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This study analyzes jointly the effects of various types of crises on tourism demand in the 17 territories within Spain and how they affect distinct strands of tourism. Three very different crises are considered: the Great Recession, the Arab Spring, and the COVID‐19 pandemic. This paper proposes an objective classification of the Spanish provinces that considers the importance of tourism activity. The impacts of the crises are analyzed and compared with those obtained from a classification based on the geographical location of the provinces. We carry out the study by estimating dynamic panel data models that incorporate a generalized method of moments (GMM). The results report high significance levels for the persistence, price, and income variables. From a territorial perspective, and with the important exception of inland provinces, there are no significant differences in the variations in tourism demand. In light of these results, policy implications are discussed. [ABSTRACT FROM AUTHOR]

We design an experiment to study gender differences in reactions to editorial decisions on submissions to top economics journals. Respondents read a hypothetical editor's letter where the decision (e.g., revise and resubmit) is randomized across participants. Relative to an R&R, female assistant professors who receive a rejection perceive a significantly lower likelihood of subsequently publishing the paper in any leading journal than comparable male assistant professors. We do not find this gender difference among tenured professors. We consider several mechanisms, pointing to gender differences in attribution of negative feedback to ability and confidence under time constraints as likely explanations. [ABSTRACT FROM AUTHOR]

Persistent performance in venture capital is routinely interpreted as evidence for skill. We present a dynamic model of delegated investment with endogenous fund heterogeneity and deal flow, which generates performance persistence without skill differences and predicts mean reversion in long-term performance. Investors working with multiple funds use contingent payments and tiered contracts to induce proper project nurturing and managerial effort. Successful funds receive continuation contracts that tolerate investment failure and encourage innovation, and subsequently finance entrepreneurs through a path-dependent assortative matching favoring incumbents. Recent empirical findings corroborate the model's general implications, and the economic mechanisms are robust to short-term contracting, endogenous bargaining, and double moral hazard issues. [ABSTRACT FROM AUTHOR]

We investigate the dynamics of observed and target leverage ratios and deviations from the targets. The cross-sectional persistence in leverage ratios is driven by persistent targets, whereas time-series variation is driven by transitory deviations from targets. Consistent with dynamic trade-off theories, persistence is higher when the costs of deviating from targets are lower and when the adjustment costs are higher. Deviations are less persistent for firms that are over-levered and firms that are smaller, younger, or more focused or that have lower credit ratings. In recessions, excess leverage is less persistent for larger firms and is more persistent for smaller firms. [ABSTRACT FROM AUTHOR]

Stratification economics studies the persistence of disparity among population groups defined by ascriptive attributes (e.g., race, caste). The scope of stratification is to identify specific group divisions persisting within a society, measure intergroup and intragroup disparity, examine structural and behavior perpetuators of disparity, and craft case specific policies to redress the disparity. Stratification economics requires a methodological perspective that incorporates the social processes of group identities and determinants of group-based behavior. An evolutionary behavioral economics founded on Veblenian institutionalism provides this methodological perspective. Rooted in pragmatist conception of the acting person, the Veblenian proclivities of the parental and acquisitive bents, and the temporal asymmetry of structure and agency, a Veblenian based behavioral economics provides the framework scrutinizing the durability of institutions governing intergroup disparity. [ABSTRACT FROM AUTHOR]

This article searches for a causal effect of industry concentration on estimates of persistent profitability differentials. I offer solutions to identification problems that plague related analyses by applying an IV and a natural experiment. This is the first study that explains estimates of persistent profit differentials using business segments data, allowing to match micro- and industry-level data more consistently. Testing linear relations, critical concentration levels, and interactions with mobility barriers, I find no evidence that concentration has any positive effect on long-run profitability differences. Results rather tend to point to a statistically and economically significant negative causal effect. [ABSTRACT FROM AUTHOR]

The authors aim to answer the following question: If the capital market reacts with abnormal stock returns to new product development success events, do these returns influence subsequent marketing decisions? Drawing on informational market feedback and managerial learning theories, the authors posit that when firms are uncertain about how responsive the product market will be to their marketing activities, signals received from the capital market help them update their beliefs about the product market's responsiveness. In the pharmaceutical context, the authors decompose the abnormal returns at a new drug approval event into components that the firm can and cannot predict (i.e., predicted and unpredicted abnormal returns) and find that the postapproval advertising budget is larger when unpredicted abnormal approval returns are higher. Furthermore, this tendency is more pronounced for spending on detailing than for direct-to-consumer advertising. Consistent with these higher budgets, the authors find that postlaunch advertising is more effective when unpredicted abnormal approval returns are higher, particularly for detailing spending (vs. direct-to-consumer advertising). Overall, this study suggests that information flows from the capital market's initial perceptions at new product introduction play an important role in subsequent marketing decisions in the product market. [ABSTRACT FROM AUTHOR]

This paper investigates persistence in entrepreneurship across Italian provinces over the period 1927–2017. We distinguish between a 'general' dimension (sociopsychological) and a 'specific' dimension (learning) of the role model effect. Based on data obtained from a comprehensive survey conducted in 1927 by the Italian National Statistical Institute, we find different drivers of persistence across sectors: the only driver of persistence in high-technology sectors is the share of entrepreneurs using motive power ('specific' role model effect), while the share of industrial entrepreneurs ('general' role model effect) is an important driver of persistence in low-technology manufacturing and service sectors. [ABSTRACT FROM AUTHOR]

Although the grit narrative—the idea that individual success is as much a product of passion and perseverance as it is a result of intelligence and talent—has captured the public's imagination, much of the empirical literature has focused almost exclusively on traditional-age college students attending more selective residential universities. The current investigation leveraged two distinct samples of students to explore the association between grit and a wide range of educational outcomes for location-bound and online adult college students. Regression results indicated that the perseverance subscale of grit tended to be a better predictor of persistence and graduation intentions, and social and academic integration, particularly for location-bound adult students, while the passion subscale was a better predictor of actual persistence. The results also suggest that the predictive utility of grit is weaker for online adult college students. [ABSTRACT FROM AUTHOR]

In the context of a new democracy, the success of Kosovo university students is crucial to improving the material conditions and long-term stability of the youth in the country. Using the burgeoning data infrastructure from the public higher education sector, this analysis utilizes a sample of 67,618 to examine college student persistence and degree completion from 32 faculties. Findings demonstrate that persistence and completion are highly gendered phenomena, and that completion is largely dependent on a student's major field of study. [ABSTRACT FROM AUTHOR]

When I tried to follow the traces of Salzburg poachers in the 18th century more than twenty years ago, I was not aware of how deeply rooted their social protest was in earlier, less spectacular but much more widespread forest conflicts between peasants and the archepiscopal state. Of course, these were different conflicts fought by different opponents, but they aimed at the same goal: to resist increasing restrictions from a bureaucratic state whose existence brought the peasants no benefits. The inhabitants of this extreme mountain region wanted to remain autonomous in their traditional economical and social practices and resisted the introduction of a forest economy by a state that was unable and unwilling to support and compromise with them. Thus, the remote forests, whose economic use was in many ways legally unclear, became the centre of social conflict. The article reconstructs two protest traditions – that of illegal forest use and that of poaching – in a micro-historical analysis of the situation in the Zillertal. It argues that the intermingling of these traditions ultimately created an Alpine protest culture in the minds and memories of the peasantry that was stable and persistent enough to undermine the episcopal state during the Napoleonic wars. [ABSTRACT FROM AUTHOR]

I develop a version of the New Keynesian model with insider–outsider labor markets and hysteresis that can account for the high persistence of European unemployment. I study the implications of that environment for the design of monetary policy. The optimal policy calls for strong emphasis on (un)employment stabilization which a standard interest rate rule fails to deliver, with the gap between the two increasing in the degree of hysteresis. Two simple targeting rules are shown to approximate well the optimal policy. The properties of the model and effects of different policies are analyzed through the lens of the labor wedge and its components. [ABSTRACT FROM AUTHOR]

This paper analyses the nature and degree of persistence of the financial efficiency of the tourism and hospitality industry in China. Efficiency scores and the degree of persistence of firm efficiency are estimated using data envelopment analysis and dynamic panel regression, respectively. The results confirm significant and positive persistence of the financial efficiency of sample firms over 9 years, and support the 'performance‐persistence' theory. The findings of this study can help new industry entrants formulate market‐entry strategies and make investment decisions. In addition, existing firms can use the findings as a guide to increase their financial efficiency and sustainability. [ABSTRACT FROM AUTHOR]

We examine the relationship between the board of directors and earnings persistence. We define the advisory role of board members as providing strategic counsel to top management. We argue that strategic counseling provided by the board helps create and sustain growth, which, in turn, translates into more persistent earnings. We find that for firms whose boards are dedicated to advising, earnings are more persistent and the association between earnings and future cash flows is higher, compared with firms whose boards are not focused on advising. We further find that advising by boards increases the persistence of both the cash flows component and the accruals component of current earnings. In additional analyses, we fail to find a consistently positive correlation between boards with intensive monitoring and more persistent earnings. Putting together, these results suggest that the relation between board structure and earnings persistence is more likely driven by the advisory role and less likely by the monitoring function of the board of directors. [ABSTRACT FROM AUTHOR]

This paper proposes a sticky inflation model in which inflation persistence is endogenously generated from the optimizing behavior of forward‐looking firms. Although firms change prices periodically, their ability to fully adjust them in response to changes in economic conditions is assumed to be constrained due to the presence of managerial and customer costs of price adjustment. Our findings strongly support both sources of price stickiness in the U.S. data. The model performs well in matching microeconomic evidence on price setting, particularly regarding the size and frequency of price changes. The paper also shows how incomplete price adjustments in a staggered price contracts model limit the contribution of expectations to inflation dynamics: it generates the delayed response of inflation to demand and monetary shocks. [ABSTRACT FROM AUTHOR]

Although formal guidance instructs firms to avoid issuing lengthy and boilerplate risk factor disclosures, regulators and users of financial statements note these disclosures are excessively long and boilerplate. The persistence of these characteristics is surprising given that prior research finds that firms disclosing lengthy and boilerplate risk factors experience negative capital market consequences. We investigate two potential sources of firms' incentives to issue such disclosures by examining how judicial and regulatory assessments of firms' risk factor disclosures correlate with the disclosure length and boilerplate. Results suggest that lengthier and more boilerplate risk factor disclosures are less likely to be considered inadequate under judicial and regulatory review. Further analysis finds that when risk factor language is assessed as adequate in judicial review, industry peers borrow that language more frequently, and that judicial assessments of risk factor disclosures prompt industry peers to lengthen their risk factor disclosures. JEL Classifications: D8; G38; M4. [ABSTRACT FROM AUTHOR]

Does propaganda reduce the rate of popular protest in autocracies? To answer this question, we draw on an original dataset of state-run newspapers from thirty countries, encompassing six languages and over four million articles. We find that propaganda diminishes the rate of protest, and that its effects persist over time. By increasing the level of pro-regime propaganda by one standard deviation, autocrats have reduced the odds of protest the following day by 15%. The half-life of this effect is between five and ten days, and very little of the initial effect persists after one month. This temporal persistence is remarkably consistent with campaign advertisements in democracies. [ABSTRACT FROM AUTHOR]

The article presents evidence on whether the gender of an advisor affects undergraduate women's persistence in the field of economics. Topics discussed include role of increasing the share of female economists among academic advisors to improve women's persistence and graduation in the major; underrepresentation of women in economics; and impact of advisor gender on economics students' likelihood of graduating from the major.

Conventional analysis suggests that enforcement actions meted out by the US Environmental Protection Agency vary greatly across Democratic and Republican presidential administrations. Yet research fails to look beyond civil actions to explore how the agency engages in the criminal enforcement of environmental crimes over time or whether and how those outcomes change across partisan administrations. We explore these questions by using content analysis to build a comprehensive dataset of 2,588 criminal enforcement prosecutions, 1983–2019. The results do not suggest that outcomes under Democratic presidents are always substantially more punitive or under Republicans significantly reduced. Outcomes over time better reflect the growing sophistication and institutionalization of the enforcement process, declining budgetary realities, and the agency's organizational commitment to deter serious environmental crimes. [ABSTRACT FROM AUTHOR]

As student retention, persistence, and degree completion become important to the survival of Christian higher education, research on the influence of academic advising continues to emerge. Little research exists, however, on faculty perceptions of faculty advising models, specifically at small, Christian institutions where employing professional advising personnel might not be affordable or feasible. Such information is valuable, as it highlights the strengths and challenges of faculty advising models and gives insight to the resources or tools that faculty might need to perform this increasingly demanding job function. Thus, the purpose of this study was to explore faculty perceptions of faculty advising at small, Christian universities. Conducted at three Christian institutions, this case study research resulted in both comparative and individual institutional findings. The commonalities across these cases were that faculty knew and enjoyed their students, but did not feel like they had time to adequately advise them. At the individual institutional level, faculty at the first institution saw the function and process of academic advising as different from enrollment. The faculty also seemed to be disengaged from their general education courses. The second institutional findings were that faculty accessibility and service were vital to academic advising, as personal interactions were believed to contribute to student success. However, significant misunderstandings of FERPA seemed to delay these processes, which likely hurt students in their efforts to complete their undergraduate degrees. Finally, faculty at the third institution felt limited by time and technology in their ability to appropriately advise their students. [ABSTRACT FROM AUTHOR]

As part of a longitudinal research effort that examines the influence of social capital on differential persistence and retention among undergraduate engineering majors, this study examines how engineering degree-related social capital differs for first-year engineering students by gender and ethno-racial groups. Social capital is operationalized as a person's network of relationships with individuals who hold influential positions (e.g. parent, teacher, advisers) and access to resources that support persistence in engineering programs. Our data comprise survey responses from 2186 first-year engineering students, from eleven diverse colleges and universities, who provided information about their participation in engineering-related courses, activities, and programs while in high school as well as the individuals who influenced their decision to pursue an engineering major. We found few differences in social capital between men and women, but found many differences among ethno-racial groups, which suggests that different levels of social capital could influence students' persistence and retention. [ABSTRACT FROM AUTHOR]

Are persistent marketing effects most likely to appear right after the introduction of a product? The authors give an affirmative answer to this question by developing a model that explicitly reports how persistent and transient marketing effects evolve over time. The proposed model provides managers with a valuable tool to evaluate their allocation of marketing expenditures over time. An application of the model to many pharmaceutical products, estimated through (exact initial) Kalman filtering, indicates that both persistent and transient effects occur predominantly immediately after a brand's introduction. Subsequently, the size of the effects declines. The authors theoretically and empirically compare their methodology with methodology based on unit root testing and demonstrate that the need for unit root tests creates difficulties in applying conventional persistence modeling. The authors recommend that marketing models should either accommodate persistent effects that change over time or be applied to mature brands or limited time windows only. [ABSTRACT FROM AUTHOR]

Using newly declassified documents from the British Public Records Office, we argue that the finance-dependent growth regime that typified the UK economy in the period up to the Great Crash of 2008 has much deeper roots than is commonly realised. We use these documents to demonstrate that the growth of finance was integral to the Thatcher revolution, tying together mortgage markets, household debt, and boom-bust cycles as early as the mid-1980s. We also show how policy-makers in this period were aware of all the weaknesses of this growth model, to the point that they effectively diagnosed what would happened in 2008, back in 1987. We argue that selecting for a finance-led growth model as the preferred growth model so early effectively rendered other possible growth models for the UK unattainable. The result was the shift from an economy characterised by 'stop-go' cycles in the post-war period to an economy characterised by recurrent 'boom-slump-austerity-reset' cycles in the Thatcher and post Thatcher periods. The 2008 crisis did not change this highly unstable mode of accumulation. [ABSTRACT FROM AUTHOR]

One of the most heavily researched and cited issue in applied economics is the relationship of uncertainty indices with the financial and macroeconomic variables. While the statistical features of financial and macroeconomic variables have been thoroughly examined, virtually nothing has been done to examine uncertainty indices under the statistical perspective. In this paper, we focus on two primary characteristics of uncertainty indices: persistence and chaotic behaviour. In order to evaluate the persistence and the chaotic behaviour we analyse 72 popular uncertainty indices constructed by forecasting models, text mining from news articles and data mining from monetary variables to measure the Hurst and Lyapunov exponents in rolling windows. The examination in rolling windows provides a dynamic evaluation of the specific characteristics revealing significant variations of persistence and chaotic dynamics with time. More specifically, we find that almost all uncertainty indices are persistent, while the chaotic dynamics are detected only sporadically and for certain indices during recessions of economic turbulence. Thus, we suggest that the examination of persistence and chaos should be a prerequisite step before using uncertainty indices in economic policy models. [ABSTRACT FROM AUTHOR]

• Documents recurrent patterns of elite capture in community forestry associations. • Finds foresters and timber corporations are central actors in these processes. • Links these patterns to power fields, shaped by enduring techno-bureaucratic logics. • Neoliberalization tends to further entrench elites' power. • Shows these patterns are not unchangeable; they are also recurrently contested. Problems of elite capture continue to present challenges for sustainable and equitable forest governance around the world. Our understanding of elite capture, however, remains limited by conceptual approaches that pay insufficient attention to power in its various dimensions. Drawing on critical institutionalism and political ecology, I analyze how the power veiled in political-economic structures or 'power fields', embedded with local institutions and relations of conflict and negotiation, helps (re)produce elite power and persistence. I pay particular attention to the role of foresters as crucial yet understudied elite actors in community forestry. I employ an over-time comparative case study of processes of elite capture in four regional inter-community forestry associations (FAs) in the state of Durango, Mexico. I argue that foresters' persistent capture of FAs is related to multi-layered power inequalities and persistent democratic deficits reproduced by techno-bureaucratic forestry and authoritarian corporatist logics. At the same time, I posit that this capture is not definite but is continually transformed by social struggles and grassroots institutional innovations. [ABSTRACT FROM AUTHOR]

Recently, the persistence-based decomposition (PBD) model has been introduced to the scientific community by Rende et al. (2019). It decomposes a spread time series between two securities into three components capturing infinite, finite, and no shock persistence. The authors provide empirical evidence that the model adopts well to noisy high-frequency data in terms of model fitting and prediction. We put the PBD model to test on a large-scale high-frequency pairs trading application, using S&P 500 minute-by-minute data from 1998 to 2016. After accounting for execution limitations (waiting rule, volume constraints, and short-selling fees) the PBD model yields statistically significant and economically meaningful annual returns after transaction costs of 9.16 percent. These returns can only partially be explained by the exposure to common risk. In addition, the model is superior in terms of risk-return metrics. The model performs very well in bear markets. We quantify the impact of execution limitations on risk and return measures by relaxing backtesting restrictions step-by-step. If no restrictions are imposed, we find annual returns after costs of 138.6 percent. [ABSTRACT FROM AUTHOR]

Colonial institutions are thought to be highly persistent, but measuring that persistence is difficult. Using a text analysis method that allows us to measure similarity between bodies of text, we examine the extent to which one formal institution – the penal code – has retained colonial language in seven West African countries. We find that the contemporary penal codes of most countries retain little colonial language. Additionally, we find that it is not meaningful to speak of institutional divergence across the unit of French West Africa, as there is wide variation in the legislative post-coloniality of individual countries. We present preliminary analyses explaining this variation and show that the amount of time that a colony spent under colonisation correlates with more persistent colonial institutions. [ABSTRACT FROM AUTHOR]

This paper investigates the persistence of self-employment in the districts of Kaliningrad, a Russian exclave, between 1925 and 2010. The area experienced a number of disruptive historical shocks during this period. This setting rules out the fact that the persistence of self-employment can be explained by the persistence of institutions and culture. Nevertheless, a high level of persistence of industry-specific self-employment rates is found. It is argued that a historical tradition of entrepreneurship created an awareness about the entrepreneurial potential of regions among the new population that was yielded after the collapse of the Soviet Union. This effect seems to be higher in regions where a specific industry was advanced in terms of technology use. [ABSTRACT FROM AUTHOR]

International orders reflect the settled arrangements that define relations between states in certain moments in history. Order breaks down when the adopted set of organizational principles that define roles and the terms of those relations cease to operate. International organizations are a central feature of the current order and an important source of legitimacy. This article extracts a set of ideas derived from the new sociological institutionalism literature in organizational analysis and sets out an argument showing their possible implications for the present order. I argue that there are certain organizational features related to institutional isomorphism that may well support the persistence and maintenance of the current international order. The argument is based on the homogeneity of practices and arrangements found in different institutions and organizations. The persistence of those practices and their reproduction in structures are to some extent self-sustaining and may provide additional support to the idea that the current American-led international order may last longer than is often thought while allowing for changes in the distribution of power. [ABSTRACT FROM AUTHOR]

Profits that persist above or below the norm for prolonged periods of time reveal a lack of competition and imply a systematic misallocation of resources. Competition, if unimpeded, should restore profits to normal levels within a relatively short time frame. The dynamics of profits can thus reveal a great deal about the competitiveness of an economy. This paper estimates the persistence of profits across the European Union (EU), which adds to our understanding of the competitiveness of 18 EU member states. By using a sample of approximately 4700 firms with 51,000 observations across the time period of 1995–2013, we find differences in the persistence of short-run profits, implying that there are differences in competitiveness across the EU. The Czech Republic and Greece are among the countries with the highest profit persistence, whereas the United Kingdom is among those with the lowest persistence of profits. Furthermore, we provide evidence that there are significant permanent rents present in the EU across countries as well as in the different broad sectors across the EU. [ABSTRACT FROM AUTHOR]

In this paper, we re-examine the change in persistence hypothesis for inflation, using data from Noriega et al. (Empir Econ 44:1243–1265, 2013) and the new testing procedures by Kejriwal et al. (Econom Theory 29:289–323, 2013). Our results display more evidence of change in persistence than Noriega et al.'s paper, with some remarkable conflicting conclusions with respect to their work, although results depend on the measure of inflation: seasonally adjusted, trend-cycle component or interannual. [ABSTRACT FROM AUTHOR]

This paper deals with the analysis of the persistence in the inflation rate in Argentina. For this purpose, we use fractionally integrated techniques based on monthly and annual data. The results show evidence of fractional integration and long memory behavior in both cases, being especially noticeable in the case of monthly data with shocks having long-lived effects. [ABSTRACT FROM AUTHOR]

The correlational structure of stride-to-stride fluctuations differs between healthy and pathological gait. Uncorrelated and anti-persistent stride-to-stride fluctuations are believed to indicate pathology whereas persistence represents healthy functioning. However, this reading can be questioned because the correlational structure changes with task constraints, like acoustic pacing, signifying the tightness of control over particular gait parameters. We tested this "tightness-of-control interpretation" by varying the maneuverability range during treadmill walking (small, intermediate, and large walking areas), with and without acoustic pacing. Stride-speed fluctuations exhibited anti-persistence, suggesting that stride speeds were tightly controlled, with a stronger degree of anti-persistence for smaller walking areas. Constant-speed goal-equivalent-manifold decompositions revealed simultaneous control of stride times and stride lengths, especially for smaller walking areas to limit stride-speed fluctuations. With acoustic pacing, participants followed both constant-speed and constant-stride-time task goals. This was reflected by a strong degree of anti-persistence around the stride-time by stride-length point that uniquely satisfied both goals. Our results strongly support the notion that anti-persistence in stride-to-stride fluctuations reflect the tightness of control over the associated gait parameter, while not tightly regulated gait parameters exhibit statistical persistence. We extend the existing body of knowledge by showing quantitative changes in anti-persistence of already tightly regulated stride-speed fluctuations. [ABSTRACT FROM AUTHOR]

Officials in Oaxaca, Mexico, attempted to formalize the state's borders in cooperation with the surrounding federations of Guerrero, Puebla, and Veracruz throughout the period 1856–1912. These efforts, which were aimed at rationalizing rural property to facilitate more effective government, in large part failed due to the persistence of ongoing, intervillage conflicts on the frontier that routinely worked to disrupt these campaigns. Drawing on cartographic and spatial history as well as classic works on state formation and resistance, this article explores how frontier residents simultaneously defended, created, and strategically transformed a vernacular, local landscape around the village of Zapotitlán Lagunas during this period. By manipulating the legal system to their own purposes, carrying out surveys, boundary markings, and occasionally land invasions—even by allegedly fabricating novel evidence of contradictory boundaries—border residents successfully obfuscated the state line's whereabouts in defiance of state aims. Ultimately, these strategies frustrated the state and federal governments' efforts to implement and enforce a permanent boundary and enabled residents to retain considerable local autonomy in the decades prior to the 1910 revolution. [ABSTRACT FROM AUTHOR]

Research Summary : This paper presents a formal model of how higher‐order resources affect profit persistence. Higher‐order resources provide an abstract representation of dynamic capabilities, and are defined as resources that do not affect profit directly, but can affect other resources that in turn affect profit over time. The model shows that higher‐order resources lead to persistence not only in the level of profit, but also in its growth. Estimation of the model using empirical profit data of more than 4,000 U.S. firms over 30 years implies an average duration of competitive advantage of about 18 years, which is almost four times as long as implied by traditionally used autoregressive models that exclude the effect of higher‐order resources. Managerial Summary : If firms want to make more profit than their competitors for prolonged periods of time, they must have access to resources that competitors cannot effectively obtain, such as brands, patents, captive customers, or specialized plants. This paper shows that not only these "operating resources" drive long‐term profit differences across firms, but also "higher‐order resources," such as strategic planning, M&A capabilities, and superior forecasts. Such higher‐order resources do not affect profits directly, but allow firms to obtain superior operating resources over time. A mathematical model incorporating higher‐order resources suggests an average duration of competitive advantage of about 18 years, almost four times as long as implied by traditionally used models. [ABSTRACT FROM AUTHOR]

Abstract This paper explores persistence of eight largest cryptocurrency markets using daily data from 25 ∕ 08 ∕ 2015 – 13 ∕ 03 ∕ 2018 , across time and trading scale. Employing ARFIMA-FIGARCH class of models under two different distributions and a modified log-periodogram method, we generally uncovered informational (in)efficiency and volatility persistence to be highly sensitive to time-scale, the measure of returns and volatilities, and regime shift. In particular, evidence of persistence was found to be concealed in full-sample conditional returns and a break regime, where three crypto markets showed characteristics contrary to the Efficient Market Hypothesis. These results suggest that empirical examination of persistence in markets should be mindful of volatility measures, trading horizons, and switching regimes. More so, scale-conscious traders or investors could rely on our findings and the implications thereof in making investment decisions in the market. Highlights • Long-memory and informational (in)efficiency of major cryptocurrencies are examined. • Three markets showed informational inefficiency for the aggregate return series. • Efficiency and volatility persistence are dependent on scale and data variations. • Manipulative trend trading excessive gains are less likely in the long-run scale. [ABSTRACT FROM AUTHOR]

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This study examines inflation over one century of data for 29 countries based on fractional integration incorporating nonlinearities to account for structural breaks and asymmetry in the process of inflation. The results suggest that the degree of persistence is that, while there is evidence of long‐memory behavior in the inflation rates of 17 countries, barring Russia, none of the remaining 28 countries indicate evidence of unit roots. The result implies that monetary authorities in these countries can play a role in controlling inflation, though the extent of intervention required will tend to vary, with the strongest being in Russia. [ABSTRACT FROM AUTHOR]

Research Summary: To further our understanding of how and why organizations engage in coopetition, we explore cooperative and competitive actions in the craft beer industry. Through an inductive field study, including interviews with craft brewery owners, we propose collective identity and collective norms play a critical role in the persistence of coopetition over time. Our process model suggests that (a) an oppositional collective identity, (b) the shared belief that a rising tide lifts all boats, and (c) the shared belief that advice and assistance should be paid forward, can lead to the persistence of coopetition beyond market category emergence. Managerial Summary: This paper develops a theory of how smaller, craft‐based organizations (i.e., "Davids") encourage cohesion and cooperation amongst themselves when operating against an incumbent market of mass‐producers (i.e., "Goliaths"). An ideological opposition to existing players can lead to a shared belief that helping organizations like your own benefits everyone—the rising tide lifts all boats mentality. Similarly, when organizations first enter a market and receive help from established members, they can feel compelled to help others who enter the market after—the pay‐it‐forward mentality. Together, these mechanisms offer an explanation as to how and why coopetition might persist in a market category over time. [ABSTRACT FROM AUTHOR]

Accounting changes affirms surrounding a tightening of the dividend constraint are examined for evidence of debt-contract-induced, income-increasing accounting changes. No meaningful difference in the number of material income-increasing accounting changes was detected between the sample of firms experiencing near-binding dividend constraints and a control group of firms. Weak evidence suggests that these results may be sensitive to the definition of near-binding and the persistence of the firm's downturn. [ABSTRACT FROM AUTHOR]

This paper analyses the role of regional context on innovation persistency of firms. Using the Community Innovation Survey in Sweden, we have traced firms' innovative behaviour from 2002 to 2012, in terms of four Schumpeterian types of innovation: product, process, organizational, and marketing. Controlling for an extensive set of firm‐level characteristics, we find that certain regional characteristics matter for innovation persistency of firms. In particular, those firms located in regions with: (i) thicker labour market or (ii) higher extent of knowledge spillover exhibit higher probability of being persistent innovators up to 14 percentage points. Such higher persistency is mostly pronounced for product innovators. [ABSTRACT FROM AUTHOR]

We investigate the effect of an overall positive affective state of individuals on motivational--rather than cognitive--outcomes in entrepreneurship. Drawing from a selfregulatory perspective, we emphasize the key role of positive affect in influencing three motivational behaviors in regards to entrepreneurial engagement: direction (intrinsic versus extrinsic orientation), intensity (amount of entrepreneurial effort), and persistence (likelihood of entrepreneurial persistence). We also argue that environmental uncertainty acts as a moderator between positive affect and entrepreneurial motivations. Utilizing a data sample of entrepreneurs from a nationally representative household survey for China, we find support for positive relationships between positive affect on the one hand and intrinsic entrepreneurial orientation and entrepreneurial persistence on the other. We also find support for the hypothesized moderating role of environmental uncertainty regarding these motivational outcomes. [ABSTRACT FROM AUTHOR]

Using highly granular transaction‐level data for the Norwegian housing market over the period 2002–2014, we investigate whether excessive prices persist or revert in repeat sales. Excessiveness in prices is detected by comparing selling prices to predicted prices implied by a hedonic model, which includes a rich set of attributes. Persistence is rejected and there is substantial reversion in excessive prices. Our results also show little scope for profitable arbitrage by investing in apparently underpriced units. We suggest that excessive prices are related to the stochastic arrival of interested purchasers at public showings, which we show is nonrepeatable. [ABSTRACT FROM AUTHOR]

This study looks at known-item searches within a university catalog that come up with a "no results" response to see whether patrons will then place an ILL request for that material and how persistent a user might be in order to obtain something that they want. Catalog search transaction logs were compared against interlibrary loan (ILL) requests placed during the same time frame. Overall, the rate of persistence, or the frequency with which ILL requests were placed when no results were found in the catalog is very low. [ABSTRACT FROM AUTHOR]

In this paper, we adapt the demand and supply framework introduced by Figuerola‐Ferretti and Gonzalo (Journal of Econometrics, 2010) to illustrate the dynamics of Pairs‐trading. We underline the process by which a finite elasticity of demand for spread trading determines the speed of mean reversion and pairs‐trading profitability. A persistence‐dependent trading trigger is introduced accordingly. Applied to STOXX Europe 600–traded equities, our strategy exploits price leadership for portfolio replication purposes and delivers Sharpe ratios that outperform the benchmark rules used in the literature. Portfolio performance and mean reversion are enhanced after firm fundamental factor restrictions are imposed. [ABSTRACT FROM AUTHOR]

Complementarities between technological and non-technological innovation are crucial determinants of firm performance. Although innovation complementarity has been extensively tested in the empirical literature, it has not been analysed in conjunction with innovation persistence. This fact is mainly due to the lack of data sets able to provide adequate longitudinal information. The capacities to develop market-oriented behaviour and introduce new organisational innovations, together with technological innovation, are the drivers of a firm’s productivity and profitability. We find that these activities complement technological innovation and that their impact is greater when they persist over time, thus introducing a more general concept of innovation persistence. We present an empirical model based on a large new panel of Italian manufacturing firms covering the period 2000-2012 which enables us to determine the precise impacts of a firm’s innovative attitude, in a broad definition that incorporates non-technological innovation and persistence, on its productivity and profitability. [ABSTRACT FROM AUTHOR]