Transaction management is a key issue in the development of enterprise application. During the payment of purchases, when dealing with bank operations or when making hotel reservations, transactions ...are everywhere. Curricula recommendations mainly consider specific knowledge units for transactions in the context of information management knowledge area. Thus, from a curricular point of view, transactions are usually related to Database Management Systems (DBMS). However, in the development of enterprise applications, designers and programmers use frameworks that manage transactions from the business tier. Therefore, there is a significant gap between the concept of transaction usually presented in degree courses and the real use of transactions made during the development of enterprise applications. There are excellent books that provide detailed descriptions of the transactional management in enterprise application from the business tier, but these are detailed and complex books beyond the reach of most students and, what is worse, beyond the reach of those lecturers without a significant background both in DBMS and enterprise application architectures. This paper provides a core of knowledge distilled from these books, as well as some examples of transactional architectures used in the grade software engineering courses taught by the author. The main goal is to describe in detail a knowledge unit focused on what I have called service transactions that helps to fill the gap between the learning outcomes provided in university courses and the use of transactions made in enterprise application development.
•We review the use of agent-based simulation (ABS) in agrifood supply chain research.•Findings include common ABS model structures and modelling approaches.•It complements existing reviews on the use ...of ABS in related domains.•Bibliographic mapping is used to highlight topics for future research.
Agri-food supply chains (ASC) are an important application domain for Operational Research/Management Science. In particular, the use of agent-based simulation (ABS) has increased in ASC research in recent years. This paper reviews existing ASC research that use ABS. The review begins by analysing the characteristics of the models and modelling reported in the literature. It illustrates that existing modelling research features extensive use of: single echelon supply chains; cases from high and middle income countries; unprocessed food products, empirical (as opposed to hypothetical) data; decision-making related to production planning and investment; and the use of black box validation. The second part of the review uses bibliographic mapping to analyse areas in ASC research which are yet to be addressed using ABS. We find that areas such as collaboration and competition, buyer–seller relationships, and service are under-researched. In addition, key actors in ASC such as food processors, supermarkets and retailers have not been included in the ABS models reported. Furthermore, these models have yet to incorporate important supply chain management theories such as Transaction Cost Economics and Resource-Based View as part of their design.
We show that labor market transaction costs explain why the smallest farms are more efficient than slightly larger farms in most low-income countries and that increases in machine capacity with ...operational scale result in the globally observed rising upper tail of productivity. We find evidence consistent with these mechanisms using Indian data, and we show that if all Indian farms were at the minimum scale required to maximize the return on land, the number of farms would be reduced by 82% and income per farm worker would rise by 68%.
We aim to make two contributions to the literature on the effects of transaction costs on financial price volatility. First, by augmenting a double differencing approach with a research design with ...three ingredients (a common set of companies simultaneously listed on two stock exchanges, binding capital controls, and different timing of changes in transaction costs), we obtain a control group that has identical corporate fundamentals as the treatment group. We apply the research design to Chinese stocks that are cross-listed in Hong Kong and Mainland China. Second, we allow transaction costs to have different effects in markets with different maturity. We find a significantly negative relationship, on average, between stamp duty increase and price volatility. However, this average effect masks some important heterogeneity. In particular, when institutional investors have become a significant part of the traders’ pool, we find an opposite effect. Overall, our results suggest that a Tobin tax could work in an immature market, but can backfire in a more developed market.
Global online platforms match firms with service providers around the world, in services ranging from software development to copywriting and graphic design. Unlike in traditional offshore ...outsourcing, service providers are predominantly one-person microproviders located in emerging-economy countries not necessarily associated with offshoring and often disadvantaged by negative country images. How do these microproviders survive and thrive? We theorize global platforms through transaction cost economics (TCE), arguing that they are a new technology-enabled offshoring institution that emerges in response to cross-border information asymmetries that hitherto prevented microproviders from participating in offshoring markets. To explain how platforms achieve this, we adapt signaling theory to a TCE-based model and test our hypotheses by analyzing 6 months of transaction records from a leading platform. To help interpret the results and generalize them beyond a single platform, we introduce supplementary data from 107 face-to-face interviews with microproviders in Southeast Asia and Sub-Saharan Africa. Individuals choose microprovidership when it provides a better return on their skills and labor than employment at a local (offshoring) firm. The platform acts as a signaling environment that allows microproviders to inform foreign clients of their quality, with platform-generated signals being the most informative signaling type. Platform signaling disproportionately benefits emerging-economy providers, allowing them to partly overcome the effects of negative country images and thus diminishing the importance of home country institutions. Global platforms in other factor and product markets likely promote cross-border microbusiness through similar mechanisms.
Inter-municipal cooperation in public service delivery has attracted the interest of local authorities seeking to reform public service provision. Cost saving, together with better quality and ...coordination, has been among the most important drivers of such cooperation. However, the empirical results on inter-municipal cooperation and its associated costs offer divergent outcomes. By conducting a meta-regression analysis, we seek to explain this discrepancy. We formulate several hypotheses regarding scale economies, transaction costs, and governance of cooperation. While we find no clear indications of the role played by transaction costs in the relationship between cooperation and service delivery costs, we find strong evidence that population size and governance are significant in explaining the relationship. Specifically, small populations and delegation to a higher tier of government seem to offer cost advantages to cooperating municipalities. As an extension of our model, we seek to disentangle service-related transaction costs based on asset specificity and ease of measurability of the service.
This study aims to extend transaction cost economics (TCE) to explain the effects of the strategies of internal and external R&D on innovation performance under two types of environmental ...uncertainty, namely dynamism and complexity. As a departure from conventional TCE wisdom that internally focused R&D strategy is more efficient under environmental uncertainty, this study proposes that such a strategy can be less efficient under environmental dynamism, which is another important type of uncertainty. The results from a sample of manufacturing firms in China from 2002 to 2007 show that externally focused R&D strategy leads to better innovation performance under environmental dynamism, whereas internally focused R&D strategy results in better innovation performance under environmental complexity.
Résumé
Dans la présente étude, l’économie des coûts de transaction (TCE) est élargie pour rendre compte des effets que les stratégies de R et D interne et externe ont sur la performance de l'innovation dans deux types d'incertitude environnementale, à savoir le dynamisme et la complexité. Selon l’économie des coûts de transaction, la stratégie de R et D interne est plus efficace en cas d'incertitude environnementale. Mais la présente étude montre que cette stratégie peut être moins efficace en cas de dynamisme environnemental, qui est un autre type important d'incertitude. Les résultats obtenus à partir d'un échantillon d'entreprises manufacturières implantées en Chine entre 2002 et 2007 montrent que la stratégie de R et D axée sur l'extérieur entraîne une meilleure performance en matière d'innovation lorsque l'environnement est dynamique, tandis que la stratégie de R et D axée sur l'intérieur entraîne une meilleure performance en matière d'innovation lorsque l'environnement est complexe.
Transaction cost attributes, such as the complexity of the product being purchased, shape the risk that government contracts will fail. When transaction cost risks are particularly strong, a common ...prescription is to avoid contracting altogether or, if it is unavoidable, to spend additional resources on contract management activities. This article presents evidence on the size and variability of governments' ex ante transaction cost spending, using original data from 72 contracts issued by 47 Danish local governments. Ex ante transaction costs average 2.7 percent per contract and are relatively higher when services are more complex and lower when governments have prior contracting experience and contracts were larger. The analyses suggest the importance of distinguishing between transaction cost attributes and governments' choices to spend resources in response to them. Effective management spending in the face of transaction costs can help governments organize and capture value from contracting with private businesses.
Model Comparison with Transaction Costs DETZEL, ANDREW; NOVY‐MARX, ROBERT; VELIKOV, MIHAIL
The Journal of finance (New York),
June 2023, Letnik:
78, Številka:
3
Journal Article
Recenzirano
Odprti dostop
ABSTRACT
Failing to account for transaction costs materially impacts inferences drawn when evaluating asset pricing models, biasing tests in favor of those employing high‐cost factors. Ignoring ...transaction costs, Hou, Xue, and Zhang (2015, Review of Financial Studies, 28, 650–705) q‐factor model and Barillas and Shanken (2018, The Journal of Finance, 73, 715–754) six‐factor models have high maximum squared Sharpe ratios and small alphas across 205 anomalies. They do not, however, come close to spanning the achievable mean‐variance efficient frontier. Accounting for transaction costs, the Fama and French (2015, Journal of Financial Economics, 116, 1–22; 2018, Journal of Financial Economics, 128, 234–252) five‐factor model has a significantly higher squared Sharpe ratio than either of these alternative models, while variations employing cash profitability perform better still.
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