no free ride to zero emissions simulating a region s need to implement its own zero emissions vehicle zev mandate to achieve 2050 ghg targets abstract the adoption of zero emission vehicles zevs is limited by a variety of barriers some are region specific e g availability of charging infrastructure while others are global in nature e g battery prices where improvements spill over between regions this study explores regional spillover effects and ghg impacts of strong zev focused policy specifically the zev mandate in place in ten u s states zev states which requires automakers to sell a minimum amount of zevs each year we use a dynamic technology adoption model to simulate passenger vehicle sectors in north america focusing on the case of one small region british columbia covering 0 7 of the market as potentially free riding off of zev states policy covering 23 of the market results indicate that free ridership is not effective even with the zev mandate driving very high sales in zev states british columbia cannot achieve significant zev adoption without also implementing its own zev mandate further for british columbia to meet its 2050 ghg targets it may need a zev mandate in addition to complementary climate policies pushing zevs to account for 40 93 of new vehicle sales in 2050 in short regions seeking low carbon transportation likely need to implement their own stringent policies

asset allocation and asset location household evidence from the survey of consumer finances abstract the rapid growth of assets in self directed tax deferred retirement accounts has generated a new set of financial decisions for many households in addition to deciding which assets to hold the traditional choice among bonds stocks and other investment classes households with substantial assets in both taxable and tax deferred accounts tda must now decide where to hold them this paper uses data from the survey of consumer finances to assess how many households have enough assets in both taxable and tax deferred accounts to face significant asset location choices it also investigates the asset location decisions these households make in 2001 49 of households had at least some assets in a tax deferred account and more than 11 million households had at least us 25 000 in both a taxable and a tax deferred account asset allocation inside and outside tax deferred accounts is quite similar with about 70 of assets in each location invested in equity securities roughly two thirds of households with financial assets in both taxable and tax deferred accounts hold portfolios that are tax efficient most of the other third could reduce their taxes by relocating heavily taxed fixed income assets to their tax deferred account for more than half of the households that hold apparently tax inefficient portfolios however a shift of less than us 10 000 in financial assets would eliminate tax inefficiency

return seasonality in stocks and their underlying assets tax loss selling versus information explanations results of tests contrasting tax loss selling with intertemporal information variation as explanations of the january seasonal in stock returns are reported closed end fund shares display the typical size related january seasonal while their net asset values do not interpreting the net asset value return as a proxy for information about underlying assets this result indicates information variation is not a necessary condition for the january effect in stocks the share returns at the turn of the year are negatively related to their mean preceding year returns and positively related to the standard deviations of their preceding year returns these results are consistent with tax loss selling article published by oxford university press on behalf of the society for financial studies in its journal the review of financial studies

dual labor markets urban unemployment and multicentric cities a two sector model of urban employment is developed which focuses on the formation of a secondary sector in response to a primary sector demand shock the optimal location of this single firm sector is shown to give rise to a multicentric urban spatial structure conditions are then established under which the new labor market equilibrium involves both a decrease in unemployment and an increase in net income for those unemployed these results are extended to a case where all unemployment benefits are financed by local taxation of firms here it is shown that profit incentives may exist for the primary sector to subsidize entry of the secondary sector c 1997 academic press

organizations space and capital in the development of korea s electronics industry suarez villa l and han p h 1990 organizations space and capital in the development of korea s electronics industry reg studies 25 327 343 this paper analyses the effect of foreign and domestic capital on the organization of production and the spatial distribution of korea s electronics industry an assessment of korea s international advantages and their impact on trade labour employment and foreign capital is followed by factor analyses using data collected through establishment surveys these provide a set of significant organizational dimensions based on a differentiation of capital and regional location where scale is found to be a most important factor in production domestic capital contributes more than foreign capital to the integration of electronics in korea s productive structure but has a lower export emphasis and tends to concentrate more in the primate metropolitan region suarez villa l et han p h 1991 organisations espace et capital dans le developpement de l electroniqu

unwanted effects of european union environmental policy to promote a post carbon industry the case of energy in the european ceramic tile sector global warming combined with low carbon transition plans is threatening the future of high energy consumption industry sectors in the european union eu the need to respond to environmental challenges is demonstrated by support for international level energy policies and legal requirements such as the kyoto protocol which the eu supports and increased eu level environmental legislation and energy policies the effect of these initiatives is gradually transforming industrial activities in the eu however since not all countries have adopted these policies evaluation of their net effect needs to take account also of side effects such as delocalization of industry activity and the legal environmental frameworks in the countries where companies have chosen to relocate this paper analyses eu energy policy and its impact on a particular energy intensive industry the european ceramic tile sector the discussion in this paper is not about the purpose of eu legislation but about its effects on a specific industry the effect of policy on industry is not a new topic but the question of the unwanted effects of environmental and energy policy on european industry is becoming more relevant as the struggle to achieve a post carbon europe increases in focussing on a specific set of eu legislation on a particular industry this article adds to the debate by showing the negative effects of policy mechanisms the need for a scientific evaluation of the systemic changes required for a transition to a resource efficient green and competitive low carbon economy outlined in the 7th environment action programme is highlighted it is suggested that the eu should periodically re evaluate its emissions trading scheme legislation to include specific actions and a follow up system which would prevent the best performing environmental companies from delocalizing or shutting down

following or breaking regional development paths on the role and capability of the innovative entrepreneur structural change economic diversification and new path development feature prominently in scientific and policy debates against the backdrop of increasing specialization in the economy this paper reinterprets schumpeterian innovative entrepreneurship as a fundamental process that creates new connections between distinct fields of specialization thereby induces path breaking innovations and structural change it is argued that the transformation capability of innovative entrepreneurs rests essentially on their position s and networks within evolving innovation systems by focusing on micro level processes and transformation capability the paper complements the large body of work on structural barriers unintended consequences supporting institutional arrangements and policy implications are discussed

the co evolution of policy mixes and socio technical systems towards a conceptual framework of policy mix feedback in sustainability transitions abstract understanding how policymaking processes can influence the rate and direction of socio technical change towards sustainability is an important yet underexplored research agenda in the field of sustainability transitions some studies have sought to explain how individual policy instruments can influence transitions and the politics surrounding this process we argue that such individual policy instruments can cause wider feedback mechanisms that influence not only their own future development but also other instruments in the same area consequently by extending the scope of analysis to that of a policy mix allows us to account for multiple policy effects on socio technical change and resultant feedback mechanisms influencing the policy processes that underpin further policy mix change this paper takes a first step in this regard by combining policy studies and innovation studies literatures to conceptualise the co evolutionary dynamics of policy mixes and socio technical systems we focus on policy processes to help explain how policy mixes influence socio technical change and how changes in the socio technical system also shape the evolution of the policy mix to do so we draw on insights from the policy feedback literature and propose a novel conceptual framework the framework highlights that policy mixes aiming to foster sustainability transitions need to be designed to create incentives for beneficiaries to mobilise further support while overcoming a number of prevailing challenges which may undermine political support over time in the paper we illustrate the framework using the example of the zero carbon homes policy mix in the uk we conclude with deriving research and policy implications for analysing and designing dynamic policy mixes for sustainability transitions

path renewal in old industrial regions possibilities and limitations for regional innovation policy coenen l moodysson j and martin h path renewal in old industrial regions possibilities and limitations for regional innovation policy regional studies this paper analyses the potential barriers and limitations for regional innovation policy to facilitate industrial renewal in old industrial regions it draws on a case analysis of the policy programme biorefinery of the future geared to promote renewal of the forest industry in northern sweden it is shown that infusion of radical emergent technology is necessary for new regional path development but not sufficient to avoid a singular focus on technology push policy should pay more attention to complementary experimentation processes in relation to demand side characteristics firm strategies and business models as well as regulatory aspects moreover coordination between regional innovation policy and adjacent domains and levels of policy making is needed as some of the most pressing obstacles for renewal are not specific to the region but i

can tax loss selling explain the january effect a note the january effect remains an unexplained phenomenon in financial economics that the month of january has consistently shown higher mean stock returns than other months has been documented by several researchers beginning with rozeff and kinney 19 additional research by keim 14 showed that approximately half the annual size effect is attributable to abnormal returns in january 1 roll 18 confirmed keim s results as has subsequent research such as lakonishok and smidt 15 2 the most often advanced explanation for the january effect is tax motivated transactions 3 first proposed in 1942 by wachtel 21 the tax loss selling hypothesis is frequently advocated in the popular press as a major influence on stock price behavior essentially this hypothesis states that investors seek to reduce their taxes by realizing losses at year end thereby depressing stock prices stocks return to equilibrium levels after year end providing abnormally high returns in january despite the popularity of the tax loss selling hypothesis it is difficult to justify upon serious reflection justification requires acceptance of the proposition that speculators are prevented from purchasing tax loss candidates before year end with the intention to sell them after year end no theoretical justification has been presented for the hypothesis instead using both theoretical and empirical approaches constantinides 5 argues that such action cannot explain the january effect if the market is efficient 4 his results imply that empirical studies supporting the tax loss selling hypothesis provide evidence of market inefficiency as for the empirical evidence branch 3 dyl 8 roll 18 reinganum 17 and givoly and ovadia 10 have provided support for the tax loss selling hypothesis 5 recently schultz 20 tested the tax explanation by examining the

technological innovations and sectoral change transformative capacity adaptability patterns of change an analytical framework following up on recent debates about sectoral systems of innovation and production the paper introduces a heuristic framework for analyzing and explaining distinct patterns of technology based sectoral change the concept is based on two interrelated influencing factors the first is the sectoralspecific transformative capacity of new technologies themselves that is their substantial or incremental impact on socioeconomic and institutional change in a given sectoral system the second is the sectoral adaptability of socioeconomic structures institutions and actors confronted with the opportunities presented by new technologies the first factor the sectoral transformative capacity of new technologies enables us to identify the technology based pressure to change and adjust the structural institutional and organizational architectures of the sectoral system the second complementary factor sectoral adaptability helps us to discern the distinct social patterns of anticipating and adopting this technology based pressure the specific interplay between the two influencing factors creates distinguishable modes of sectoral transformation ranging from anticipative and smooth adjustments to reactive and crisis ridden patterns of change even processes of radical sectoral change continue over longer periods of mismatch and are characterized by numerous and mostly gradual organizational structural and institutional transformations

the critical role of informed political direction for advancing technology the case of swedish marine energy marine energy technologies can contribute to meeting sustainability challenges but they are still immature and dependent on public support this paper employs the technological innovation systems tis framework to analyze the development and diffusion of swedish marine energy up until 2014 while there were promising device developers relevant industrial capabilities and world class research the system suffered from weaknesses in several important innovation processes finally the analysis identifies the lack of informed political direction as a critical blocking factor and highlights its connection to domestic market potential

optimal consumption and investment with capital gains taxes this article characterizes optimal dynamic consumption and portfolio decisions in the presence of capital gains taxes and short sale restrictions the optimal decisions are a function of the investor s age initial portfolio holdings and tax basis our results capture the trade off between the diversification benefits and tax costs of trading over an investor s lifetime the incentive to rediversify the portfolio is inversely related to the size of the embedded gain and investor s age contrary to standard financial advice the optimal equity holding increases well into an investor s lifetime in our model due to the forgiveness of capital gains taxes at death taxes play an important role in the decision making process of individuals concerning their consumption and investment plans the taxation of returns on financial assets alters the benefits of saving for future consumption and thus affects the trade off between current consumption and investment moreover the ability of investors to defer the taxation of capital gains alters the relative valuation of stocks and bonds and thus affects the optimal portfolio composition of investors the deferral feature of capital gains taxes also affects the trade off investors face regarding taxes and diversification investors would like to maintain an optimally diversified portfolio over time

do policy mix characteristics matter for low carbon innovation a survey based exploration of renewable power generation technologies in germany abstract policy mixes may play a crucial role in redirecting and accelerating innovation towards low carbon solutions thus addressing a key societal challenge towards this end some argue that the characteristics of such policy mixes matter greatly yet with little empirical evidence backing up such claims in this paper we explore this link between policy mix characteristics and low carbon innovation using the research case of the transition of the german electricity system towards renewable energy our empirical insights are based on an innovation survey administered to german manufacturers of renewable power generation technologies which builds on the community innovation survey for our purposes we adjusted the survey to better capture companies perceptions of policy mixes employing a bivariate tobit model we find evidence that companies perceptions regarding the consistency and credibility of the policy mix are positively associated with their innovation expenditures for renewable energies and this positive link intensifies when considering the mutual interdependence of these policy mix characteristics in contrast neither the comprehensiveness of the instrument mix nor the coherence of policy processes were found to be related to innovation expenditures overall these findings suggest that future research on low carbon and eco innovation should pay greater attention to the characteristics of policy mixes rather than focusing on policy instruments only finally our findings indicate a need to consider how policy may be measured in innovation surveys to generate better informed policy advice regarding the greening of innovation

tax loss selling and the january effect evidence from municipal bond closed end funds this paper provides direct evidence supporting the tax loss selling hypothesis as an explanation of the january effect examining turn of the year return and volume patterns for municipal bond closed end funds which are held mostly by tax sensitive individual investors we document a january effect for these funds but not for their underlying assets we provide evidence that this effect can be largely explained by tax loss selling activities at the previous year end moreover we find that funds associated with brokerage firms display more tax loss selling behavior suggesting that tax counseling plays a role among the numerous stock return anomalies probably none has generated more interest than that of the turn of the year or january effect the phenomenon in which small capitalization stocks realize unusually high returns in early january 1 the literature offers a number of hypotheses to explain this phenomenon including the tax loss selling hypothesis the window dressing hypothesis the insider trading information release hypothesis and the seasonality of the risk return relation hypothesis given existing evidence in some support for the first two hypotheses the debate continues with respect to which of these the tax loss selling of individual investors or the window dressing of

changes in institutional ownership and stock returns assessment and methodology although the relation between quarterly changes in institutional investor ownership and contemporaneous stock returns is well documented the source of the relation remains unclear because institutional ownership data are unavailable at higher frequencies in this study we develop a method to generate estimates of higher frequency covariances when one variable is observed at lower frequencies e g quarterly changes in institutional ownership and monthly stock returns our method provides evidence that institutional trading has both temporary and permanent price effects and that the latter is associated with information effects

moving innovation systems research to the next level towards an integrative agenda the concept of innovation systems has been a guiding paradigm of innovation research and strongly influenced research and innovation policy since the early 1990s in spite of this success criticisms have been raised in recent years about whether it is still a suitable framework for addressing the innovation related challenges of the future in the present paper we claim that systemic explanations of innovation success have still a very important role to play in order to address the rising criticism however we have to reconsider the conceptual core of the family of innovation systems is approaches and sketch out a path for renewal the paper retraces the conceptual roots of is approaches assesses their uptake in different policy circles around the world discusses the conceptual core and explanatory ambition and finally formulates a future oriented research agenda for a more integrative innovation systems framework

picking winners modelling the costs of technology specific climate policy in the u s passenger vehicle sector abstract researchers debate the cost effectiveness of technology specific versus technology neutral climate policies but few quantify the differences using the case of low carbon vehicle technologies in the us passenger vehicle sector ethanol plug in electric and hydrogen we develop a technology adoption simulation model that represents increasing returns to adoption in both financial costs and consumer preferences representing uncertainty through monte carlo analysis we compare the policy costs tonne co2 out to 2050 of i a technology neutral carbon tax ii a somewhat neutral vehicle standard requiring low carbon vehicle sales but allowing competition among technologies and iii technology specific vehicle standards requiring sales of just one technology on average across simulations the carbon tax is twice as cost effective as the best vehicle standard in part because the tax more substantially affects vehicle use rates among the vehicle standards a technology specific standard that selects the right winner plug in electric vehicles is more cost effective than the neutral standard as it more quickly stimulates technology improvement however there is risk in a technology specific approach mistakenly forcing a loser technology hydrogen results in policy costs that are 2 to 5 times higher than other policies results can help policymakers trade off the costs and risks of different climate policy options

do after tax returns affect mutual fund inflows abstract this paper explores the relationship between the after tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds previous studies have documented that funds with high pretax returns attract greater inflows this paper presents evidence based on a large sample of retail equity mutual funds over the period 1993 1999 that after tax returns have more explanatory power than pretax returns in explaining inflows in addition funds with large overhangs of unrealized capital gains experience smaller inflows all else equal than funds without such unrealized gains a large capital gain overhang discourages both gross fund inflows and gross outflows but the inflow effect dominates the outflow effect

public procurement and innovation resurrecting the demand side abstract demand is a major potential source of innovation yet the critical role of demand as a key driver of innovation has still to be recognised in government policy this article discusses public procurement as one of the key elements of a demand oriented innovation policy the paper starts by signaling the new significance of public procurement for innovation policy strategies at the eu level and in a range of european countries it then defines the concept of public procurement and embeds this concept within a taxonomy of innovation policies the rationales and justifications of public procurement policies to spur innovation are discussed followed by a consideration of the challenges and potential pitfalls as well as appropriate institutional arrangements and strategies including some recent empirical examples of good practice it concludes by confronting the public procurement approach with two of the most common objections to it and by considering future prospects

costly search and mutual fund flows this paper studies the flows of funds into and out of equity mutual funds consumers base their fund purchase decisions on prior performance information but do so asymmetrically investing disproportionately more in funds that performed very well the prior period search costs seem to be an important determinant of fund flows high performance appears to be most salient for funds that exert higher marketing effort as measured by higher fees flows are directly related to the size of the fund s complex as well as the current media attention received by the fund which lower consumers search costs

policy review section in this policy review section gerry stoker of the institute of local government studies presents a critical review of the role of urban development corporations udcs in comparing the experience of the udcs consideration is given to the varying nature of the land and property market in each udc area to the relationship with local authorities and other local bodies and the regeneration strategies pursued by the udcs this is followed by an assessment of the impact of the udcs in economic social and political terms in the second article john britton of the university of toronto examines the theoretical case for interventionist public policies to assist the innovation process in small and medium sized enterprises these arguments are supported by a review of the experience of various national support programmes introduced in the uk in particular the manufacturing advisory service introduced in 1978 and the design advisory service launched in 1982

sectoral patterns of technical change towards a taxonomy and a theory abstract the purpose of the paper is to describe and explain sectoral patterns of technical change as revealed by data on about 2000 significant innovations in britain since 1945 most technological knowledge turns out not to be information that is generally applicable and easily reproducible but specific to firms and applications cumulative in development and varied amongst sectors in source and direction innovating firms principally in electronics and chemicals are relatively big and they develop innovations over a wide range of specific product groups within their principal sector but relatively few outside firms principally in mechanical and instrument engineering are relatively small and specialised and they exist in symbiosis with large firms in scale intensive sectors like metal manufacture and vehicles who make a significant contribution to their own process technology in textile firms on the other hand most process innovations come from suppliers these characteristics and variations can be classified in a three part taxonomy based on firms 1 supplier dominated 2 production intensive 3 science based they can be explained by sources of technology requirements of users and possibilities for appropriation this explanation has implications for our understanding of the sources and directions of technical change firms diversification behaviour the dynamic relationship between technology and industrial structure and the formation of technological skills and advantages at the level of the firm the region and the country

window dressing by pension fund managers this paper takes a first look at investment strategies of managers of 769 pension funds with total assets of 129 billion at the end of 1989 the data show that managers of these funds tend to oversell stocks that have performed poorly relative sales of losers accelerate in the fourth quarter when funds portfolios are closely examined by the sponsors this result supports the view that fund managers window dress their portfolios to impress sponsors and suggests that managers are evaluated on their individual stock selections and not just aggregate portfolio performance this abstract was borrowed from another version of this item

the impact of carbon emissions trading on the directed technical change in china abstract this paper focuses on whether carbon emissions trading cet has different impacts on the heterogeneous low carbon innovation and how cet affects the direction of technical change taking six cet pilot regions in china as research objectives we set two types of technology as the clean and the gray with cpc y02 patent codes and use the synthetic control method scm in quasi natural experiment moreover this paper analyzes how cet moderates the effects of other three factors that is control and command environment regulation foreign capital inflow and industry structure with different innovations the results show that the effects of cet on the direction of technical change are different across regions cet successfully induces technical change to the clean direction and restrains the gray direction in beijing and shanghai while promoting both innovations in tianjin and hubei only intensifying the gray in guangdong and chongqing these results indicate cet has a significant impact on both innovations but its impact on the direction of technical change seems to be neutral depending more on the balance between the new regulation and existing dependence on technological path in each region further research finds that cet amplifies the positive effect of industry structure upgrading on both kinds of innovations but the response of the clean is more sensitive than that of the gray moreover foreign capital inflow can promote the clean in the current period and inhibit the gray with lags and the significant interaction between cet and foreign capital inflow can not be found however the policy mixed cet with control and command regulation leads to more gray innovation the further analyses imply that cet can be a useful instrument leading to the right direction of technical change under certain backgrounds where industry structure is upgrading more open for foreign investment with less control and command regulations

technology policy and global warming why new policy models are needed or why putting new wine in old bottles won t work in recent years the threat of global climate change has come to be seen as one of the most serious confronting humanity to meet this challenge will require the development of new technologies and the substantial improvement of existing ones as well as ensuring their prompt and widespread deployment some have argued that the urgency of the situation requires a manhattan project or an apollo program this paper examines why such a policy model is inappropriate arguing that the nature of the policy context for confronting climate change necessitates a different kind of technology policy than that for building an atomic bomb or for achieving a manned lunar landing instead it seeks to draw lessons from three sectors that seem to be more pertinent and where government technological development and deployment programs have been pursued with some success in the united states namely agriculture biomedical research and information technology it compares and contrasts these with the policies pursued with regard to the first two of these sectors in the united kingdom the paper concludes by drawing out the implications for the design of policies supporting technological development and innovation to address the problem of global climate change

new technology and regional development in austerity britain the case of the semiconductor industry cooke p morgan k and jackson d 1984 new technology and regional development in austerity britain the case of the semiconductor industry reg studies 18 277 289 britain s poor economic performance is partly a reflection of low levels of investment in new technology and a consequent failure to innovate in many sectors recent government policies have sought to shift industrial expenditure priorities towards stimulating innovation regional aid is one heading under which such recomposition is being effected it has been used in parallel with specific sectoral aids to establish an indigenous semiconductor production presence in britain however there is evidence that foreign firms have taken advantage of such aid to establish production rather than innovation facilities

optimal stock trading with personal taxes implications for prices and the abnormal january returns abstract the tax law confers upon the investor a timing option to realize capital losses and defer capital gains with the tax rate on long term gains and losses being about half the short term rate the law provides a second timing option to realize losses short term and gains long term if at all our theory and simulation over the 1962 1977 period establish that taxable investors should realize long term gains in high variance stocks and repurchase stock in order to realize potential future losses short term tax trading does not explain the small firm anomaly but predicts a seasonal pattern in trading volume which maps into a seasonal pattern in stock prices the january anomaly only if investors are irrational or ignorant of the price seasonality

evidence on tax motivated securities trading behavior tax loss selling by investors in common stocks near the end of calendar years has been proposed as an explanation for the turn of the year effect in stock returns past analyses of this hypothesis have relied on inferential data we provide here some direct data from a compilation of over 80 000 actual common stock investment round trips by a sample of 3000 individual investors we find strong evidence of a concentration of loss taking trades late in the year and milder evidence of a concentration just prior to the dates when investments become eligible for long term tax treatment the question as to whether and in what manner the impostion of a tax on realized capital gains affects the securities trading behavior of investors who are subject to the tax has been a longstanding topic of research in the financial ecomonics literature the original attention devoted to the matter was motivated primarily by a concern about resource allocation and federal tax revenue consequences and was directed toward the phenomenon of what has been termed the lock in effect of a gains tax that issue has remained an important public policy one and continues today as part of the ongoing debate about appropriate strategies for reducing the federal budget deficit particular additional interest in the topic has emerged in recent years however because securities transactions undertaken systematically for tax reasons have also been proposed as part of the explanation for certain observed anomalies in historical common stock returns most prominently the well documented turn of the year effect our purpose here is to provide some new evidence that decisions by investors as to the timing of the realization of capital gains and losses from their common stock investments are significantly affected by tax considerations this evidence indicates that a difference in the tax rates applicable to realizations classified as short and long term influences the timing of individual investors trades and further that there is a clear tendency for trades by individuals which give rise to losses to be concentrated near the end of calendar which for them are also tax years while we cannot conclude that

portfolio disclosures and year end price shifts commercial paper sells at an extra discount if it matures in the next calendar year but treasury bills do not the discount is apparent in downward price shifts before the year end and upward price shifts at the turn of the year that are significantly correlated with the simultaneous returns to small stocks and that cannot reflect tax loss selling cross sectional and time series tests on prices as well as flow of funds evidence on trades by institutional investors indicate that both the debt and equity patterns reflect agency problems related to portfolio disclosures financial research has brought considerable analysis to bear on the turn of the year in the equity market but not the money market extant literature starting with keim and stambaugh 1986 reports similarities between equity market and money market price shifts in january but has not examined time series and cross sections of money market prices at the high resolution common in studies of the equity market repeating tests from the equity literature on money market prices this article finds a more precise and robust characterization of the price shifts this characterization combined with observations of year end shifts in money market holdings supports the view that intermediaries move prices with strategic responses to portfolio disclosures the main empirical result is that commercial paper pays a higher yield if it matures across the end of the year that is it imputes a forward premium for the holding period from the last trading day of one year to the first trading day of the next this premium is even higher for issues with more default risk and longer maturity as measured at the end of the year and has a substantial impact on yield spreads i argue that the forward premium reflects an abnormally high market price for bearing risk across the year end and that this high price reflects the disutility to intermediaries of showing risky portfolios to claimholders or regulators the connection between portfolio disclosures and price shifts was proposed by haugen and lakonishok hl 1988 as an explanation of the equity market january effect as originally documented by keim 1983 with monthly data

are individual investors tax savvy evidence from retail and discount brokerage accounts using brokerage account data we analyze the tax awareness of individual investors we find strong evidence that taxes matter investors prefer to locate bonds and mutual funds in retirement accounts and in december harvest stock losses in their taxable accounts however investors also trade actively in their taxable accounts realize gains more frequently than losses and locate a material portion of their bonds in taxable accounts though taxes leave clear footprints in the data we analyze many investors could improve their after tax performance by fully capitalizing on the tax avoidance strategies available to equities while optimally locating their assets

the green factor in european manufacturing a case study of the spanish ceramic tile industry this paper analyses how environmental issues have affected and are continuing to affect the evolution of european manufacturing industries based on the example of the spanish ceramic tile industry scti 1 the ceramic tile industry cti 2 in europe became very competitive and innovative in the early 1990s with the italian and the spanish sectors which are cluster based becoming world leaders however since 2008 this leadership position is being eroded we provide an in depth analysis of the scti focusing on the influence of new european environmental regulations the cti has a major impact on the environment and has been the focus of environmental regulations we also consider the innovation system and socioeconomic effects of the industry in order to analyse the relationship between the environmental issues and innovation the empirical part of the paper builds on research on scti including the industry value chain and the innovation system and how it functions we take account of the views of industry experts on the scti innovation system its environmental impact and the constraints on the sector current research at the local level suggests that the environmental impacts of the industry are outweighed by its huge contribution to socioeconomic wellbeing the transition from national environmental legal frameworks towards eu wide regulation has had a clear effect on both the strategic goals and the management of the industry and the new regulation combined with a more complex international economic scenario is jeopardizing european manufacturing industries this applies especially to traditional industries the case study demonstrates that the capacity of the scti to adapt to new scenarios will be vital for its future survival and success

semiconductors scotland and the international division of labour the paper seeks to analyse the semiconductor industry in scotland in relation to the international division of labour of which it is a part it does this by theorising the emergence and subsequent development of the industry both within scotland and in terms of its structural connections with american semiconductor production in the usa and southeast asia in this context the paper explores some of the social and spatial implications of the industry s development in silicon glen the paper concludes with a number of comments on the significance of the semiconductor industry in scotland for analyses informed by the international division of labour perspective

agglomeration economies among high technology firms in advanced production areas the case of denver boulder lyons d 1995 agglomeration economies among high technology firms in advanced production areas the case of denver boulder reg studies 29 265 278 research on the agglomeration economies generated by high technology industry has tended to focus on either core high technology areas or fabrication clusters this paper directs attention to intermediate or advanced production areas through an investigation of the agglomeration advantages generated by high technology firms in the denver boulder region the results suggest that advanced production areas are characterized by relatively robust and innovative high technology sectors with significant agglomeration advantages derived from the division of labour new firm formation and to a lesser extent local forward and backward linkages although small firms account for the majority of firms in the denver boulder area a small number of large firms are crucial to the future economic health of the area lyons d 1995 les economies d agglomeration des entre

institutions and individuals at the turn of the year this article evaluates the tax loss selling hypothesis against the window dressing hypothesis as explanations for turn of the year anomalies we examine differences between securities dominated by individual investors versus those dominated by institutional investors and find that the effect is more pervasive in the former controlling for capitalization we find that in early january late december stocks with greater individual investor interest outperform underperform stocks with greater institutional investor interest these results hold for both stocks that previously appreciated in value and stocks that previously depreciated in value the results are most consistent with the tax loss selling hypothesis as an explanation for the turn of the year effect

a tale of two market failures technology and environmental policy abstract market failures associated with environmental pollution interact with market failures associated with the innovation and diffusion of new technologies these combined market failures provide a strong rationale for a portfolio of public policies that foster emissions reduction as well as the development and adoption of environmentally beneficial technology both theory and empirical evidence suggest that the rate and direction of technological advance is influenced by market and regulatory incentives and can be cost effectively harnessed through the use of economic incentive based policy in the presence of weak or nonexistent environmental policies investments in the development and diffusion of new environmentally beneficial technologies are very likely to be less than would be socially desirable positive knowledge and adoption spillovers and information problems can further weaken innovation incentives while environmental technology policy is fraught with difficulties a long term view suggests a strategy of experimenting with policy approaches and systematically evaluating their success

factors governing the development of high tech industry agglomerations a tale of three cities glasmeier a 1988 factors governing the development of high tech industry agglomerations a tale of three cities reg studies 22 287 301 high tech industries are thought to precipitate structural change in local economies through the creation of backward and forward linkages and new firm spinoffs case studies of high tech firms and products indicate interindustry linkage development is closely associated with product type and organizational structure of firms three product configurations one of a kind customized and standardized generate differing levels of linkage and spinoff potential firms producing customized products with highly variable input structures and established subcontracting relationships are more amenable to linkage and spinoff creation than firms producing one of a kind or standardized products the potential for linked industry development is further diluted because the spatial expansion path of high tech firms has been through the creation of technical branch plants which a

can tax loss selling explain the january seasonal in stock returns this paper analyzes the tax loss selling hypothesis as an explanation of the january seasonal in stock returns and argues that rational tax loss selling implies little relation between the january seasonal and the long term loss empirical results show that the january seasonal is as strongly related to the long term loss as it is to the short term loss the evidence is inconsistent with a model that explains the january seasonal by optimal tax trading

reap what you sow agricultural technology urbanization and structural change abstract this paper studies how productivity enhancing agricultural technology affects urbanization by provoking structural change we investigate these issues using a natural experiment in the united states the results show that technologies which improve crop productivity lead to a less urbanized economy as economic activity relocates from manufacturing and services towards agriculture the effects are highly persistent and are driven by the technology increasing agricultural labor demand our findings highlight the potentially unintended disruptive force of innovative technologies

year end tax induced sales and stock market seasonality the paper relates two phenomena in the stock market the high return during the month of january and the apparent existence of widespread sales of stocks for tax purposes towards the end of the fiscal year the findings suggest that due to the taxinduced sales the price of many stocks over the last 35 years was temporarily depressed in december but recovered in the following january this price recovery is a major contributor to the high returns observed in january the tax effect is present in firms of all sizes but much more pronounced for small firms the analysis also indicates that a more precise identification of the tax switch candidates may prove that the taxinduced sales are in fact the sole contributor to the high january s returns the issue of seasonality in the stock market has attracted the attention of researchers for some time rozeff and kinney 13 present evidence of seasonality in the market index with the months of january and july having a peak return the seasonal movements in the average return in the market could not be fully accounted for by a corresponding seasonal pattern in the market risk they offer three explanations to this phenomenon tax induced sales release of accounting information and seasonal demand for cash the first explanation has received some support from recent research dyl 4 studied the effects of capital gain taxes on trading volumes of common stocks and concluded that capital gain taxes affect investors year end portfolio decisions and that this effect is in turn reflected in the trading volumes of common stocks in december p 174 mcenally 10 and branch 2 studied the effects of the tax induced trading on securities return and found that depressed stocks at the end of the year are likely to bounce back immediately after year end the existence of a pronounced seasonal behavior in the market might suggest some form of market inefficiency a strategy under which stocks are bought towards the end of the year and sold at the beginning of the following year might yield an abnormal return despite the seasonal behavior of stock returns it would be indeed surprising if this regularity which has not gone unnoticed by the financial community could be exploited to bring a risk adjusted excess return the objective of this paper is to examine jointly the two phenomena tax

creating change through pilot and demonstration projects towards a valuation policy approach abstract beyond r d and competitiveness theories of innovation various conceptual broadenings have recently been proposed to tackle the complex multidimensional and multi level dynamics of innovation at stake in the transformation of the economy and society towards new sustainable development regimes this paper proposes a reading of these conceptual broadenings as a matter of valuation in line with pragmatic theories of socio economic value and market construction it is argued that value creation is not the result or byproduct of innovation in contrast to traditional regulation and r d policies which confine themselves to framing innovation valuation policies are endogenous triggers of the transformation of a value regime value creation is about inquiring into new values in society translating them into social and technological solutions and making them valuable in markets in this perspective pilot and demonstration p d projects in current transition policies can be interpreted as fundamental inceptions of new values that are not predetermined by innovation but actuated through complex processes of value co creation in society and markets and which engage policies as agents of change by focusing on the purpose behind the sustainability transition rather than the factors that contribute to it a valuation policy approach offers new insights for future research and policy

portfolios in disguise window dressing in bond fund holdings abstract this paper builds on the limited body of research on window dressing by bond mutual funds our monthly bias free sample allows us to undertake a more comprehensive study than is possible with the quarterly data traditionally employed in otherwise similar studies we test window dressing in a straightforward manner using monthly undisclosed portfolios which makes it possible to compare changes in public debt allocations around quarterly disclosures our results support the hypothesis that window dressing patterns vary with market conditions we also conduct thorough tests that indicate the significant influence of fund size on window dressing individual analyses provide evidence that this cosmetic practice is not a widespread behaviour in the spanish bond fund industry

the verticality of policy mixes for sustainability transitions a case study of solar water heating in china abstract climate change and sustainable development are the defining challenges of the modern era the field of sustainability transitions seeks systematic solutions for fundamental transformations of socio technical systems towards sustainability and exploring the role of policy mixes has been a central research agenda within the field in the extant literature there exists a lack of both conceptual and empirical research on the vertical dimension of policy mixes for sustainability transitions this study provides a multilevel and evolutionary interpretation of the vertical interactions of policy mixes in the process of industrial path development towards sustainability transitions an exemplary case of solar water heating swh technology in shandong province in china is presented capturing both the bottom up and top down processes of interactions on the one hand urban level policy initiatives can inform higher level policymaking on the other hand national level priorities can greatly configure policy strategies for lower level governments moreover as the industry matures the interactions of multilevel policy mixes evolve from simpler unidirectional patterns to more complex bidirectional ones through a vertical policy learning feedback mechanism this study generates two important policy implications that extend beyond the chinese context first dynamic vertical interactions between multilevel governments indicate the need to develop more nuanced perspectives on the design of policy mixes second policy makers need to hold a more dynamic view of policy mixes by recognizing their temporal and coevolutionary nature through the policy learning process

the governance of sustainable socio technical transitions a quasi evolutionary model of socio technical transitions is described in which regimes face selection pressures continuously differentiated transition contexts determine the form and direction of regime change in response to these pressures the articulation of pressures and the degree to which responses are coordinated and based on resources available within the regime define the transition context four alternative contexts are described endogenous renewal re orientation of trajectories emergent transformation and purposive transitions agency and power in the governance of regime transformation are analysed power to affect change depends on regime membership the distribution of resources for change and expectations

the market failure and the systemic failure rationales in technological innovation systems abstract in this paper we analyse the conceptual relationship between the market failure rationale and the systemic failure rationale as justifications for policy intervention within an innovation systems is analytical framework current policy analyses in the is literature are characterised by two contrasting theoretical positions regarding the way in which both rationales are conceptually interrelated in one strand of the literature the market failure rationale is considered as a valid although insufficient justification for policy intervention that therefore needs to be complemented by the arguments put forward by the systemic failure rationale this perspective implicitly presents the systemic failure framework as a more general approach than the market failure perspective on the other hand a number of is policy contributions explicitly reject the market failure approach and consider it a flawed argument for government intervention in this theoretical view the systemic failure approach is thus proposed as a more appropriate alternative innovation policy rationale despite their relevance as the theoretical bases that currently underpin actual innovation policy design an analysis of the robustness and conceptual coherence of these contrasting perspectives has not been provided so far in this work we set the analytical steps we deem required for this analysis and investigate under which premises the relationship between the market failure and the system failure rationales proposed by these two policy perspectives is valid from a theoretical point of view

frame envy in energy policy ideology a social constructivist framework for wicked energy problems abstract this article deals with the nexus between energy policymaking and ideology the article builds and expands upon a theoretical social constructivist analytical strategy or framework put forth for the purposes of conducting energy policy analysis it then addresses criticism that this strategy constitutes postmodern mush that has no place in energy analysis before concluding with a review of why social constructivism has a significant role to play in building consensus and enhancing understanding between competing energy policy perspectives the main contribution made by this paper stems from application of this ontological construct to the analysis of policies targeting wicked energy problems the study cuts to the core about how energy problems are defined interpreted communicated planned for and potentially implemented via policy put another way our study offers a timely critique or a call for reconceptualizing the process and practice of energy policy itself

the changing urban and regional system in the united kingdom cooke p 1986 the changing urban and regional system in the united kingdom reg studies 30 243 251 the uk space economy has been subject to important structural shifts of late the north has a disproportionately large amount of old capital stock and associated industry and labour shedding in response to international competition has been massive the south is increasingly the location for newer more buoyant economic activity but there are localities within each area which do not conform to the stereotype research on localities enables the finer grained impact of economic restructuring to be more clearly understood preliminary findings from a representative set of seven uk localities suggest that significant change is taking place in the structure of local labour markets the organization of work local social structure politics and policies being pursued locally many of the processes characterizing spatial development in the 1960s and 1970s such as decentralization in manufacturing services

elements of a schumpeterian catalytic research and innovation policy in this article we take a fresh look at research and innovation r i hereinafter policy and define a new notion schumpeterian catalytic r i policy such policy style amends and enriches the new mission oriented framework for innovation policy by assigning more weight to the microeconomic dimension of private actors actions and by being more concerned with the temporary nature of interventions we relate our argument to recent empirical trends in productivity dynamics and innovative activities these suggest that an innovation slowdown is taking place and consequently that a renewed interest in the re direction rather than on the intensity of innovative activities is key to the design of r i policy capable to tackle current challenges we use the evidence to build a schematic theoretical framework to inform policy design and we outlined the defining features of our proposed policy style

tax efficient trading of municipal bonds the author proposes a dynamic strategy to optimize the after tax performance of a municipal bond portfolio this study extends previous work on one time tax loss selling he considers a potential tax driven trading opportunity as an option with quantifiable value acquired automatically and without cost in a taxable account within this formulation selling a bond and reinvesting in another also entails the swap of the associated tax options when considering the value of the tax option acquired upon reinvestment the time to optimum execution is drastically reduced in comparison to one time selling the author assumes that the choice of reinvestment bonds maintains the same interest rate exposure as that from before the sale

policy mixes for sustainability transitions an extended concept and framework for analysis reaching a better understanding of the policies and politics of transitions presents a main agenda item in the emerging field of sustainability transitions one important requirement for these transitions such as the move towards a decarbonized energy system is the redirection and acceleration of technological change for which policies play a key role in this regard several studies have argued for the need to combine different policy instruments in so called policy mixes however existing policy mix studies often fall short of reflecting the complexity and dynamics of actual policy mixes the underlying politics and the evaluation of their impacts in this paper we take a first step towards an extended interdisciplinary policy mix concept based on a review of the bodies of literature on innovation studies environmental economics and policy analysis the concept introduces a clear terminology and consists of the three building blocks elements policy processes and characteristics which can be delineated by several dimensions based on this we discuss its application as analytical framework for empirical studies analyzing the impact of the policy mix on technological change throughout the paper we illustrate the proposed concept by using the example of the policy mix for fostering the transition of the german energy system to renewable power generation technologies finally we derive policy implications and suggest avenues for future research

volume for winners and losers taxation and other motives for stock trading capital gains taxes create incentives to trade our major finding is that turnover is higher for winners stocks the prices of which have increased than for losers which is not consistent with the tax prediction however the turnover in december and january is evidence of tax motivated trading there is a relatively high turnover for losers in december and for winners in january we conclude that taxes influence turnover but other motives for trading are more important we were unable to find evidence that changing the length of the holding period required to qualify for long term capital gains treatment affected turnover investors responding to the tax incentives in the capital gains laws should produce predictable patterns in the volume of trading in a stock but not necessarily in its price this study uses past price patterns as a proxy to measure the incentives to sell or avoid selling a stock and observes trading volumes to estimate the extent to which investors respond to these incentives past price patterns may influence trading volumes for other non tax related reasons as well these are also considered we find that past prices influence current incentives to trade through both tax and non tax motives winners tend to have higher abnormal volumes than losers this would be expected if non tax related motives were predominant however the influence of tax related motives on trading volume is shown by seasonal variations in the relationship between past price changes and turnover as predicted by tax induced trading theories the volume of losers is higher than normal in december and the volume of winners is higher than normal in january we found no evidence that trading volume was affected by changes in the length of the holding period required to qualify for long term capital gains investors reactions to capital gains taxes are important for several reasons first a comprehensive understanding of investor behavior would include both price and volume understanding the relationship between taxes and volume is a fruitful and convenient method of contributing to this subject the resource allocation consequences of capital gains taxes are controversial in part because

the volatility of offshore investment abstract offshore investment often bears the image of footloose industry with little to hinder movement to the most favorable environment an effort to describe this particular segment of u s direct investment supports some elements of the colorful anecdotal portrait painted by critics in the third world semiconductor assemblers are moderately sensitive to wage rates and adjust quite rapidly in maintaining what they perceive as a diversified portfolio of risky ldc production locations on the other hand this reaction is small enough to guarantee that modest increases in wages will not send all investment fleeing from an export platform new methods of modelling direct foreign investment when risk diversification is important in explaining industrial location decisions are introduced in this paper

mobilizing private finance for low carbon innovation a systematic review of barriers and solutions this paper analyses the field of innovation studies regarding barriers to low carbon innovation and consequences for finance investment and divestment and contributes to a more holistic understanding of the underlying mechanisms a combination of technological barriers combined with economic barriers institutional and political barriers contribute to sub optimal low carbon investment all along the innovation cycle policy makers need to take a systemic approach to enable the redirection of diverse private financial sources instruments range from cutting dirty r d subsidies and support for clean technology innovation and diffusion levelling the institutional playing field and making risks of high carbon and low carbon technologies transparent to providing a consistent but adaptive long term transition strategy this would allow financiers to gradually shift their investments away from high carbon mainstream markets and scale low carbon technology niche markets however financiers also need to sharpen their competencies with regard to new clean technologies and markets

from government to market and from producer to consumer transition of policy mix towards clean mobility in china abstract this paper proposes a new typology that classifies innovation policy instruments into two dimensions government selection versus market selection and producer orientation versus consumer orientation such a typology articulates the importance of consumer behavior in the policy design for a transition and the relevance for the market to select target subjects of policy during the deployment stage of clean technology innovation we apply this typology to policy instruments of china s new energy vehicle nev industry between 1991 and 2015 in order to explain the industry s rapid growth the focus of china s policy mix has transited from government selection to market selection and from producer orientation to consumer orientation other than the new typology this paper traces the entire history of policy transition within china s nev industry and finds the transition to be a result of policy learning thus contributing to future empirical studies of this industry

flip flopping from primaries to general elections abstract i consider a model in which candidates must win a primary election to compete in the general election candidates may choose different policies in the primary and the general election but doing so results in accusations of flip flopping i show that candidates adopt extreme policies in the primaries but then try to move closer to the center for the general election even though primary voters are forward looking and anticipate this policy moderation the extent to which candidates move closer to the center is constrained by flip flopping costs and candidates choose divergent policies in the general election i obtain comparative statics results on candidate policy choices in terms of voter preferences

costly arbitrage evidence from closed end funds arbitrage costs lead to large deviations of prices from fundamentals using a sample of closed end funds i find that the market value of a fund is more likely to deviate from the value of its assets 1 for funds with portfolios that are difficult to replicate 2 for funds that pay out smaller dividends 3 for funds with lower market values and 4 when interest rates are high these factors are related to the magnitude of the deviation as opposed to the direction i e whether discount or premium and explain a quarter of cross sectional mispricing variation these findings are consistent with noise trader models of asset pricing

portfolio rebalancing and the turn of the year effect this paper finds that for the 1935 1986 period the market s risk return relation does not have a january seasonal the findings differ from those of other studies due to the use of value weighted rather than equally weighted portfolios inferences are sensitive to the weighting procedure because of the small firm return patterns in january in particular even in those januaries for which the market return is negative small firm returns are positive and they are more positive the higher is beta this is consistent with the portfolio rebalancing explanation of the turn of the year effect since at least 1926 the average return on small firms in january has been unusually high a phenomenon known as the turn of the year effect in this paper we present new evidence regarding the risk return characteristics of small firms in january we find that for small firms there is a positively sloped riskreturn relation in both up and down markets this pattern is difficult to reconcile with the belief that the high return on small firms in january is equilibrium compensation for risk bearing we show how these patterns in small firms returns have led others to conclude that the market s risk return relation has a january seasonal in particular rozeff and kinney 21 and tinic and west 22 23 among others using equally weighted portfolios formed on the basis of historical betas have found a steeper slope for the capm s risk return relation in january than in other months we demonstrate that this pattern exists only for small firms consequently statistical inferences about the risk return relation are heavily dependent upon whether equally weighted or value weighted portfolio returns are used in the estimation we show that for 1935 86 when monthly cross sectional regressions are estimated using value weighted portfolio returns there is no more of a statistically significant difference in the estimated return to risk bearing in january than in the other eleven months of the year the notion that there is a january seasonal in the capm s risk return relation for the us has rapidly become accepted knowledge for example corhay hawawini and michel 6 accept this conclusion and investigate whether other

legitimizing research technology and innovation policies for transformative change combining insights from innovation systems and multi level perspective in a comprehensive failures framework abstract the recent policy debates about orientating research technology and innovation policy towards societal challenges rather than economic growth objectives only call for new lines of argumentation to systematically legitimize policy interventions while the multi level perspective on long term transitions has attracted quite some interest over the past years as a framework for dealing with long term processes of transformative change but the innovation systems approach is still the dominant perspective for devising innovation policy innovation systems approaches stress the importance of improving innovation capabilities of firms and the institutional settings to support them but they are less suited for dealing with the strategic challenges of transforming systems of innovation production and consumption and thus with long term challenges such as climate change or resource depletion it is therefore suggested to consider insights from transition studies more prominently in a policy framework that is based on the innovation systems approach and the associated notion of failures we propose a comprehensive framework that allows legitimizing and devising policies for transformative change that draws on a combination of market failures structural system failures and transformational system failures

cash flows accruals and future returns this study explored the accrual anomaly the study is unique because it analyzed originally reported unrestated quarterly data for 1991 through the first quarter of 2004 to calculate accruals and used u s sec filing dates to identify the day on which investors first obtained information about accruals the study found that the accrual anomaly exists for quarterly accruals as has been found for annual accruals future quarterly earnings were found to be more highly associated with current net operating cash flows than with accruals because accruals have less persistence than cash flows companies with extremely high low current quarterly accruals have significant and negative positive abnormal returns through the subsequent four quarters

lock in of mature innovation systems the transformation toward clean concrete in the netherlands energy intensive processing industries like the concrete industry form the base of the economy and account for a large part of global greenhouse gas emissions sectoral transformation to cleaner basic materials is therefore crucial and institutional pressure to do so is increasing however socio technical studies have not sufficiently addressed these sectors this paper therefore sets out to analyze the systemic problems that inhibit the transformation of the mature innovation system of the concrete sector toward the development and diffusion of clean concrete innovations for the case of the netherlands a structural functional approach has been frequently applied to identify such systemic problems but has been limited to emerging technological innovation systems consequently the approach tends to overlook the systemic lock in that arises from closed cycles of interdependent systemic problems and vested interests that characterize mature innovation systems and that hamper system transformation this paper analyzes these characteristics to extend the application of the structural functional approach to the transformation of mature innovation systems interviews with 28 stakeholders were conducted and triangulated with reports websites and other documents a list of systemic problems was identified that originate within actors institutions networks technology and infrastructure and that impaired the performance of all system functions except knowledge development systemic problems are indeed found to be sustained through systemic lock in i e closed cycles of interdependent systemic problems through strategic often collective action established firms with vested interests were able to reinforce these interdependent systemic problems to inhibit clean concrete innovation the study concludes that systemic lock in inhibits the sustainability transformation of the mature innovation system of concrete in the netherlands and confirms that the application of the structural functional approach can be extended from emerging to mature innovation systems overcoming systemic lock in requires a series of well coordinated policy measures that should be implemented in a specific order to prevent reverting back to the lock in around the original system configuration

technology and regional policy a case study of northern ireland the importance of technical change through the innovative activity of industry has received a lot of attention in the regional economic literature regional policy has now begun to reflect the changing emphasis in the recent literature and especially the key role of inventive activity in achieving long run self sustaining regional growth this paper concentrates on research activities in terms of inventive inputs r d and innovative outputs especially patented innovations in general the results suggest that there is a low level of technological activity in northern ireland especially in industries that are characterized as being technologically advanced this is partly because external ownership reduces r d activity which in turn reduces innovation outputs but there is also a problem in that companies in northern ireland are relatively unsuccessful at producing new products and processes of the type and quality required in the market place the availability of government sponsored r d grants s

investment decisions depend on portfolio disclosures a weekly database of retail money fund portfolio statistics is uneconomical for retail investors to observe so it allows direct comparison of disclosed and undisclosed portfolios this makes possible a more direct and unambiguous test for window dressing than elsewhere in the literature the analysis shows that funds allocating between government and private issues hold more in government issues around disclosures than at other times consistent with the theory that intermediaries prefer to disclose safer portfolios cross sectional comparisons locate the most intense rebalancing in the worst recent performers money managers are typically required to disclose their portfolios on prearranged dates whether investors receive new information depends on whether managers are influenced by the disclosure requirement managers can ignore the disclosure schedule when they invest in which case the disclosed portfolios will be unbiased albeit noisy estimates of their investing strategies alternatively they can plan their investing around the schedule by moving briefly into and out of the portfolios they prefer to disclose thereby reducing or destroying the power of the disclosures to reveal anything meaningful the goal of this paper is to establish which scenario best describes the behavior of money market mutual fund managers the idea that portfolio weights interact with disclosure dates surfaces now and again in the academic and trade literature surviving on circumstantial evidence rather than direct observation the odd behavior of asset prices around common disclosure dates particularly the end of the year comprises

the semiconductor industry in south east asia organization location and the international division of labour 1 scott a j 1987 the semiconductor industry in south east asia organization location and the international division of labour reg studies 21 143 160 the paper deals with the functional and geographical organization of the semiconductor industry in south east asia the discussion opens with a broad description of the growth of us owned assembly plants in the region this is followed by an account of the current geographical distribution in south east asia of 1 us owned assembly plants 2 locally owned diffusion facilities and 3 locally owned subcontract assembly houses the internal functional characteristics of assembly plants are examined it is then shown that there is an emerging international division of labour in the semiconductor industry within south east asia the growth of localized semiconductor production complexes is analysed the theory of the new international division of labour is briefly reconsidered in the light of all this scott a j 1987 l industrie des semi conducte

the changing global geography of low technology labor intensive industry clothing footwear and furniture summary a basic approach to the geographic investigation of low technology labor intensive industries is sketched out by invoking notions of industrial organization locational agglomeration and spatial divisions of labor the distribution of the clothing footwear and furniture industries across the contemporary world is described on the basis of detailed published statistics special emphasis is accorded to similarities and contrasts in the geography of production between more developed and less developed countries i show that no matter what the level of development agglomeration tends to be a pervasive though not universal feature of these three industries global trading patterns in the three industries are subjected to extended investigation i examine international flows of finished products as well as production sharing activities involving various kinds of subcontracting arrangements between high wage and low wage countries i then attempt to demonstrate in theory how spatial agglomeration and international commodity flows function as mutually reinforcing phenomena via the play of increasing returns effects the significance of low wage low technology industries for processes of economic development is also stressed in the conclusion i suggest that the global geography of production is tending more and more to assume the form of a far flung mosaic of competing and collaborating agglomerations at various levels of productive capability and development

us high technology multinationals and silicon glen haug p 1986 us high technology multinationals and silicon glen reg studies 20 103 116 future growth and investment by high technology industries have generated increasing interest in the agglomeration tendencies of high technology firms governments throughout the world are seeking to develop high technology firm concentrations similar to silicon valley in california an area that represents one of the largest high technology industry clusters outside the united states is scotland s silicon glen this article is based on interviews conducted at fourteen us owned manufacturing plants in silicon glen and sets out to 1 define the terms high technology industry and silicon glen 2 summarize research on the origins of silicon valley boston s route 128 silicon fen or the cambridge phenomenon and the m4 corridor near london and 3 present evidence on the location and investment activities of us multinational enterprises in silicon glen the results indicate that the attributes attracting high te

analyzing the functional dynamics of technological innovation systems a scheme of analysis various researchers and policy analysts have made empirical studies of innovation systems in order to understand their current structure and trace their dynamics however policy makers often experience difficulties in extracting practical guidelines from studies of this kind in this paper we operationalize our previous work on a functional approach to analyzing innovation system dynamics into a practical scheme of analysis for policy makers the scheme is based on previous literature and our own experience in developing and applying functional thinking it can be used by policy makers not only to identify the key policy issues but also to set policy goals

high technology industry in the bristol sub region the aerospace defence nexus boddy m and lovering j 1986 high technology industry in the bristol sub region the aerospace defence nexus reg studies 20 217 231 this paper presents a detailed study of high technology industry in the bristol region which comprises an important element of the uk s m4 corridor growth area high technology industry in the region is found to be primarily identified with the aerospace industry in terms of both products process and occupational structure aerospace is central to high technology industry as a whole in terms of sub contracting and purchasing and through its domination of the labour market the origins of the electronics based aerospace sector are traced in the development of the aircraft and guided weapons industries as they related to the bristol sub region in the post war period this indicates the key role of defence related production and ministry of defence procurement to the genesis and continuing importance of the advanced technology sector in the sub region demonstratin

of tournaments and temptations an analysis of managerial incentives in the mutual fund industry we test the hypothesis that when their compensation is linked to relative performance managers of investment portfolios likely to end up as losers will manipulate fund risk differently than those managing portfolios likely to be winners an empirical investigation of the performance of 334 growth oriented mutual funds during 1976 to 1991 demonstrates that mid year losers tend to increase fund volatility in the latter part of an annual assessment period to a greater extent than mid year winners furthermore we show that this effect became stronger as industry growth and investor awareness of fund performance increased over time

creative destruction or mere niche support innovation policy mixes for sustainability transitions recently there has been an increasing interest in policy mixes in innovation studies while it has long been acknowledged that the stimulation of innovation and technological change involves different types of policy instruments how such instruments form policy mixes has only recently become of interest we argue that an area in which policy mixes are particularly important is the field of sustainability transitions transitions imply not only the development of disruptive innovations but also of policies aiming for wider change in socio technical systems we propose that ideally policy mixes for transitions include elements of creative destruction involving both policies aiming for the creation of new and for destabilising the old we develop a novel analytical framework including the two policy mix dimensions creation and destruction by broadening the technological innovation system functions approach and specifically by expanding the concept of motors of innovation to motors of creative destruction we test this framework by analysing low energy policy mixes in finland and the uk we find that both countries have diverse policy mixes to support energy efficiency and reduce energy demand with instruments to cover all functions on the creation side despite the demonstrated need for such policies unsurprisingly destabilising functions are addressed by fewer policies but there are empirical examples of such policies in both countries the concept of motors of creative destruction is introduced to expand innovation and technology policy debates to go beyond policy mixes consisting of technology push and demand pull instruments and to consider a wider range of policy instruments combined in a suitable mix which may contribute to sustainability transitions

competitive strategy and flexible manufacturing new dimensions in high technology venture based economic development abstract the recent proliferation of high technology venture based economic development beyond the well established research centers of santa clara s silicon valley boston s route 128 and carolina s research triangle has raised important questions concerning the demands placed on a facility s location by a modern high technology firm historical arguments promoted the idea that venture capital opportunities intertwined with skilled engineering and professional networks all propelled by the advanced technology spin offs of major research universities and neighboring firms were necessary both to attract and to retain existent high technology enterprises and incubate new start up ventures yet current empirical research suggests that these oft cited infrastructure requirements that fueled the technopoli high technology centers are inadequate in their ability to explain the spatial tendencies and location behavior of modern technologybased enterprises accordingly we argue that in order to more fully understand the economic dynamics of technology development it is important to consider carefully the implications of competitive strategy and recent advances in manufacturing technology utilizing an empirically derived typology of competitive strategy for high technology firms we investigated the linkages between strategy and community infrastructure requirements at both the regional and site specific levels of analysis we also examined the impact of flexible manufacturing technologies on both actual and anticipated location behavior to develop a relevant typology of competitive strategy for high technology ventures we incorporated elements of three important dimensions that frame a corporation s overall strategy manufacturing strategy technology strategy and market strategy using a cluster analytic technique three generic competitive strategy types were established technology mills technology specialists and technology mass producers further statistical analyses indicated that these three strategies had significantly different infrastructure requirements at both the broad community level and the specific site level in addition firms employing more flexible manufacturing technologies appeared to have very different spatial tendencies and were more likely to shift production between various facilities the results of this study have important implications at two levels for high technology economic development strategies and for corporate strategies for the economic development officer or community planner especially those involved with smaller communities without the vast and complex infrastructure of a silicon valley this study suggests that a productive economic development strategy would be one that takes a relatively focused approach these communities should encourage infrastructure development provide appropriate government incentives and establish community marketing plans by targeting firms with competitive strategies that value the type of infrastructure inputs the community can provide for the corporate strategist this study underlies the importance of closely integrating the location decision with the firm s overall competitive strategy matching plant location with strategic thrust is often overlooked by corporations in their misplaced desire to simply find a low cost solution

the presidential politics of climate discourse energy frames policy and political tactics from the 2016 primaries in the united states this study presents the results of an investigation into the frequency in which four candidates of the 2016 united states presidential primary season communicated their political positions on climate change and how they subsequently framed these stances in numerous contextual drivers alongside energy policies a systematic content analysis of political debates campaign speeches and press statements reveals how hillary clinton bernie sanders donald trump and ted cruz undertook in vote seeking behaviour to create distinct stances on energy and climate issues results indicate not only partisan polarization but also that stakeholder dynamics control of communications and communication frequency are inter dependent and reinforcing in generating differing climate positions institutional dynamics exacerbate these logic schisms rather than providing a means of collective decision making we test such climate discourse according to a typology of scientific economic national security and moral frames we also assess how particular frames morph over time and are impacted by exogenous factors such as global climate change negotiations national environmental crises such as the flint water crisis and contestation over stranded assets and fossil fuel divestment we find that political climate discourse must communicate to collective bipartisan interests whilst avoiding politically divisive climate frames

risk and return abstract this paper examines the seasonality in the basic relationship between expected return and risk during 1935 82 the results reveal that the positive relationship between return and risk is unique to january the risk premiums during the remaining eleven months are not significantly different from zero

regularities in the growth of high technology industries in regions abstract this paper aims to identify regularities in the growth of high technology industries in regions or synonymously regional high technology abbreviated as rht hereafter re viewing past studies a number of hypotheses as to what affects the growth of rht are presented and examined by various statistical methods a hypothesis on the self reproductive effect is supported most strongly the relationship of the self reproductive effect with the cumulative advantage effect is discussed as policy implications of the analyses it is advised for local governments 1 to base short term rht policies on the present state of rht or more specifically to expand currently forte fields of ht toward the specialisatin among regions instead of the current trend that every region follows the same rht policy and 2 to maintain or improve intellectual potential in the regions for long term rht policies or more specifically to improve middle education and to form a regional cultural policy rather than costly investment for science technical universities or public r d institutes

deep transitions emergence acceleration stabilization and directionality abstract industrial society has not only led to high levels of wealth and welfare in the western world but also to increasing global ecological degradation and social inequality the socio technical systems that underlay contemporary societies have substantially contributed to these outcomes this paper proposes that these socio technical systems are an expression of a limited number of meta rules that for the past 250 years have driven innovation and hence system evolution in a particular direction thereby constituting the first deep transition meeting the cumulative social and ecological consequences of the overall direction of the first deep transition would require a radical change not only in socio technical systems but also in the meta rules driving their evolution the second deep transition this paper develops a new theoretical framework that aims to explain the emergence acceleration stabilization and directionality of deep transitions it does so through the synthesis of two literatures that have attempted to explain large scale and long term socio technical change the multi level perspective mlp on socio technical transitions and techno economic paradigm tep framework

the effect of holdings data frequency on conclusions about mutual fund behavior abstract a number of articles in financial economics have used quarterly or semi annual mutual fund holdings data to test hypotheses about investment manager behavior this article reexamines four well known hypotheses in finance to determine whether the results of prior tests of these hypotheses remain valid when higher frequency monthly holdings data are employed the areas examined are momentum trading tax motivated trading window dressing and tournament behavior we find that the use of monthly holdings data rather than quarterly holdings data or in the case of tournament behavior holdings data rather than monthly return data change and in some cases reverse previous results this occurs because monthly holdings data capture a large number of trades missed by quarterly data 18 5 of the trades and permit a more precise estimation of the timing of trades

making it experimental in several ways the work of intermediaries in raising the ambition level in local climate initiatives abstract local climate experimentation is a topical issue as cities and rural municipalities are increasingly engaging in various local energy experiments in order to act against climate change there are high expectations toward experimentation among the policy makers funders and local actors intermediary organisations have an important role as facilitators brokers instigators and network builders in low energy and low carbon experiments however there is still limited understanding of exactly what is the work of an innovation intermediary in contributing to local experiments our paper focuses on how intermediaries aggregate lessons and transfer knowledge across experiments we study how the intermediary activities also help in going beyond existing practice and make a difference beyond the experimental context our analysis is based on three empirical case studies in finland smart kalasatama in helsinki skaftkarr in porvoo and hinku with a focus on joint purchase of solar panels our research shows how intermediaries balance diverse demands such as immediate benefits vs radical change or societal learning in order to render local climate initiatives more experimental

evolutionary approaches for sustainable innovation policies from niche to paradigm fostering technological innovation is considered as an important element of policies towards sustainable development in the past 10 years evolutionary policy approaches have been increasingly advocated for several reasons they seem well equipped to underpin sustainable innovation policies they focus on dynamics of change and their drivers they allow for a substantive perspective on technologies beyond mere input output relations taking into account trajectories and different characteristics of innovation and they are able to describe circumstances under which established technologies might persist even when they are to some extent inferior to their new competitors lock in however the policy effectiveness of evolutionary approaches in cases in which radical or systemic changes are involved is not yet proven in this paper we assess the theoretical rationale instrumental aspects and the coping with policy constraints of three evolutionary policy approaches which have also been used in empirical studies strategic niche management transition management and time strategies each approach has its strengths and specific problems and all three have to be further developed and tested out but they hold promise for contributing to non incremental change with economic and environmental benefits by shaping processes of variation selection and retention with the outcomes feeding back into policy they may also be used in other areas in which innovation direction is important for instance health care or food

modes of governance for municipal energy efficiency services the case of led street lighting in germany energy efficiency retrofits are often impeded by high perceived investment risks long payback periods and a lack of skills at the municipal level these issues are particularly pronounced as procuring implementing and managing retrofits can exceed existing municipal governance capacities the diffusion of municipal led street lighting as a replacement for conventional lighting serves as an example this paper argues that technological e g complexity and maturity economic e g selling services vs products and financing costs institutional e g property situation and contracts and competency barriers to retrofitting e g lack of measurement capacity and qualified facilitators translate into transaction costs we develop a taxonomy of appropriate modes of municipal retrofitting governance based on transaction costs economics the findings indicate that more market based solutions energy performance contracts in particular can facilitate the procurement of innovative energy efficiency retrofitting solutions and associated investments among municipalities if neutral tenders open book accounting municipal ownership and intermediary organisations allow municipalities to choose appropriate governance structures for particular technologies and retrofits