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ID:
182769
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| Summary/Abstract |
There is growing evidence that in developed countries, mortality rises (falls) in economic booms (busts). However, little is known about the cyclical pattern of mortality in developing countries. Using China's city-year data, we find that the total mortality in China also exhibits procyclical fluctuations. In exploring the mechanisms, we find that air pollution is one of the reasons for procyclical fluctuations in total mortality. Specifically, economic booms lead to severe air pollution, worsening human health and thus increasing death rates. Moreover, we find that changes in lifestyles may not be an important reason for procyclical mortality in China.
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| 2 |
ID:
159406
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| Summary/Abstract |
This article discusses legal mechanisms for the protection of cable ships engaged in operations for submarine telecommunication cables. It argues that all states should legislate to provide that the interference with cable ships engaged in cable operations, done willfully or through culpable negligence, should be a punishable offense.
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| 3 |
ID:
182745
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| Summary/Abstract |
This paper examines the maintenance decisions for intellectual property (IP) that require continuous investment in an uncertain market environment. We propose a microfoundation-based theory that incorporates market friction, market connection and escalation of commitment from the managers. In a dynamic market with frictions, managers with weak market connection need longer time to reach successful transactions, compared to the strongly connected ones. Moreover, escalating behavior could make it harder for the less connected managers to abandon their IP assets even when the embedded value becomes obsolete, which leads to inefficiently longer maintenance and an unforeseen social loss. The model further suggests that removing frictions in the market facilitates transactions and reduces the performance gap between different managers. We provide empirical evidence that is consistent with the theory, using data on patents from individual innovators with different levels of market connection. The study contributes to the discussion on organizational implications of escalation of commitment, and also shed light on the importance of market connection to value capture of small innovative businesses.
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