A Compensating Differential Approach to Valuing the Social Benefit of Minor League Baseball
This research utilizes a compensating differential framework to measure the social benefits of minor league baseball teams. Consistent with findings at the major league level, individual housing observations from 138 metropolitan areas between 1993 and 2005 show that affiliated teams are associated with a significant 5.7% increase in rents in mid-sized markets ranging from 0.4 to 1.4 million people. On the other hand, independent teams and stadiums are associated with insignificant effects on rents. The positive effect of affiliated minor league teams suggests they are a valuable urban amenity that can contribute to local quality of life. (JEL H23, H41, H71, R50, and L83)
Risk management, along with financial management are the most important trends of the modern corporate governance, the efficiency of those cannot be determined unambiguously. The most common methods of evaluating are the following: cost and value-based approach, KPI’s, rating assessment. This diversity is the result of the versatility of risk management. Despite the prevalence of these approaches to the evaluation of the successfulness of risk management, it should be mentioned that the problem of its comprehensive assessment of the efficiency is unsolved. The basis of the risk management efficiency is the economic impact of its implication, which evaluation methodology is disclosed in this article.
This study is a continuation of Oshchepkov (2010), where it was shown that the rates of return to higher education, obtained by estimating mincer-type wage equations, vary significantly across regions-subjects of the Russian Federation. We try to explain the revealed differences. To this end, we investigate the connection between estimates of the rates of return and different regional characteristics. Our results show that the return to higher education is higher in less attractive regions. It is also positively associated with the rate of unemployment and public sector employment. We did not find significant correlation of the return to higher education with the «stock» of workers with higher education as well as with the level of regional economic development.
In "Soviet sociology as police science," Alexander F. Filippov attempts to examine Soviet sociology of the 1960s and early 1970s in terms of so-called "police science," a system of administrative disciplines that had their heyday in Europe during the second half of the eighteenth century. Unlike Western sociology, which developed as one of the alternatives to police science, sociology in the USSR could not be oriented toward solving fundamental theoretical problems — these remained the focus of ideological work. The main task of Soviet sociology, then, was the search for the best methods for managing an ever-more-complicated society with the ostensible aim of "the common good" (decisions about which were taken by an administration in which citizens had no part). Police surveillance and administrative knowledge (also in essence oriented toward policing) were supposed to complement each other in this state of universal well-being for all.
This paper investigates income convergence among Russian regions between 1998 and 2006. It makes two major contributions to the literature on regional convergence in Russia. First, it identifies spatial regimes using the exploratory spatial data analysis. Second, it examines the impact of spatial effects on the convergence process. Our results show that the overall speed of regional convergence in Russia, being slow by international standards, becomes even slower after controlling for spatial effects. However, when accounting for spatial regimes, we find a strong regional convergence among high-income regions located near other high-income regions. Our results indicate that estimating the speed of convergence using aggregate data may result in misleading conclusions regarding the nature of the convergence process among Russia's regions.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.