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RISS 인기검색어
- 검색키워드
- 저자 : Richard Cebula (검색결과 3 건)
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US Trade and Access to Trade Facilitating Services in Partner Countries: An Empirical Analysis
( Richard J. Cebula ),( Joy Mazumdar ),( Usha Nair Reichert ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2011 Journal of Economic Integration Vol.26 No.3
The issue of liberalization of international trade in services has received considerable attention in recent years. One of the benefits discussed in the literature is the role of services in facilitating goods trade among countries. We test this claim by analyzing the impact of trade in services on manufactured goods exports to the U.S. using data for 30 trading partners for the period 1992-2000. We use Instrumental Variable estimation to control for potential endogeniety. Our analysis also addresses the debates regarding whether services trade and goods trade are substitutes or complements. The answer depends upon whether imported services are used more intensively in the traded goods sector or in the non-traded goods sector. The key empirical results indicate that, on average, aggregate service imports from the U.S. have a significant and positive impact on goods exports to the U.S. in the case of low income nations but not in the case of high income countries. In most cases, the impact is significant and positive for business services, while it is negative and statistically significant in the case of financial services. The latter outcome could be due to a Rybczynski type effect if financial services are used mostly in sectors that do not export to the U.S.
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An Analysis of Withdrawn Shareholder Proposals
Maggie Foley,Richard Cebula,Chulhee Jun,Robert Boylan 한국재무학회 2014 한국재무학회 학술대회 Vol.2014 No.08
In this study we analyze withdrawn shareholder proposals to gain insight into the role of shareholder proposals in the governance of public corporations. A cursory look at the data suggests that unions are the most likely group to withdraw proposals. We focus on the behavior of unions and find that unions often resubmit a shareholder proposal which had garnered significant support in the previous year, only to withdraw the proposal in the second year. Interestingly, about fifty percent of those resubmitted proposals are withdrawn but are not resubmitted in year 3 or later. Our contention is that the proposals were withdrawn in year 2 because the issue was settled in a manner agreeable to the union. Furthermore, our research suggests that unions are more likely to withdraw proposals when the prior years’ appeal is higher, when firms have a record of poor performance, lower insider ownership, or relatively independent boards. This phenomenon suggests that unions submit and withdraw shareholder proposals strategically. We contend that unions use shareholder proposals and the withdrawal of proposals to improve conditions for union workers at the expense of shareholder value.
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Do Lawyers Inhibit Economic Growth? New Evidence from the 50 U.S. States?
James V. Koch,RICHARD J. CEBULA 중앙대학교 경제연구소 2023 Journal of Economic Development Vol.48 No.3
Whether the activities of lawyers might hamper economic growth has been hotly contested over the past three decades. Contradictory conclusions have flowed from evidence that typically has focused on the impact of lawyers on the growth rates of countries. Disputes over definitions and samples that vary among countries have colored portions of these debates. We surmount many of these issues by adopting a 50-state panel covering the period 2005-2018 for the United States and by utilizing widely accepted variables regarding economic activity and who is considered a lawyer. Further, we utilize two distinct measures of the activity of lawyers and find that an increased presence of lawyers reduces per capita real economic growth. Separately, we also find that an increased presence of lawyers reduces the level of per capita real income.
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