider a firm with φ, the product attribute cutoff λ (φ) for product, above which the firm produce for dometic ale, i pinned down by the following zero-profit condition: π φ; λ R ðφþ ¼ σ r β σ 1 f ðþ ρp ðþφλ ðφþ r βðþ ¼ 0; where π (φ, λ (φ)) repreent the firm' profit by elling product dometically; R tand for dometic aggregate expenditure pent on product. P() i the ideal price index for product. 27 Solving Eq. (4) yield the firm-product pecific conumer tate cutoff λ (φ). Similarly, we can ue the zero-profit condition for export ale of product to country j to olve for the correponding product attribute cutoff, λ j (φ). Importantly, for product, thefirm' product cutoff for exporting to j equal λ jðφþ ¼ Φ j ðþλ ðφþ; 1 f where Φ j ðþ¼τ j R j ^P j f ^P R j σ 1 P j ðþ P ðþ ð4þ ð5þ γ. Φj () i increaing in variable (τ j ) and fixed export cot (f j ), a well a the relative aggregate price index of country j, ^P j ^P. Φ j() i increaing in ^P j ^P becaue a higher ^P j reult in a ^P lower purchaing power of foreign conumer relative to dometic conumer. For the ame reaon, Φ j () i decreaing in the total pending of country j, R j. If countrie are ymmetric (i.e., P =P j, R = R j,and 1 f P j () =P()), Φ j ðþ¼ τ j σ 1 j f when international trade cot are higher than dometic trade cot (i.e., f j f and τ j 1). Given a product attribute, λ, Φ j () 1 implie a weakly lower probability of exporting product, conditional on poitive dometic ale. Deviating from the ymmetry aumption, Bernard, Redding, and Schott (2007a) and Lu (2012) potulate the poibility of having Φ j () b 1 and tudy the reulting implication. 28 Suppoe f j and R j are invariant acro j. Ifcountryj i more capitalabundant than China, P jðþ f ^P j P ðþ i decreaing in. Given the aumption that σ N κ N 1, Φ jðþ N0. In word, all ele being equal, a product attribute that guarantee profitable dometic ale i le likely to generate profitable export ale to j, the higher the capital intenity of the product i. Denote capital cot hare for product by θ ¼ rk,wherek and l rkþwl are the total amount (including fixed cot of production) of capital and labor ued to produce. 29 Capital intenity of a firm with productivity φ erving only the dometic market i Θ d ðφþ ¼ Z 1 Z " θ e R ðφ; λ ÞI λ λ 1 Z # ðφþ d ¼ θ e R ðφ; λ Þgðλ Þdλ d; 0 0 λ ðφþ 26 In BRS, there i a Poion probability for the firm to draw firm-pecific productivity term, and another Poion probability that the firm draw a new conumer tate for a product. It i theoretically poible that a firm get hit by a poitive productivity hock and decide to export, while it product-pecific conumer tate hock do not change. Moreover, we follow BRS to aume that the ditribution of abilitie and product attribute are independent of one another. 27 Specifically, conumer' utility maximization yieldr ¼ P ðþ ν 1 1 ν = Pk ð Þ ν 1 ν 0 dk, where h i R i total expenditure of the economy; P ðþ¼ w Ω P; ð wþ 1 σ 1 1 σ dw. 28 In particular, Lu (2012) find that in labor-intenive ector, Chinee exporter are on average le productive than non-exporter. Baed on an extenion of Bernard et al. (2007b), he rationalize the finding by potulating that if the dometic i more competitive than the foreign market, the dometic production cutoff can be lower than the export participation cutoff. 29 E.g. rk =rk p +rk f, where k p tand for the level of capital ued for producing good, while k f i the correponding amount to cover the fixed cot of production, uch a developing a blue print of the product.

Management Science Letters

Management Science Letters Management Science Letter 2 (202) 247 252 Content lit available at GrowingScience Management Science Letter homepage: www.growingscience.com/ml An empirical tudy to meaure the impact of loan aignment for

More information

The research of simplified method of calculating wind and rain loads and its validation

The research of simplified method of calculating wind and rain loads and its validation The reearch of implified method of calculating wind and rain load and it validation Xing FU 1) and Hong-Nan LI 2) 1), 2) Faculty of Infratructure Engineering, Dalian Univerity of Technology, Dalian 116024,

More information

GMACE Pilot #4: Adjusting the National Reliability Input Data

GMACE Pilot #4: Adjusting the National Reliability Input Data INTERBULL BULLETIN NO. 48. Berlin, Germany, May 20 21, 2014 GMACE Pilot #4: Adjuting the National Reliability Input Data P. G. Sullivan 1 and J. H. Jakoben 2 1 Canadian Dairy Network, Guelph, ON, Canada

More information

Management Science Letters

Management Science Letters Management Science Letter 2 (2012) 3049 3054 Content lit available at GrowingScience Management Science Letter homepage: www.growingscience.com/ml Identification and prioritization of hazardou material

More information

Tom-Reiel Heggedal and Karl Jacobsen

Tom-Reiel Heggedal and Karl Jacobsen Dicuion Paper No. 536, April 2008 Statitic Norway, Reearch Department Tom-Reiel eggedal and Karl Jacoben Timing of innovation policie when carbon emiion are retricted: an applied general equilibrium analyi

More information

As companies outsource more product design and manufacturing activities to other members of the supply

As companies outsource more product design and manufacturing activities to other members of the supply MANAGEMEN SCIENCE Vol. 55, No. 7, July 2009, pp. 1122 1138 in 0025-1909 ein 1526-5501 09 5507 1122 inform doi 10.1287/mnc.1090.1008 2009 INFORMS Quality Improvement Incentive and Product Recall Cot Sharing

More information

Item Aggregates and Price Elasticity

Item Aggregates and Price Elasticity Seoul Journal of Buine Volume 16, Number 1 (June 2010) Item Aggregate and Price Elaticity INSEONG SONG *1) Seoul National Univerity Seoul, Korea Abtract Thi tudy provide analytical reult on the ytematic

More information

Equilibrium Sediment Transport and Evolution Trend Simulation of the Lower Yellow River

Equilibrium Sediment Transport and Evolution Trend Simulation of the Lower Yellow River Senor & Tranducer, Vol. 21, Special Iue, May 213, pp. 135-141 Senor & Tranducer 213 by IFSA http://www.enorportal.com Equilibrium Sediment Tranport and Evolution Trend Simulation of the Lower Yellow River

More information

The Use of Swimmer Bars as Shear Reinforcement in Reinforced Concrete Beam

The Use of Swimmer Bars as Shear Reinforcement in Reinforced Concrete Beam American Journal of Engineering and Applied Science, 6 (1): 87-94, 2013 ISSN: 1941-7020 2014 M. Al-Nara et al., Thi open acce article i ditributed under a Creative Common Attribution (CC-BY) 3.0 licene

More information

Model of Integrated Production and Delivery Batch Scheduling Under JIT Environment to Minimize Inventory Cost

Model of Integrated Production and Delivery Batch Scheduling Under JIT Environment to Minimize Inventory Cost Proceeding of the 2014 International Conference on Indutrial Engineering and Operation Management Bali, Indoneia, January 7 9, 2014 Model of Integrated Production and Delivery Batch Scheduling Under JIT

More information

The Arcor/Bagley Merger and the Argentine Biscuit Market: Price Increases vs. Cost Reductions

The Arcor/Bagley Merger and the Argentine Biscuit Market: Price Increases vs. Cost Reductions The rcor/agley Merger and the rgentine icuit Market: rice Increae v. Cot Reduction Germán Coloma* Thi paper analyze the behavior of the rgentine bicuit market during 2003-06 to find out whether any important

More information

The Role of Infrastructure in Mitigating Poverty Dynamics

The Role of Infrastructure in Mitigating Poverty Dynamics Impact Aement of Infratructure Project on Poverty Reduction The Role of Infratructure in Mitigating Poverty Dynamic A Cae Study of an Irrigation Project in Sri Lanka Yauyuki Sawada Maahiro Shoji Shinya

More information

SINCE the 1960s, conceptual models are in use to facilitate

SINCE the 1960s, conceptual models are in use to facilitate IEEE TRNSTIONS ON SYSTEMS, MN, ND YBERNETIS PRT Study into the Factor that Influence the Undertandability of Buine Proce Model Hajo. Reijer and Jan Mendling btract Buine proce model are key artifact in

More information

WHICH CAME FIRST, LAWS OR LOBBYISTS? AN EMPIRICAL INVESTIGATION OF ENVIRONMENTAL REGULATION AND INTEREST GROUP FORMATION. Bryan James Leonard

WHICH CAME FIRST, LAWS OR LOBBYISTS? AN EMPIRICAL INVESTIGATION OF ENVIRONMENTAL REGULATION AND INTEREST GROUP FORMATION. Bryan James Leonard WHICH CAME FIRST, LAWS OR LOBBYISTS? AN EMPIRICAL INVESTIGATION OF ENVIRONMENTAL REGULATION AND INTEREST GROUP FORMATION. by Bryan Jame Leonard A thei ubmitted in partial fulfillment of the requirement

More information

Statistical Analysis on Multivariate Expressway Time Series Traffic Under the Different Toll Policies

Statistical Analysis on Multivariate Expressway Time Series Traffic Under the Different Toll Policies Aian Tranport Studie, Volume 2, Iue (213), 11-2 213 ATS All right reerved Statitical Analyi on Multivariate Expreway Time Serie Traffic Under the Different Toll Policie Makoto TSUKAI a, Shinichi INOUE

More information

Label Confusion: The Groucho Effect of Uncertain Standards. Rick Harbaugh, John W. Maxwell, and Beatrice Roussillon.

Label Confusion: The Groucho Effect of Uncertain Standards. Rick Harbaugh, John W. Maxwell, and Beatrice Roussillon. Label Confuion: The Groucho Effect of Uncertain Standard Rick Harbaugh, John W. Maxwell, and Beatrice Rouillon November 15, 21 Abtract Label certify that a product meet ome tandard for quality, but often

More information

The Regional Economics Applications Laboratory (REAL) of the University of Illinois focuses on the development and use of analytical models for urban

The Regional Economics Applications Laboratory (REAL) of the University of Illinois focuses on the development and use of analytical models for urban The Regional Economic Application Laboratory (REAL) of the Univerity of Illinoi focue on the development and ue of analytical model for urban and regional economic development. The purpoe of the Dicuion

More information

Keywords: ILSS, Flexural Strength, Hybrid Polymer Composite, Curing, Epoxy Resin 5052, Vacuum Bagging.

Keywords: ILSS, Flexural Strength, Hybrid Polymer Composite, Curing, Epoxy Resin 5052, Vacuum Bagging. American International Journal Reearch in Science, Technology, Engineering & Mathematic Available online at http://www.iair.net ISSN (Print): 2328-3491, ISSN (Online): 2328-3580, ISSN (CD-ROM): 2328-3629

More information

The Role of Skills Development in Competitiveness in Asia

The Role of Skills Development in Competitiveness in Asia The Role of Skill Development in Competitivene in Aia Profeor Michael J. Enright Univerity of Hong Kong Hong Kong Intitute for Economic and Buine Strategy Enright, Scott & Aociate ADB Copyright Michael

More information

Consumers often purchase goods that are hard to find to conspicuously display their exclusivity and social

Consumers often purchase goods that are hard to find to conspicuously display their exclusivity and social Publihed online ahead of print July 3, 212 MANAGEMENT SCIENCE Article in Advance, pp. 1 22 ISSN 25-199 (print ISSN 1526-551 (online http://dx.doi.org/1.1287/mnc.112.1545 212 INFORMS Selling to Conpicuou

More information

Online Music Ranking Service: Ranking Mechanism Based on Popularity and Slot Effect

Online Music Ranking Service: Ranking Mechanism Based on Popularity and Slot Effect Aociation for Information Sytem AIS Electronic Library (AISeL) PACIS 00 Proceeding Pacific Aia Conference on Information Sytem (PACIS) 00 Online Muic Ranking Service: Ranking Mechanim Baed on Popularity

More information

Participation, Growth and Social Poverty: Social Capital in a Homogeneous

Participation, Growth and Social Poverty: Social Capital in a Homogeneous The Open Economic Journal, 2008,, -3 Open Acce Participation, Growth and Social Poverty: Social Capital in a Homogeneou Society Angelo Antoci *,, Pier Luigi Sacco 2 and Paolo Vanin 3 DEIR, Univerity of

More information

OPTIMIZATION OF ALUMINIUM BLANK SAND CASTING PROCESS BY USING TAGUCHI S ROBUST DESIGN METHOD

OPTIMIZATION OF ALUMINIUM BLANK SAND CASTING PROCESS BY USING TAGUCHI S ROBUST DESIGN METHOD International Journal for Quality reearch UDK 669.76 Original Scientific Paper (.0) OPTIMIZATION OF ALUMINIUM BLANK SAND CASTING PROCESS BY USING TAGUCHI S ROBUST DESIGN METHOD Mekonnen Liben Nekere )

More information

Enhanced Biofilter Treatment of Urban Stormwater by Optimizing the Hydraulic Residence Time in the Media

Enhanced Biofilter Treatment of Urban Stormwater by Optimizing the Hydraulic Residence Time in the Media Enhanced Biofilter Treatment of Urban Stormwater by Optimizing the Hydraulic Reidence Time in the Media Redahegn Silehi 1, Robert Pitt 2 and Shirley Clark 3 1 Graduate tudent, Dept. of Civil, Contruction,

More information

International Journal of Scientific & Engineering Research, Volume 5, Issue 8,August ISSN

International Journal of Scientific & Engineering Research, Volume 5, Issue 8,August ISSN International Journal of Scientific & Engineering Reearch, Volume 5, Iue 8,Augut-2014 310 Seimic Behavior of Concrete Column and Beam Reinforced with Interlocking Spiral Ioanni A. Tego, Theodoro A. Chryanidi,

More information

Challenges of Developing ISO Sampling Standards

Challenges of Developing ISO Sampling Standards Challenge of Developing ISO Sampling Standard Ralph Holme CSIRO Mineral Down Under Flaghip Chair ISO/TC 10/SC 1 Sampling Iron Ore Chair ISO/TC 7/SC 4 Sampling Coal and Coke Convenor ISO/TC 183/WG 9 Sampling

More information

Product Diversity and Ethnic Fragmentation: Is Heterogeneity Good or Bad for Media Capture?

Product Diversity and Ethnic Fragmentation: Is Heterogeneity Good or Bad for Media Capture? Product Diverity and Ethnic Fragmentation: I Heterogeneity Good or Bad for Media Capture? Caterina Gennaioli Preliminary Draft June 2008 Abtract Under ome circumtance a power eeking politician trie to

More information

THE POTENTIAL AND COST OF CARBON SEQUESTRATION IN AGRICULTURAL SOIL; EMPIRICAL STUDY OF DYNAMIC MODEL IN THE MIDWESTERN U.S.

THE POTENTIAL AND COST OF CARBON SEQUESTRATION IN AGRICULTURAL SOIL; EMPIRICAL STUDY OF DYNAMIC MODEL IN THE MIDWESTERN U.S. THE POTENTIAL AND COST OF CARBON SEQUESTRATION IN AGRICULTURAL SOIL; EMPIRICAL STUDY OF DYNAMIC MODEL IN THE MIDWESTERN U.S. DISSERTATION Preented in Partial Fulfillment of the Requirement for the Degree

More information

Does Bait and Switch Really Benefit Consumers?

Does Bait and Switch Really Benefit Consumers? Doe Bait and Switch Really Benefit Conumer? William L. Wilkie Carl F. Mela Gregory T. Gundlach Univerity of Notre Dame, Notre Dame, Indiana 46556 william.l.wilkie.1@nd.edu Abtract While the field of marketing

More information

Study on Variable Action Value Standard for Harbor Infrastructures

Study on Variable Action Value Standard for Harbor Infrastructures 4 th International Conference on the Durability of Concrete Structure 24 26 July 2014 Purdue Univerity, Wet Lafayette, IN, USA Study on Variable Action Value Standard for Harbor Infratructure Xiaoping

More information

Bachelor End Project: Characterization of the constitutive behavior of polymer foams

Bachelor End Project: Characterization of the constitutive behavior of polymer foams Bachelor End Project: Characterization of the contitutive behavior of polymer foam R. van Eijden MT 05.27 Coach: Dr. ir. J.A.W. van Dommelen Eindhoven, April 21t 2005 Content Content Abtract Lit of ymbol

More information

CO 2 emissions trading planning in combined heat and power production via multi-period stochastic optimization

CO 2 emissions trading planning in combined heat and power production via multi-period stochastic optimization European Journal of Operational Reearch 176 (2007) 1874 1895 O.R. Application CO 2 emiion trading planning in combined heat and power production via multi-period tochatic optimization Aiying Rong *, Rito

More information

A new method for shear bond strength measurement

A new method for shear bond strength measurement A new method for hear bond trength meaurement KAUSTUBH JOSHI 1, WARREN BATCHELOR, IAN PARKER, LOI NGUYEN 4 1 RESEARCH STUDENT, SENIOR LECTURER, ASSOCIATE PROFESSOR, 4 SENIOR LECTURER Autralian Pulp and

More information

Exergy Analysis of Organic Rankine Cycle with Internal Heat Exchanger

Exergy Analysis of Organic Rankine Cycle with Internal Heat Exchanger International Journal of Material, Mechanic and Manufacturing, Vol. 1, No. 1, February 21 Exergy Analyi of Organic Rankine Cycle with Internal Heat Exchanger Kyoung Hoon Kim, Hyung Jong Ko, and Se Woong

More information

Minimization of exergy losses in combustion processes with an illustration of a membrane combustion

Minimization of exergy losses in combustion processes with an illustration of a membrane combustion Minimization of exergy loe in combution procee with an illutration of a membrane combution Markku J. Lampinen*, Ralf Wikten, Arto Sarvi, Kari Saari and Marjut Penttinen Aalto Univerity, Department of Energy

More information

Pollution prevention with chemical process simulators: the generalized waste reduction (WAR) algorithm full version

Pollution prevention with chemical process simulators: the generalized waste reduction (WAR) algorithm full version Computer and Chemical Engineering 23 (1999) 623 634 Pollution prevention with chemical proce imulator: the generalized wate reduction (WAR) algorithm full verion Heriberto Cabeza *, Jane C. Bare, Subir

More information

Modeling Reveals Bistability and Low-Pass Filtering in the Network Module Determining Blood Stem Cell Fate

Modeling Reveals Bistability and Low-Pass Filtering in the Network Module Determining Blood Stem Cell Fate Modeling Reveal Bitability and Low-Pa Filtering in the Network Module Determining Blood Stem Cell Fate Jatin Narula, Aileen M. Smith 2, Berthold Gottgen 2, Oleg A. Igohin * Department of Bioengineering,

More information

4 Farmer Perceptions of the Biophysical

4 Farmer Perceptions of the Biophysical 4 Farmer Perception of the Biophyical Contraint to Rice Production in Sub-Saharan Africa, and Potential Impact of Reearch Aliou Diagne,* Didier Y. Alia, Eyram Amovin-Aagba, Marco C.S. Woperei, Kazuki Saito

More information

6/6/2012. HR Training and Development. Content. Training: concept. Training: concept. Training: concept. Training and Development: Concept

6/6/2012. HR Training and Development. Content. Training: concept. Training: concept. Training: concept. Training and Development: Concept HR Training and Development UNIT 5 Content Concept and need of HR training and development Training need aement HR training: objective and method (on-the-job and off-the-job). Evaluation of training program

More information

S T A N D A R D. ASAE EP496.3 FEB2006 Agricultural Machinery Management

S T A N D A R D. ASAE EP496.3 FEB2006 Agricultural Machinery Management SE EP496.3 FEB2006 gricultural Machinery Management S T N D R D SBE i a profeional and technical organization, of member worldwide, who are dedicated to advancement of engineering applicable to agricultural,

More information

Compilation of Social Accounting Matrices with a Detailed Representation of the Agricultural Sector (AgroSAM)

Compilation of Social Accounting Matrices with a Detailed Representation of the Agricultural Sector (AgroSAM) btract ompilation of Social ccounting Matrice with a Detailed Repreentation of the gricultural Sector (grosm) Marc Mueller* and Ignacio Pérez Domínguez European ommiion, Intitute for Propective Technological

More information

An intertemporal decision framework for electrochemical energy storage management

An intertemporal decision framework for electrochemical energy storage management SULEMENTARY INFORMATION Article ttp://doi.org/10.1038/41560-018-0129-9 In te format provided by te autor and unedited. An intertemporal deciion framework for electrocemical energy torage management Guannan

More information

Land-Surface Models, Page 1

Land-Surface Models, Page 1 Land-Surface Model Introduction A land-urface model mut be able to accurately depict the interaction of the atmophere with the underlying urface land a well a the interaction of the ub-urface, or ubtrate,

More information

Design a Sustainable Supply Chain under Uncertainty using Life Cycle Optimisation and Stochastic Programming

Design a Sustainable Supply Chain under Uncertainty using Life Cycle Optimisation and Stochastic Programming 151 A publication of CHEMICAL ENGINEERING TRANSACTIONS VOL. 61, 2017 Guet Editor: Petar S Varbanov, Rongxin Su, Hon Loong Lam, Xia Liu, Jiří J Klemeš Copyright 2017, AIDIC Servizi S.r.l. ISBN 978-88-95608-51-8;

More information

Effectiveness and Exergy Destruction Analysis of Evaporator in Organic Rankine Cycle

Effectiveness and Exergy Destruction Analysis of Evaporator in Organic Rankine Cycle Effectivene and Exergy Detruction Analyi of Evaporator in Organic Rankine Cycle Kyoung Hoon Kim, and Chul Ho Han Abtract---Thi paper carrie out a performance analyi baed on the firt and econd law of thermodynamic

More information

M A S O N R Y. Revised Spring Engineering Notes For Design With Concrete Block Masonry

M A S O N R Y. Revised Spring Engineering Notes For Design With Concrete Block Masonry A S O N R Y Revied Spring 007 Engineering Note For Deign With Concrete Block aonry C H R O N I C L E S To rectify the ituation, the Spring 007 article i being reiued. We apologize for any inconvenience

More information

A Morphing Extrusion Die for Manufacturing of Thermoplastic Hoses THESIS

A Morphing Extrusion Die for Manufacturing of Thermoplastic Hoses THESIS A Morphing Extruion Die for Manufacturing of Thermoplatic Hoe THESIS Preented in Partial Fulfillment of the Requirement for the Degree Mater of Science in the raduate School of The Ohio State Univerity

More information

Southern Africa Labour and Development Research Unit

Southern Africa Labour and Development Research Unit Southern Africa Labour and Development Reearch Unit Entrepreneurhip and the Buine Environment in Africa: An Application to Ethiopia by Zuzana Brixiová and Mthuli Ncube Working Paper Serie Number 146 About

More information

BELIEF PROPAGATION REVEALS ALLOSTERIC MECHANISMS IN PROTEINS

BELIEF PROPAGATION REVEALS ALLOSTERIC MECHANISMS IN PROTEINS BELIEF PROPAGATION REVEALS ALLOSTERIC MECHANISMS IN PROTEINS Hetunandan Kamietty Computer Science Department, Carnegie Mellon Univerity, Pittburgh, PA 15213, USA Email: hetu@c.cmu.edu Arvind Ramanathan

More information

Modeling Liquid Phase Sintering of Hard metal powder compacts

Modeling Liquid Phase Sintering of Hard metal powder compacts ing Liquid Phae Sintering of Hard metal powder compact Shama Shamaundar *, Maheha Siddegowda*, Pavanachand Chigurupati**, Rengarajan Raghavan***, Rameh Rao. S. *** * ProSIM AFTC # 326, 8th Main, III Stage,

More information

Habitat Evaluation Procedures. Habitat Evaluation Procedures. Habitat Evaluation Procedures. Habitat Evaluation Procedures

Habitat Evaluation Procedures. Habitat Evaluation Procedures. Habitat Evaluation Procedures. Habitat Evaluation Procedures 969-976 an enlightened Congre pae conervation legilation Affecting management of fih & ldlife reource NEPA (National Environmental Policy Act ESA Foret & Rangeland Renewable Reource Planning Act Federal

More information

professional quest 360 Feedback Reports

professional quest 360 Feedback Reports Survey Deign, Ditribution & Analyi Software profeional quet 360 Feedback Report Package Content Thi reporting package contain a jut a few of the many report that could be ued to analye a 360 degree feedback

More information

Abstract. 1 Introduction

Abstract. 1 Introduction Automatic conflict detection and reolution in metrorail ytem: evaluation approach for MARCO EU project G.F. D'Addio, M. Mazzucchelli, S. Savio Dipartimento di Ingegneria Elettrica, Univerita di Genova,

More information

Address for Correspondence

Address for Correspondence Reearch Paper ENERGY CONSERVATION IN MUD HOUSE AS COMPARED TO BRICK WALL BUILDING IN INDIA Subhah Mihra 1, Dr. J A Umani 2 Addre for Correpondence 1 Ph.d Scholar, 2 Profeor, Department of Mechanical Engineering,

More information

Further development of indicators in the performance measurement frameworks

Further development of indicators in the performance measurement frameworks Meeting of the Board 8 10 March 2016 Songdo, Incheon, Republic of Korea Proviional agenda item 20 GCF/B.12/13 1March 2016 Further development of indicator in the performance meaurement framework Summary

More information

Establishment and evaluation of operation function model for cascade hydropower station

Establishment and evaluation of operation function model for cascade hydropower station Water Science and Engineering, 2010, 3(4):443-453 doi:10.3882/j.in.1674-2370.2010.04.007 http://www.waterjournal.cn e-mail: we2008@vip.163.com Etablihment and evaluation o operation unction model or cacade

More information

FIRE RESISTANCE RATINGS OF CONCRETE MASONRY ASSEMBLIES. TEK 7-1C Fire Resistance (2009) Related TEK: 2-6, 5-8B, 7-6A

FIRE RESISTANCE RATINGS OF CONCRETE MASONRY ASSEMBLIES. TEK 7-1C Fire Resistance (2009) Related TEK: 2-6, 5-8B, 7-6A n information erie from the national authority on concrete maonry technology FIRE RESISTNCE RTINGS OF CONCRETE MSONRY SSEMBLIES TEK 7-C Fire Reitance (009) INTRODUCTION Concrete maonry i widely pecifi

More information

PERSPECTIVE. The Digital Consumer Are Automotive OEMs ready for the Digital Autobahn? Abstract

PERSPECTIVE. The Digital Consumer Are Automotive OEMs ready for the Digital Autobahn? Abstract PERSPECTIVE The Digital Conumer Are Automotive OEM ready for the Digital Autobahn? Abtract The Digital Conumer The rie of multiple brand and choice, in the current market cenario, ha caued a compulion

More information

Dynamic compressive and splitting tensile tests on mortar using split Hopkinson pressure bar technique

Dynamic compressive and splitting tensile tests on mortar using split Hopkinson pressure bar technique 730 Dynamic compreive and plitting tenile tet on mortar uing plit Hopkinon preure bar technique Abtract Dynamic compreive and tenile propertie of mortar under impact loading were invetigated experimentally

More information

MARINE HEALTH, SAFETY, QUALITY, AND ENVIRONMENTAL MANAGEMENT

MARINE HEALTH, SAFETY, QUALITY, AND ENVIRONMENTAL MANAGEMENT Guide for Marine Health, Safety, Quality and Environmental Management GUIDE FOR MARINE HEALTH, SAFETY, QUALITY, AND ENVIRONMENTAL MANAGEMENT AUGUST 2009 (Updated November 2010 ee next page) American Bureau

More information

Managing Relational Exchanges

Managing Relational Exchanges Managing Relational Exchange Gila E. Fruchter Bar-Ilan Univerity Simon Pierre Sigué Athaaca Univerity The author propoe an analytic model that deal with oth ehavioral conideration etween exchange partner

More information

Maintaining ISO Compliance in Automated Procedures

Maintaining ISO Compliance in Automated Procedures Maintaining ISO 1705 Compliance in Automated Procedure Preenter & Author: Jorge Martin Fluke Corporation PO 9090 M/S 6-30 Everett, WA, USA 9806 Phone: (45) 446 6477; Fax: (45) 446 6390 Email: jmartin@flukecom

More information

Is climate change driving urbanization in Africa?

Is climate change driving urbanization in Africa? I climate change driving urbanization in Africa? J. Vernon Henderon, London School of Economic Adam Storeygard, Tuft Univerity Uwe Deichmann, World Bank Augut 30, 2014 Abtract Thi paper document a ignificant

More information

Software Reverse Engineering Tool for Object Oriented Programming

Software Reverse Engineering Tool for Object Oriented Programming Software Revere Engineering Tool for Object Oriented Programming D.M.Thakore Department of Computer Engineering Bharati vidyapeeth Deemed Univerity College of Engineering, Pune-43, Maharahtra, India S.J.Sarde

More information

arxiv: v2 [physics.soc-ph] 8 Oct 2009

arxiv: v2 [physics.soc-ph] 8 Oct 2009 Human group formation in online guild and offline gang driven by common team dynamic arxiv:082.2299v2 [phyic.oc-ph] 8 Oct 2009 Neil F. Johnon, Chen Xu 2,3, Zhenyuan Zhao, Nicola Ducheneaut 4, Nichola Yee

More information

Modeling and Simulation of A Laser Deposition Process

Modeling and Simulation of A Laser Deposition Process Modeling and Simulation of A Laer Depoition Proce rank Liou*, Zhiqiang an*, Heng Pan*, Kevin Slattery**, Mary Kinella+, Joeph Newkirk*, and Hin-Nan Chou** *Univerity of Miouri Rolla, Rolla, MO, 65409 **

More information

Gas Processing Expander

Gas Processing Expander Expander Operated Ga Proceing April, 2015 Ga Proceing Expander Colder Proce Temperature and Maximized Compreor Uptime with Helidyne Expander Skid. Specification: Flowrate 1-10 mmcfd Max. Preure 1,440 pi

More information

Int. J. Production Economics

Int. J. Production Economics Int. J. Production Economic 139 (212) 351 358 Content lit available at SciVere ScienceDirect Int. J. Production Economic journal homepage: www.elevier.com/locate/ijpe Dynamic inventory rationing for ytem

More information

Scaling of supersaturation by a simple test

Scaling of supersaturation by a simple test Permafrot, Phillip, pringman & Arenon (ed) 2003 et & Zeitlinger, Lie, IBN 90 5809 582 7 caling of uperaturation by a imple tet M. Dyli oil Mechanic Laboratory of the i Federal Intitute of Technology, Lauanne,

More information

CPP, SVP PRODUCT AND CUSTOMER EXPERIENCE - SECURITY CARD SERVICES

CPP, SVP PRODUCT AND CUSTOMER EXPERIENCE - SECURITY CARD SERVICES growth How to Build a More Durable Payment Program through Merchant Experience CPP, SVP PRODUCT AND CUSTOMER EXPERIENCE - SECURITY CARD SERVICES Let me tart by getting thi out of the way: I love my job.

More information

Adaptive Description of ATM Traffic Flows 1

Adaptive Description of ATM Traffic Flows 1 Adaptive Decription of ATM Traffic Flow 1 Juergen Rochol Mouriac Halen Diemer (juergen@inf.ufrg.br) (mouriac@univate.br) Univeridade Federal do Rio Grande do Sul - UFRGS Intituto de Informática - Departamento

More information

Marketing and feasibility study for launching a city/ regional magazine in Rochester, New York

Marketing and feasibility study for launching a city/ regional magazine in Rochester, New York Rocheter Intitute of Technology RIT Scholar Work Thee Thei/Diertation Collection 5-1-1989 Marketing and feaibility tudy for launching a city/ regional magazine in Rocheter, ew York John K. Aiztraut Follow

More information

Water exchanges versus water works: Insights from a computable general equilibrium model for the Balearic Islands

Water exchanges versus water works: Insights from a computable general equilibrium model for the Balearic Islands WATER RESOURCES RESEARCH, VOL. 40,, doi:10.1029/2004wr003235, 2004 Water exchange veru water work: Inight from a computable general equilibrium model for the Balearic Iland Carlo M. Gómez Department of

More information

The Relationship between Tourism and Environmental Performance: The Case of Caspian Sea Nations

The Relationship between Tourism and Environmental Performance: The Case of Caspian Sea Nations Iranian Journal of Economic Studie Vol. 4, No. 2, Fall 2015, 51-80 The Relationhip between Tourim and Environmental Performance: The Cae of Capian Sea Nation Saeed Raekhi Department of Economic, Faculty

More information

LOCALITY IN PUBLIC-PRIVATE PARTNERSHIP IN SOCIAL AND HEALTH CARE SECTOR CASE STUDY

LOCALITY IN PUBLIC-PRIVATE PARTNERSHIP IN SOCIAL AND HEALTH CARE SECTOR CASE STUDY LOCALITY IN PUBLIC-PRIVATE PARTNERSHIP IN SOCIAL AND HEALTH CARE SECTOR CASE STUDY Martti Saarela Univerity of Oulu, Finland martti.aarela@oulu.fi Eija-Riitta Niinikoki Univerity of Oulu, Finland eija-riitta.niinikoki@oulu.fi

More information

AGRON 183: Photosynthesis

AGRON 183: Photosynthesis AGRON 183: Photoynthei Dr. Brian Hornbuckle December 1, 2016 Introduction I think I can afely ay that every agronomit i aware of the proce of photoynthei, a decribed by the following chemical equation.

More information

Fuzzy Decision Approach Based on QFD and FWA for Selection of Medical Suppliers

Fuzzy Decision Approach Based on QFD and FWA for Selection of Medical Suppliers , July 1-3, 2015, ondon,.k. Fuzzy Deciion Approach Baed on QFD and FWA for Selection of Medical Supplier Mehtap Durun and E. Ertugrul Karak Abtract The objective of thi paper i to develop a fuzzy multi-criteria

More information

SCHEDULE OF TERMS AND CONDITIONS OF EMPLOYMENT. Your terms and conditions of employment are in accordance with:-

SCHEDULE OF TERMS AND CONDITIONS OF EMPLOYMENT. Your terms and conditions of employment are in accordance with:- SCHEDULE OF TERMS AND CONDITIONS OF EMPLOYMENT 1. CONDITIONS OF SERVICE Your term and condition of employment are in accordance with:- (a) (b) (c) thoe detailed in the full Condition of Service Handbook

More information

SERBIATRIB th International Conference on Tribology. Kragujevac, Serbia, May 2011

SERBIATRIB th International Conference on Tribology. Kragujevac, Serbia, May 2011 Serbian Tribology Society SERBIATRIB th International Conference on Tribology Kragujevac, Serbia, 3 May 0 Faculty of Mechanical Engineering in Kragujevac INHOMOGENITIES OF PLASTIC DEFORMATION SERRATIONS

More information

CHOSEN PROBLEMS OF EFFECTIVE SUPPLY CHAIN MANAGEMENT OF COMPANIES

CHOSEN PROBLEMS OF EFFECTIVE SUPPLY CHAIN MANAGEMENT OF COMPANIES Journal of KONES Powertrain and Tranport, Vol. 22, No. 2 2015 CHOSEN PROBLEMS OF EFFECTIVE SUPPLY CHAIN MANAGEMENT OF COMPANIES Ilona Jacyna-Gołda Waraw Univerity of Technology Faculty of Production Engineering

More information

Innovation and the Elasticity of Trade Volumes to Tariff Reductions

Innovation and the Elasticity of Trade Volumes to Tariff Reductions Innovation and the Elasticity of Trade Volumes to Tariff Reductions Loris Rubini Arizona State University May 11, 2010 Motivation What are the effects of tariff reductions on trade volumes and productivity?

More information

Promoting Business Schools: A Content Analysis of Business Schools Magazines

Promoting Business Schools: A Content Analysis of Business Schools Magazines Promoting Buine School: A Content Analyi of Buine School Magazine Jenny Yin Zhen Emporia State Kevin R. Coulon Emporia State Jun Yu Emporia State Joyce X. Zhou Emporia State Among the effort made to attract

More information

SIMULATION OF THE GAIN CHARACTERISTICS OF EDFA

SIMULATION OF THE GAIN CHARACTERISTICS OF EDFA SIMUTIO OF THE GI CHRCTERISTICS OF EDF guyen Hong Suong and Pham Quoc Ho Deartment of Telecommunication, Pot and Telecommunication Intitute of Technology (PTIT), Ho Chi Mh City, Vietnam BSTRCT In thi tudy,

More information

Plugging Ontario Into A Green Future

Plugging Ontario Into A Green Future Plugging Ontario Into A Green Future A Renewable i Doable Action Plan Cherie Burda, THE PEMBINA INSTITUTE and Roger Peter NOVEMBER 2008 CANADIAN ENVIRONMENTAL LAW ASSOCIATION L ASSOCIATION CANADIENNE DU

More information

Concentration profiles of gold inside activated carbon during adsorption

Concentration profiles of gold inside activated carbon during adsorption Concentration profile of gold inide activated carbon during adorption by N.M. Vegter*, R.F. Sandenbergh*, and A.J. Botha Synopi The gold concentration profile which develop inide the activated carbon particle

More information

(12) Patent Application Publication (10) Pub. No.: US 2003/ A1

(12) Patent Application Publication (10) Pub. No.: US 2003/ A1 US 20030204424A1 (19) United State (12) Patent Application Publication (10) Pub. No.: US 2003/0204424 A1 Koller et al. (43) Pub. Date: Oct. 30, 2003 (54) MANAGEMENT BY OBJECTIVES (52) U.S. Cl.... 705/7

More information

Concept of Heat Recovery from Exhaust Gases

Concept of Heat Recovery from Exhaust Gases IOP Conference Serie: Material Science and Engineering PAPER OPEN ACCESS Concept of Heat Recovery from Exhaut Gae To cite thi article: Maria Bukowka et al 2017 IOP Conf. Ser.: Mater. Sci. Eng. 245 052057

More information

OUR CUSTOMER TERMS CISCO SaaS SERVICE

OUR CUSTOMER TERMS CISCO SaaS SERVICE CONTENTS Click on the ection that you are intereted in. 1 About thi ection 2 Our Cutomer Term 2 Inconitencie 2 No aignment or reupply 2 Requet ubject to approval 2 2 General 2 3 Cico SaaS Service 2 What

More information

Managing animal health status information in the cattle market

Managing animal health status information in the cattle market Managing animal health tatu information in the cattle market Rat-Apert O., Weldegeriel HT. 2, Stott AW. 2, Fourichon. National Veterinary School of Nante, INRA, UMR300 Biology, Epidemiology and Rik Analyi,

More information

AN INTEGRATED SIMULATION AND OPTIMIZATION APPROACH FOR SEASIDE TERMINAL OPERATIONS

AN INTEGRATED SIMULATION AND OPTIMIZATION APPROACH FOR SEASIDE TERMINAL OPERATIONS AN INTEGRATED IMULATION AND OTIMIZATION AROACH FOR EAIDE TERMINAL OERATION Daniela Ambroino Elena Tànfani Department of Economic and Quantitative Method (DIEM) Univerity of Genova Via Vivaldi 5, 16126,

More information

Improving Marketing Strategies to Accelerate Technological change for the basic Cereal: The Niger Case. Tahirou Abdoulaye a and John H.

Improving Marketing Strategies to Accelerate Technological change for the basic Cereal: The Niger Case. Tahirou Abdoulaye a and John H. Improving Marketing Strategie to Accelerate Technological change for the baic Cereal: The Niger Cae Tahirou Abdoulaye a and John H. Sander b a INRAN/DECOR, B.P. 429, Niamey, Niger, currently Reearch Aociate,

More information

Evaluation of Tests To Assess Stripping Potential of Asphalt Concrete Mixtures

Evaluation of Tests To Assess Stripping Potential of Asphalt Concrete Mixtures 18 TRASPORTATIO RESEARCH RECORD 1171 Evaluation of Tet To Ae Stripping Potential of Aphalt Concrete Mixture FRAZIER PARKER JR., AD FouAD A. GHARAYBEH Stre pedetal, boll, and Indirect tenile tet were evaluated

More information

Cerámica y Vidrio A R T I C U L O

Cerámica y Vidrio A R T I C U L O B O L E T I N D E L A S O C I E D A D E S P A Ñ O L A D E Cerámica y Vidrio A R T I C U L O A view on organic binder effect on technical propertie of ceramic Rachig ring Y. BEYGI KHOSROWSHAHI, A. SALEM

More information

Human Capital, Management Quality, and the Exit Decisions of. Entrepreneurial Firms

Human Capital, Management Quality, and the Exit Decisions of. Entrepreneurial Firms Human Capital, Management Quality, an the Exit Deciion of Entrepreneurial Firm Shan He* C. Wei Li** June 04 * itant Profeor, Department of Finance, 99 Buine Eucation Complex, E. J. Ouro College of Buine,

More information

Aalborg Universitet. Published in: I E E E Transactions on Industrial Electronics. DOI (link to publication from Publisher): /TIE.2016.

Aalborg Universitet. Published in: I E E E Transactions on Industrial Electronics. DOI (link to publication from Publisher): /TIE.2016. Aalborg Univeritet Droop Control with Improved Diturbance Adaption for PV Sytem with Two Power Converion Stage Liu, Hongpeng; Loh, Poh Chiang; Wang, Xiongfei; Yang, Yongheng; Wang, Wei; Xu, Dianguo Publihed

More information

VIDEO streaming is becoming the dominate traffic in the

VIDEO streaming is becoming the dominate traffic in the 2064 IEEE TRANSACTIONS ON MOBILE COMPUTING, VOL. 15, NO. 8, AUGUST 2016 Profit Maximization through Online Advertiing Scheduling for a Wirele Video Broadcat Network Wen Ji, Member, IEEE, Yingying Chen,

More information

3.4 BUTT FUSION WELDING

3.4 BUTT FUSION WELDING 3.4 BUTT FUSION 3.4.1 INTRODUCTION The butt welding proce conit of the joining of two component (pipe and/or fitting) of equal diameter and thickne in which the urface to be welded are heated until melting

More information

Maximum Incremental Social Tolerable Irreversible Costs (MISTICs): Assessing Economic and

Maximum Incremental Social Tolerable Irreversible Costs (MISTICs): Assessing Economic and Maximum Incremental Social Tolerable Irreverible Cot (MISTIC): Aeing Economic and Ecological Impact of Innovation under Irreveribility and Uncertainty Sara SCATASTA, Department of Environmental and Reource

More information

Effect of Cobalt Doping on Physical Properties of ZnO Nanoparticles

Effect of Cobalt Doping on Physical Properties of ZnO Nanoparticles CPUH-Reearch Journal: 06, (), 47-5 ISSN (nline): 455-6076 http://www.cpuh.in/academic/academic_journal.php Effect of Cobalt oping on Phyical Propertie of Zn Nanoparticle Neha Sharma, Shaveta Thakur, Ruchita

More information

Farming or burning? shadow prices and farmer s impatience on the allocation of multipurpose resource in the mixed farming system of Ethiopia

Farming or burning? shadow prices and farmer s impatience on the allocation of multipurpose resource in the mixed farming system of Ethiopia Farming or burning? hadow price and armer impatience on the allocation o multipurpoe reource in the mixed arming ytem o Ethiopia Hailemariam Teklewold PhD Candidate Univerity o Gothenburg, School o Buine,

More information