WorldWideScience

Sample records for markets empirical evidence

  1. Demand Response in U.S. Electricity Markets: Empirical Evidence

    OpenAIRE

    Cappers, Peter

    2009-01-01

    Empirical evidence concerning demand response (DR) resources is needed in order to establish baseline conditions, develop standardized methods to assess DR availability and performance, and to build confidence among policymakers, utilities, system operators, and stakeholders that DR resources do offer a viable, cost-effective alternative to supply-side investments. This paper summarizes the existing contribution of DR resources in U.S. electric power markets. In 2008, customers enrolled in ...

  2. Market power in the Nordic electricity wholesale market: A survey of the empirical evidence

    International Nuclear Information System (INIS)

    Fridolfsson, Sven-Olof; Tangeras, Thomas P.

    2009-01-01

    We review the recent empirical research assessing market power on the Nordic wholesale market for electricity, Nord Pool. The studies find no evidence of systematic exploitation of system level market power on Nord Pool. Local market power arising from transmission constraints seems to be more problematic in some price areas across the Nordic countries. Market power can manifest itself in a number of ways that have so far escaped empirical scrutiny. We discuss investment incentives, vertical integration and buyer power, as well as withholding of base-load (nuclear) capacity.

  3. Demand response in U.S. electricity markets: Empirical evidence

    International Nuclear Information System (INIS)

    Cappers, Peter; Goldman, Charles; Kathan, David

    2010-01-01

    Empirical evidence concerning demand response (DR) resources is needed in order to establish baseline conditions, develop standardized methods to assess DR availability and performance, and to build confidence among policymakers, utilities, system operators, and stakeholders that DR resources do offer a viable, cost-effective alternative to supply-side investments. This paper summarizes the existing contribution of DR resources in U.S. electric power markets. In 2008, customers enrolled in existing wholesale and retail DR programs were capable of providing ∝38,000 MW of potential peak load reductions in the United States. Participants in organized wholesale market DR programs, though, have historically overestimated their likely performance during declared curtailments events, but appear to be getting better as they and their agents gain experience. In places with less developed organized wholesale market DR programs, utilities are learning how to create more flexible DR resources by adapting legacy load management programs to fit into existing wholesale market constructs. Overall, the development of open and organized wholesale markets coupled with direct policy support by the Federal Energy Regulatory Commission has facilitated new entry by curtailment service providers, which has likely expanded the demand response industry and led to product and service innovation. (author)

  4. Labor market deregulation and globalization: empirical evidence from OECD countries

    OpenAIRE

    Potrafke , Niklas

    2010-01-01

    Abstract This paper empirically investigates the influence of globalization on various aspects of labor market deregulation. I employ the data set by Bassanini and Duval (2006) on labor market institutions in OECD countries and the KOF index of globalization. The data set covers 20 OECD countries in the 1982?2003 period. The results suggest that globalization did neither influence the unemployment replacement rate, the unemployment benefit length, public expenditures on ALMP, the t...

  5. Cycles in deregulated electricity markets: Empirical evidence from two decades

    International Nuclear Information System (INIS)

    Arango, Santiago; Larsen, Erik

    2011-01-01

    In this article, we discuss the 'cycle hypothesis' in electricity generation, which states that the introduction of deregulation in an electricity system might lead to sustained fluctuations of over- and under-capacity. The occurrence of cycles is one of the major threats for electricity markets as it affects the security of supply, and creates uncertainty in both the profitability of electricity companies and in consumer prices. We discuss the background for these cycles using analogies with other capital-intensive industries, along with evidence from the analysis of behavioral simulation models as well as from experimental electricity markets. Using data from the oldest deregulated markets we find support for the hypothesis in the case of the English and Chilean markets, based on an autocorrelation analysis. Evidence from the Nordpool market is more ambiguous, although we might be observing the first half of a cycle in generation capacity. Comparing a simulation of the English market performed in 1992 with the actual performance we can observe that the qualitative behavior of the model is consistent with the actual evolution. Finally, we discuss possible mechanisms for damping cycles in electricity generation, such as mothballing, capacity payments, and reliability markets. - Research highlights: → We explore the emergence of cycles in the electricity generation capacity after deregulation. → We discuss the reason for cycles in generation capacity and compare different theories. → Analysis of England and Chile data show strong indications that cycles have emerged.

  6. Stock Market Reactions to Fiscal Policy Shocks: Empirical Evidence ...

    African Journals Online (AJOL)

    This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

  7. Stock Market Reactions To Fiscal Policy Shocks: Empirical Evidence ...

    African Journals Online (AJOL)

    This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

  8. Interpreting the empirical evidence on illegal gun market dynamics.

    Science.gov (United States)

    Braga, Anthony A; Wintemute, Garen J; Pierce, Glenn L; Cook, Philip J; Ridgeway, Greg

    2012-10-01

    Thousands of Americans are killed by gunfire each year, and hundreds of thousands more are injured or threatened with guns in robberies and assaults. The burden of gun violence in urban areas is particularly high. Critics suggest that the results of firearm trace data and gun trafficking investigation studies cannot be used to understand the illegal supply of guns to criminals and, therefore, that regulatory and enforcement efforts designed to disrupt illegal firearms markets are futile in addressing criminal access to firearms. In this paper, we present new data to address three key arguments used by skeptics to undermine research on illegal gun market dynamics. We find that criminals rely upon a diverse set of illegal diversion pathways to acquire guns, gun traffickers usually divert small numbers of guns, newer guns are diverted through close-to-retail diversions from legal firearms commerce, and that a diverse set of gun trafficking indicators are needed to identify and shut down gun trafficking pathways.

  9. Seasonality in cocoa spot and forward markets: empirical evidence

    OpenAIRE

    Sarfo, S.; Geman, Hélyette

    2012-01-01

    This paper first describes the main features of supply and demand in cocoa spot markets. A state- variable model is proposed to describe the random evolution of cocoa forward curves over time, which essentially adapts to agricultural commodities, introduced by Borovkova and Geman (2006) for energy. In contrast to most of the literature on the subject, the first state variable is not the spot price, as it combines seasonal and stochastic features and may not be observable, instead, the average...

  10. Anomalies and Investor Sentiment: Empirical Evidences in the Brazilian Market

    Directory of Open Access Journals (Sweden)

    Gustavo Correia Xavier

    2017-10-01

    Full Text Available This study examined the relationship between investor sentiment and value anomalies in Brazil. In addition, it analyzed if pricing deviations caused by investors with optimistic views are different from those caused by pessimistic investors. The sample included all non-financial firms listed on the B3 (Brasil, Bolsa, Balcão stock exchange from July 1999 to June 2014. We used the Principal Component Analysis multivariate technique to capture the component common to four different proxies for investor sentiment. The study empirically tested the index series and its variation on the return series of Long-Short portfolios of 12 anomaly-based strategies. The study found that the measure of the sentiment index had a partial explanatory power for the anomalies only when included in the CAPM. Yet, when using the index sentiment changes as an explanatory variable, the study found a relationship with future returns, robust to all risk factors. Thus, it is possible to relate investor sentiment index to anomaly-based portfolio returns. When analyzing average returns after optimistic and pessimistic periods, the values we found in our empirical test were not statistically significant enough to infer the possible existence of short-sale constraints.

  11. EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN MERGERS AND ACQUISITIONS AND THE ROMANIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Iamandi Irina Eugenia

    2010-12-01

    Full Text Available Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way and both ways relationships are present.

  12. Are stock market returns related to the weather effects? Empirical evidence from Taiwan

    Science.gov (United States)

    Chang, Tsangyao; Nieh, Chien-Chung; Yang, Ming Jing; Yang, Tse-Yu

    2006-05-01

    In this study, we employ a recently developed econometric technique of the threshold model with the GJR-GARCH process on error terms to investigate the relationships between weather factors and stock market returns in Taiwan using daily data for the period of 1 July 1997-22 October 2003. The major weather factors studied include temperature, humidity, and cloud cover. Our empirical evidence shows that temperature and cloud cover are two important weather factors that affect the stock returns in Taiwan. Our empirical findings further support the previous arguments that advocate the inclusion of economically neutral behavioral variables in asset pricing models. These results also have significant implications for individual investors and financial institutions planning to invest in the Taiwan stock market.

  13. HERDING BEHAVIOR UNDER MARKETS CONDITION: EMPIRICAL EVIDENCE ON THE EUROPEAN FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Moatemri Ouarda

    2013-01-01

    Full Text Available This study presents four main contributions to the literature of behavior herding. Firstly, it extends the behavioral researches of herding of the investors on a developed market and mainly on a European market as a whole. Secondly, we are interested in examination of herding behavior at the level of sectors by using data at the levels of companies. Thirdly, this document estimates the implications of herding behavior in terms of returns, volatility and volume of transaction. Fourthly, the herding behavior is revealed as well during the period of the recent global financial crisis in 2007-2008 and of Asian crisis. Our results reveal a strong evidence of herding behavior sharply contributed to a bearish situation characterized by a strong volatility and a trading volume. The repercussion of herding during the period of the recent financial crisis is clearly revealed for the sectors of the finance and the technology.

  14. The Efficiency of the Chinese Commodity Futures Markets: Development and Empirical Evidence

    Institute of Scientific and Technical Information of China (English)

    Yu Xin; Gongmeng Chen; Michael Firth

    2006-01-01

    This study investigates the efficiency of the Chinese metal futures (i.e. copper and aluminum) traded on China's Shanghai Futures Exchange. First, we thoroughly analyze the development of China's commodity futures markets, which provides a fundamental background. Then we examine the random walk and unbiasedness hypotheses for two metal futures during 1999-2004. Based on the empirical evidence, we argue that China's copper and aluminum futures markets are efficient, and that they aid the process of price discovery because futures prices can be considered as unbiased predictors of future spot prices. We attribute this efficiency to the regulatory changes made in 1999 and the increased financial skills and acumen of the participants in the market.

  15. How can the regulator show evidence of (no) risk selection in health insurance markets? Conceptual framework and empirical evidence.

    Science.gov (United States)

    van de Ven, Wynand P M M; van Vliet, René C J A; van Kleef, Richard C

    2017-03-01

    If consumers have a choice of health plan, risk selection is often a serious problem (e.g., as in Germany, Israel, the Netherlands, the United States of America, and Switzerland). Risk selection may threaten the quality of care for chronically ill people, and may reduce the affordability and efficiency of healthcare. Therefore, an important question is: how can the regulator show evidence of (no) risk selection? Although this seems easy, showing such evidence is not straightforward. The novelty of this paper is two-fold. First, we provide a conceptual framework for showing evidence of risk selection in competitive health insurance markets. It is not easy to disentangle risk selection and the insurers' efficiency. We suggest two methods to measure risk selection that are not biased by the insurers' efficiency. Because these measures underestimate the true risk selection, we also provide a list of signals of selection that can be measured and that, in particular in combination, can show evidence of risk selection. It is impossible to show the absence of risk selection. Second, we empirically measure risk selection among the switchers, taking into account the insurers' efficiency. Based on 2-year administrative data on healthcare expenses and risk characteristics of nearly all individuals with basic health insurance in the Netherlands (N > 16 million) we find significant risk selection for most health insurers. This is the first publication of hard empirical evidence of risk selection in the Dutch health insurance market.

  16. DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

    Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

  17. Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

    Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

  18. Price formation and intertemporal arbitrage within a low-liquidity framework. Empirical evidence from European natural gas markets

    Energy Technology Data Exchange (ETDEWEB)

    Nick, Sebastian

    2013-08-15

    In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low liquidity framework of the considered gas hubs. The empirical results reveal that price discovery takes place on the futures market, while the spot price subsequently follows the futures market price. Furthermore, there is empirical evidence of significant market frictions hampering intertemporal arbitrage. UK's NBP seems to be the hub at which arbitrage opportunities are exhausted most efficiently, although there is convergence in the degree of intertemporal arbitrage efficiency over time at the hubs investigated.

  19. The scale-dependent market trend: Empirical evidences using the lagged DFA method

    Science.gov (United States)

    Li, Daye; Kou, Zhun; Sun, Qiankun

    2015-09-01

    In this paper we make an empirical research and test the efficiency of 44 important market indexes in multiple scales. A modified method based on the lagged detrended fluctuation analysis is utilized to maximize the information of long-term correlations from the non-zero lags and keep the margin of errors small when measuring the local Hurst exponent. Our empirical result illustrates that a common pattern can be found in the majority of the measured market indexes which tend to be persistent (with the local Hurst exponent > 0.5) in the small time scale, whereas it displays significant anti-persistent characteristics in large time scales. Moreover, not only the stock markets but also the foreign exchange markets share this pattern. Considering that the exchange markets are only weakly synchronized with the economic cycles, it can be concluded that the economic cycles can cause anti-persistence in the large time scale but there are also other factors at work. The empirical result supports the view that financial markets are multi-fractal and it indicates that deviations from efficiency and the type of model to describe the trend of market price are dependent on the forecasting horizon.

  20. Clustered Pricing in the Corporate Loan Market: Theory and Empirical Evidence

    OpenAIRE

    Bajoori, Elnaz; Nandeibam, Shasikanta; Chaudhry, Sajid Mukhtar

    2016-01-01

    Existing theories explaining security price clustering as well as clustering in the retail depositand mortgage markets are incompatible with the clustering in the corporate loan market. Wedevelop a new theoretical argument that the attitude of the lender toward the uncertaintyabout the quality of the borrower leads to the clustering of spreads. Our empirical resultssupport these arguments and we find that clustering increases with the degree of uncertaintybetween the lender and the borrower. ...

  1. Behavioural processes in marketing channel relationships: Review and integration of empirical evidence

    DEFF Research Database (Denmark)

    Jensen, Nils Bøgelund; Skytte, Hans

    1997-01-01

    This paper reviews the empirical research on behavioural processes in marketing channel relationships. Systematically examining nine international journals, we find 49 papers on behavioural processes. On the basis of the hypothesis tests in the papers, we discuss the results and integrate...

  2. A critique on efficient market hypothesis (EMH): Empirical evidence of return anomalies in 12 U.S. industry portfolios

    OpenAIRE

    Lee, Cheng Hsun George

    2006-01-01

    This paper focuses on two major arguments the momentum effect and market-learns hypothesis concerning the validity of the Efficient Market Hypothesis are summarized. Six empirical experiments with 12 U.S. Industry Portfolio are conducted. They not only provide the evidence against some of the EMH assumptions, but also aim to address the formation of return anomalies. Of them, three are designed to assess the validity of EMH with different approaches (White Noise, Effectiveness, Forecastibilit...

  3. Stock Market Volatility Dynamics around National Elections : Empirical Evidence from Asian Countries

    OpenAIRE

    Hong, Kon Wah

    2015-01-01

    This paper investigates a sample of 8 Asian countries to test whether the stock market volatility would be induced higher during national election periods. Our empirical findings show the country-specific component of variance in election periods can easily reach up to 43% higher than the no election periods. It indicates that the investors are shocked with the election outcomes and investors’ sentiments are affected by the political events, no matter how well the preparation is made by inves...

  4. An empirical analysis of price expectations formation: Evidence from the crude oil reserves acquisitions market

    International Nuclear Information System (INIS)

    Vielhaber, L.M.

    1991-01-01

    Reasons for the recent scant empirical attention to price expectations theory are twofold. First, except for futures markets and the occasional expectations survey, price expectations are rarely documented. Second, results of empirical tests of rational expectations are fundamentally flawed by the subjective input of the researcher. Subjectivity taints the results of the test, first, in the form of model specification and, second, in the form of the identification of the relevant information set. This study addresses each of these shortcomings. First, crude oil price expectations are recovered in the market for reserves by using a standard engineering model commonly used in reserves evaluation. Second, the crude oil futures market is used to estimate an index of information. This index circumvents the need to subjectively identify the elements of the information set, removing a key source of subjective input. The results show that agents involved in the crude oil reserves acquisitions market form expectations of futures prices in a way that does not conform with the adaptive expectations model

  5. AN INSTITUTIONAL AND NETWORK PERSPECTIVE OF ORGANISATIONAL LEGITIMACY: EMPIRICAL EVIDENCE FROM CHINA′S TELECOMMUNICATIONS MARKET

    Directory of Open Access Journals (Sweden)

    Brian Low

    2010-07-01

    Full Text Available This perspective paper combines institutional and industrial network theory to develop a framework for analysing organisational legitimacy. The main subject, Nokia China, is found to be sensitive to network-legitimating initiatives, with consequences that accommodate multiple, conflicting stakeholders′ interests in China′s politically sensitive and protective telecommunications market. This paper offers new insights into institutional isomorphism that is manifested empirically as incremental conformity to regulative processes, institutional norms and cognitive knowledge and meanings within the environment, thereby extending commonly held views of institutional theory to include organisational legitimacy in industrial networks.

  6. Is green energy expensive? Empirical evidence from the Spanish electricity market

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Espinosa, Maria Paz; Pizarro-Irizar, Cristina

    2014-01-01

    Renewable energy promotion and its cost are at the heart of the energy policy debate in many countries. The question from an economic perspective is how expensive the promotion of renewable sources through price-based incentive schemes is. This paper addresses this issue empirically. We analyze the Spanish electricity market during the period 2008–2012, where renewable energy production rose by 57%. To determine how expensive it was, we first measure the savings due to the spot price reduction driven by the merit order effect and, second, we compute the amount paid as incentives to green energy by the electricity system; the difference between the two is the net cost of green energy to the electricity markets. We present aggregate results for renewable sources as a whole, as well as individual results for each technology. We show that at the initial stages, when renewable capacity was low, green energy promotion paid for itself (2008–2009); however, from 2010 on, when renewable production reached a relatively high level, it started to impose a positive net cost on the system. Finally, we found substantial differences among technologies: wind energy implied the lowest net cost, while solar photovoltaic was the most expensive. - Highlights: • The combination of feed-in tariffs and premiums has been an effective instrument in the promotion of renewable electricity in Spain. • Significant reduction of the daily market price due to RES-E. • Considering the subsidies to RES-E this energy might seem rather expensive for the Spanish electricity system since 2010. • Substantial differences among technologies: wind energy implied the lowest net cost, while solar photovoltaic was the most expensive

  7. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    Science.gov (United States)

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

  8. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  9. Testing Capital Asset Pricing Model: Empirical Evidences from Indian Equity Market

    Directory of Open Access Journals (Sweden)

    Kapil CHOUDHARY

    2010-11-01

    Full Text Available The present study examines the Capital Asset Pricing Model (CAPM for the Indian stock market using monthly stock returns from 278 companies of BSE 500 Index listed on the Bombay stock exchange for the period of January 1996 to December 2009. The findings of this study are not substantiating the theory’s basic result that higher risk (beta is associated with higher levels of return. The model does explain, however, excess returns and thus lends support to the linear structure of the CAPM equation. The theory’s prediction for the intercept is that it should equal zero and the slope should equal the excess returns on the market portfolio. The results of the study lead to negate the above hypotheses and offer evidence against the CAPM. The tests conducted to examine the nonlinearity of the relationship between return and betas bolster the hypothesis that the expected return-beta relationship is linear. Additionally, this study investigates whether the CAPM adequately captures all-important determinants of returns including the residual variance of stocks. The results exhibit that residual risk has no effect on the expected returns of portfolios.

  10. Principles Involving Marketing Policies: An Empirical Assessment

    OpenAIRE

    JS Armstrong; Randall L. Schultz

    2005-01-01

    We examined nine marketing textbooks, published since 1927, to see if they contained useful marketing principles. Four doctoral students found 566 normative statements about pricing, product, place, or promotion in these texts. None of these stateinents were supported by empirical evidence. Four raters agreed on only twenty of these 566 statements as providing meaningful principles. Twenty marketing professors rated whether the twenty meaningful principles were correct, supported by empirical...

  11. Do Market Regulation and Financial Imperfections Affect Firm Size? New Empirical Evidence

    OpenAIRE

    Raquel Fonseca; Natalia Utrero González

    2004-01-01

    This paper investigates the importance that market regulation and financial imperfections have in firm size. We analyse institutions affecting labour market as Employment Protection Laws (EPL) and Product Market Regulation (PMR). Moreover, we study the effects of these institutions on firm growth. We use data from 29 industrial sectors across 15 developed countries. We find that market regulations related to financial imperfections help to explain differences in firm structure across countries.

  12. The Empirical Evidence on Government Bond Market Integration in East Asia

    Directory of Open Access Journals (Sweden)

    Lian Liu

    2016-03-01

    Full Text Available This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure, quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

  13. Appropriability, Technological Opportunity, Market Demand, and Technical Change - Empirical Evidence from Switzerland

    OpenAIRE

    Harabi, Najib

    1992-01-01

    The purpose of this paper is to analyze both theoretically and empirically those factors which underlay the - empirically observable - inter-industry differences in technical progress. At the theoretical level economists agree more and more that technical progress can be explained at the industry level by the following three factors: (1) the technological opportunities, (2) the appropriability conditions, meaning the ability to capture and protect the results of technical innovations and (3) ...

  14. Practice and effectiveness of internal corporate governance mechanisms in Saudi Arabia Stock Market: A review of empirical evidence

    Directory of Open Access Journals (Sweden)

    Marai Awidat

    2017-01-01

    Full Text Available The aim of this paper is to shed light on the Saudi corporate governance code, its practices and effectiveness. To do so, the paper conducted a detailed review of the articles of the code related to internal corporate governance mechanisms and the previous studies regarding its effectiveness in Saudi stock market context. The main finding is that the provisions of Saudi corporate governance code are adequate. Annual reports (2009-2014 show an increase in the level of the compliance by listed companies, indicating that the code is achieving its aims. However, the empirical evidence seems to suggest that the code has an insignificant impact on company's performance and mitigating earnings management. The main reasons behind that are the following: the code is still in its early stages, there is weak legal enforcement, and there are also some social, cultural, and economic factors. Therefore, the code needs more time for good practice and improvement to achieve its purposes.

  15. Corporate sustainability and asset pricing models: empirical evidence for the Brazilian stock market

    Directory of Open Access Journals (Sweden)

    Vitor Gonçalves de Azevedo

    2016-01-01

    Full Text Available Abstract The paper investigates the impact of corporate sustainability on asset prices. For that purpose, we develop a novel corporate sustainability factor and test the extent to which this factor is priced in an augmented four-factor version of the traditional Fama & French (1993 asset pricing model. The corporate sustainability factor is based on a zero-investment portfolio which is long in stocks with high sustainability and short in stocks with low sustainability. We use data on the Brazilian stock market to estimate alternative model specifications with different combinations of four explanatory variables: the corporate sustainability premium, the market risk factor premium, the size factor premium and the book-to-market factor premium. Our results indicate that corporate sustainability is priced and helps to explain the variability in the cross-section of expected stock returns.

  16. Stock Market Efficiency and Size of the Firm: Empirical Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Ikram ul Haq

    2014-03-01

    Full Text Available The purpose of this paper is to examine the relationship between firm size and excess stock returns in Pakistani market. We construct a set of 10 portfolios based on size i.e., market capitalization, total assets and sales for the period between 2007 and 2011, and analyze the annual stock returns by using sorting and Fama & Macbeth model. The results of the study indicate a prominent size effect where smaller firm or size portfolios are found to have a greater average annual excess returns than bigger firm or size portfolios during the period under analysis. We find that small firms have significantly greater excess returns than larger firms. The study has strong implications for mutual funds managers, investment analysts as well as small investors who are continuously at a lookout for the trading strategies that beat the market.

  17. How does auditors’ work stress affect audit quality? Empirical evidence from the Chinese stock market

    OpenAIRE

    Huanmin Yan; Shengwen Xie

    2016-01-01

    With reference to the Job Demands–Control Model, we empirically examine the effect of auditors’ work stress on audit quality using a sample of Chinese A-share listed companies and their signature auditors from 2009 to 2013. The results show that (1) there is generally no pervasive deterioration in audit quality resulting from auditors’ work stress; (2) there is a significant negative association between work stress and audit quality in the initial audits of new clients; and (3) the perception...

  18. Does Beta Explain Global Equity Market Volatility – Some Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Radosław Kurach

    2013-06-01

    Full Text Available The purpose of this study is to assess the diversification benefits resulting from international asset allocation. In this study, we examine Capital Asset Pricing Model (CAPM in its international context (ICAPM using the monthly equity returns for 26 countries (18 developed and 8 emerging markets between July 1996 and June 2011 and adopting the US investor’s perspective. We verify the beta-return trade-off employing two approaches: the unconditional trade-off and the conditional relationship. In this latter case, we find the country beta to be a significant variable explaining the cross-country variation of returns. Next, we test the degree of market integration in the light of the ICAPM. The results of this test indicate that country-idiosyncratic risks are generally not priced. In the subsidiary outcomes of our verification procedure, we argue that country betas are time-varying and that currently, global factors are the dominant source of equity market volatility. Consequently, the opinion regarding emerging market assets and their role in global portfolio management should be reconsidered. The results of the entire study may provide essential implications for fund managers because the decreasing international diversification gains have been identified.

  19. Modelling short and long-term risks in power markets: Empirical evidence from Nord Pool

    International Nuclear Information System (INIS)

    Nomikos, Nikos K.; Soldatos, Orestes A.

    2010-01-01

    In this paper we propose a three-factor spike model that accounts for different speeds of mean reversion between normal and spiky shocks in the Scandinavian power market. In this model both short and long-run factors are unobservable and are hence estimated as latent variables using the Kalman filter. The proposed model has several advantages. First, it seems to capture in a parsimonious way the most important risks that practitioners face in the market, such as spike risk, short-term risk and long-term risk. Second, it explains the seasonal risk premium observed in the market and improves the fit between theoretical and observed forward prices, particularly for long-dated forward contracts. Finally, closed-form solutions for forward contracts, derived from the model, are consistent with the fact that the correlation between contracts of different maturities is imperfect. The resulting model is very promising, providing a very useful policy analysis and financial engineering tool to market participants for risk management and derivative pricing particularly for long-dated contracts.

  20. Discrimination of tenants with a visual impairment on the housing market: Empirical evidence from correspondence tests.

    Science.gov (United States)

    Verhaeghe, Pieter-Paul; Van der Bracht, Koen; Van de Putte, Bart

    2016-04-01

    According to the social model of disability, physical 'impairments' become disabilities through exclusion in social relations. An obvious form of social exclusion might be discrimination, for instance on the rental housing market. Although discrimination has detrimental health effects, very few studies have examined discrimination of people with a visual impairment. We aim to study (1) the extent of discrimination of individuals with a visual impairment on the rental housing market and (2) differences in rates of discrimination between landowners and real estate agents. We conducted correspondence tests among 268 properties on the Belgian rental housing market. Using matched tests, we compared reactions by realtors and landowners to tenants with and tenants without a visual impairment. The results show that individuals with a visual impairment are substantially discriminated against in the rental housing market: at least one in three lessors discriminate against individuals with a visual impairment. We further discern differences in the propensity toward discrimination according to the type of lessor. Private landlords are at least twice as likely to discriminate against tenants with a visual impairment than real estate agents. At the same time, realtors still discriminate against one in five tenants with a visual impairment. This study shows the substantial discrimination against visually people with an impairment. Given the important consequences discrimination might have for physical and mental health, further research into this topic is needed. Copyright © 2016 Elsevier Inc. All rights reserved.

  1. Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market

    NARCIS (Netherlands)

    Engelen, Peter-Jan; Kabir, Mohammed Rezaul

    2006-01-01

    This paper examines the effect of temporarily suspending the trading of exchange-listed individual stocks. We evaluate whether regulatory authorities can successfully use the mechanism of trading suspension in forcing companies to disclose new and material information to the capital market. Previous

  2. The impact of telecommunication technologies on competition in services and goods markets: empirical evidence

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn; Kochanova, A.

    2017-01-01

    Roč. 119, č. 3 (2017), s. 628-655 ISSN 0347-0520 Grant - others:UK(CZ) GAUK 584612 Institutional support: Progres-Q24 Keywords : product market competition * telecommunication technologies Subject RIV: AH - Economics OBOR OECD: Applied Economics , Econometrics Impact factor: 1.444, year: 2016

  3. Macroeconomic and financial market volatilities: an empirical evidence of factor model

    OpenAIRE

    Wei-Choun Yu

    2008-01-01

    In this paper, we provide two empirical findings. First, exploring 140 monthly macroeconomic and financial variables and applying the principal components method, we find 12 static factors and 8 dynamic factors from 1959 to 2005 in the US. Second, we find the real factor and interest rate factor have been less volatile since the mid 1980s. The price factor and foreign exchange factor, in contrast, became more volatile in the late 1990s. The rest of the factors show no obvious pattern. We find...

  4. The Impact of Corporate Governance on the Market Value of Financial Institutions - Empirical Evidences from Italy

    OpenAIRE

    Bubbico, Rossana; Giorgino, Marco; Monda, Barbara

    2012-01-01

    This paper analyses how the quality of the corporate governance system impacts on the market value of the financial institutions listed on the Italian Stock Exchange. Implementing a good corporate governance is costly, therefore verifying whether the investment is worth its cost is a relevant issue. Despite the central role that financial institutions play in the real economy, there are few studies that focus specifically on the financial industry; filling this gap in literature is especiall...

  5. Does Price Transparency Improve Market Efficiency? Implications of Empirical Evidence in Other Markets for the Health Sector

    National Research Council Canada - National Science Library

    Austin, Andrew; Gravelle, Jane G

    2007-01-01

    .... In health care markets consumers often have difficulty finding useful price data. In particular, few consumers have a clear idea of what hospital stays or hospital-based procedures will cost, or understand how hospital charges are determined...

  6. How does auditors’ work stress affect audit quality? Empirical evidence from the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Huanmin Yan

    2016-12-01

    Full Text Available With reference to the Job Demands–Control Model, we empirically examine the effect of auditors’ work stress on audit quality using a sample of Chinese A-share listed companies and their signature auditors from 2009 to 2013. The results show that (1 there is generally no pervasive deterioration in audit quality resulting from auditors’ work stress; (2 there is a significant negative association between work stress and audit quality in the initial audits of new clients; and (3 the perception of work stress depends on auditors’ individual characteristics. Auditors from international audit firms and those in the role of partner respond more strongly to work stress than industry experts. Auditors tend to react more intensively when dealing with state-owned companies. We suggest that audit firms attach more importance to auditors’ work stress and rationalize their allocation of audit resources to ensure high audit quality.

  7. An Empirical Analysis of IPO Under-Pricing: New Evidence from 2007 NASDAQ Stock Market

    OpenAIRE

    Wang, Zhijie

    2008-01-01

    Initial Public Offering (IPO) has been adopted by most firms when they are process of going public into the stock market. In most cases, the offering price of IPO is systematically lower than its closing price on the first trading day. Because of this, investors can enjoy great benefits by purchasing IPOs on the first trading day and sell them on the second trading day or few trading days later. This phenomenon is called IPO under-pricing and it has been extensively documented in almost every...

  8. Asset Pricing Model and the Liquidity Effect: Empirical Evidence in the Brazilian Stock Market

    Directory of Open Access Journals (Sweden)

    Otávio Ribeiro de Medeiros

    2011-09-01

    Full Text Available This paper is aims to analyze whether a liquidity premium exists in the Brazilian stock market. As a second goal, we include liquidity as an extra risk factor in asset pricing models and test whether this factor is priced and whether stock returns were explained not only by systematic risk, as proposed by the CAPM, by Fama and French’s (1993 three-factor model, and by Carhart’s (1997 momentum-factor model, but also by liquidity, as suggested by Amihud and Mendelson (1986. To achieve this, we used stock portfolios and five measures of liquidity. Among the asset pricing models tested, the CAPM was the least capable of explaining returns. We found that the inclusion of size and book-to-market factors in the CAPM, a momentum factor in the three-factor model, and a liquidity factor in the four-factor model improve their explanatory power of portfolio returns. In addition, we found that the five-factor model is marginally superior to the other asset pricing models tested.

  9. Accelerated Internationalization in Emerging Markets: Empirical Evidence from Brazilian Technology-Based Firms

    Directory of Open Access Journals (Sweden)

    Fernanda Ferreira Ribeiro

    2014-04-01

    Full Text Available This paper offers an analysis into the external factors influencing the accelerated internationalization of technology-based firms (TBFs in the context of an emerging country, Brazil. This type of firm is typically called born global and has been reported mainly in high technology sectors and from developed countries. A survey was applied to small and medium Brazilian TBFs. Logistic regression was used to test the research hypotheses. The results suggest that new and small Brazilian technology-based firms, which followed an accelerated internationalization process, are most likely to be integrated into a global production chain. Results also show that TBFs which take more than five years to enter the international market, benefit more from the location in an innovation habitat, the partnerships in the home country, and the pro-internationalization government policies. Therefore, this research contributes to a better understanding of the phenomenon and points to new perspectives of studies.

  10. FDI and labour market: empirical evidence from the states that joined the European Union in 2004

    Directory of Open Access Journals (Sweden)

    Laura DIACONU (MAXIM

    2017-10-01

    Full Text Available The purpose of our study is to analyse the impact of FDI on the labour markets of the states that joined the EU in 2004, before and after the EU accession and in the context of the global economic crisis. To achieve this objective, we have investigated the literature and carried out a pooled OLS regression estimation. The analysis shows that, until 2003, FDI neither enhanced the labour force participation rate, nor reduced the youth unemployment in the analysed states. After EU adhesion, FDI had only one significant positive effect, exerted on real labour productivity, and negative effects on employment and labour force participation rate. In the context of the crisis, FDI had beneficial effects on the unemployment, but to a lesser extent on the youth unemployment. FDI did not have any significant effect on annual net earnings in none of the three periods.

  11. Does Price Transparency Improve Market Efficiency? Implications of Empirical Evidence in Other Markets for the Health Sector

    Science.gov (United States)

    2007-07-24

    subsidies to support such services were increased. Innovative providers, however, may find ways to expand access to health care by the indigent using...Microstructure of Stock Markets,” Institut d’Économie Industrielle (IDEI) working paper #253, Toulouse, France, May 28, 2004; and Ananth Madhavan

  12. Selected Macroeconomic Variables and Stock Market Movements: Empirical evidence from Thailand

    Directory of Open Access Journals (Sweden)

    Joseph Ato Forson

    2014-06-01

    Full Text Available This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic variables are included in our analysis: money supply (MS, the consumer price index (CPI, interest rate (IR and the industrial production index (IP (as a proxy for GDP. Our findings prove that the SET Index and the selected macroeconomic variables are cointegrated at I (1 and have a significant equilibrium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial production index and money supply each contribute in some way to restore equilibrium. In addition, using Toda and Yamamoto’s augmented Granger causality test, we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed.

  13. Dynamic Model of Islamic Hybrid Securities: Empirical Evidence From Malaysia Islamic Capital Market

    Directory of Open Access Journals (Sweden)

    Jaafar Pyeman

    2016-12-01

    Full Text Available Capital structure selection is fundamentally important in corporate financial management as it influence on mutually return and risk to stakeholders. Despite of Malaysia’s position as one of the major players of Islamic Financial Market, there are still lack of studies has been conducted on the capital structure of shariah compliant firms especially related to hybrid securities. The objective of this study is to determine the hybrid securities issuance model among the shariah compliant firms in Malaysia. As such, this study is to expand the literature review by providing comprehensive analysis on the hybrid capital structure and to develop dynamic Islamic hybrid securities model for shariah compliant firms. We use panel data of 50 companies that have been issuing the hybrid securities from the year of 2004- 2012. The outcomes of the studies are based on the dynamic model GMM estimation for the determinants of hybrid securities. Based on our model, risk and growth are considered as the most determinant factors for issuing convertible bond and loan stock. These results suggest that, the firms that have high risk but having good growth prospect will choose hybrid securities of convertible bond. The model also support the backdoor equity listing hypothesis by Stein (1992 where the hybrid securities enable the profitable firms to venture into positive NPV project by issuing convertible bond as it offer lower coupon rate as compare to the normal debt rate

  14. Mixture Of Probabilistic Factor Analyzers For Market Risk Measurement: Empirical Evidence From The Tunisian Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Mohamed Nidhal Mosbahi

    2017-05-01

    Full Text Available In this paper, we propose a new approach for Basel-Compliant Value-at-Risk (VaR estimation in financial portfolio risk management, which combines Gaussian Mixture Models with probabilistic factor analysis models. This new mixed specification provides an alternative, compact, model to handle co-movements, heterogeneity and intra-frame correlations in financial data. This results in a model which concurrently performs clustering and dimensionality reduction, and can be considered as a reduced dimension mixture of probabilistic factor analyzers. For maximum likelihood estimation we have used an iterative approach based on the Alternating Expectation Conditional Maximization (AECM algorithm. Using a set of historical data in a rolling time window, from the Tunisian foreign exchange market, the model structure as well as its parameters are determined and estimated. Then, the fitted model combined with a modified Monte-Carlo simulation algorithm was used to predict the VaR. Through a Backtesting analysis, we found that this new specification exhibits a good fit to the data compared to other competing approaches, improves the accuracy of VaR prediction, possesses more flexibility, and can avoid serious violations when a financial crisis occurs.

  15. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    OpenAIRE

    Thomas C. Chiang; Yuanqing Zhang

    2018-01-01

    This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced int...

  16. GLOBAL FINANCIAL CRISIS AND UNIT-LINKED INSURANCE MARKETS EFFICIENCY: EMPIRICAL EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Botoş Horia Mircea

    2012-12-01

    Full Text Available This paper empirically investigates the impact of the Global financial crisis on the efficiency of four Central and Eastern European emerging unit-linked insurance markets, applying the automatic variance ratio (AVR test of Kim (2009 and variance ratio tests using ranks and signs by Wright (2000 for entire, pre-crisis and crisis periods. This study contributes to the existing literature on efficient market hypothesis with several distinct features: it provides a systematic review of the weak-form market efficiency literature that examines return predictability of the daily ING unit-linked funds prices; also the article aims at monitoring any improvement in the degree of efficiency in time and also examines the relative efficiency of unit-linked insurance markets in pre-crisis and crisis periods. Unit linked insurance are life insurance policies with investment component. In the literature there are few studies investigating the effects of a financial crisis on the potential of predictability and implicitly on the degree of efficiency of financial markets. The occurrence of a market crash or financial crisis is a possible contributing factor of market inefficiency. Most of the studies are focused on the Asian crisis in 1997: Holden et al. (2005 examined the weak-form efficiency of eight emerging Asian stock markets using VR tests before, during and after the Asian crisis; Kim and Shamsuddin (2008 used three different types of multiple VR tests for nine Asian stock markets; the findings reported by Lim et al. (2008 are consistent with those reported by Cheong et al. (2007, in which the highest inefficiency occurs during the crisis period. Todea and Lazar (2010 investigated the effects of the Global crisis on the relative efficiency of ten CEE stock markets, using Generalized Spectral test of Escanciano and Velasco (2006. Wright (2000 proposes the alternative non-parametric variance ratio tests using ranks and signs of return and demonstrates that

  17. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2018-03-01

    Full Text Available This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced into the Chinese stocks. The paper concludes that the risk-return tradeoff is present in the GARCH-in-mean, local downside risk-return, and global risk-return relations.

  18. Empirical Evidence from Kenya

    African Journals Online (AJOL)

    FIRST LADY

    2011-01-18

    Jan 18, 2011 ... Empirical results reveal that consumption of sugar in. Kenya varies ... experiences in trade in different regions of the world. Some studies ... To assess the relationship between domestic sugar retail prices and sugar sales in ...

  19. Switching benefits and costs in competitive health insurance markets: A conceptual framework and empirical evidence from the Netherlands.

    Science.gov (United States)

    Duijmelinck, Daniëlle M I D; Mosca, Ilaria; van de Ven, Wynand P M M

    2015-05-01

    Competitive health insurance markets will only enhance cost-containment, efficiency, quality, and consumer responsiveness if all consumers feel free to easily switch insurer. Consumers will switch insurer if their perceived switching benefits outweigh their perceived switching costs. We developed a conceptual framework with potential switching benefits and costs in competitive health insurance markets. Moreover, we used a questionnaire among Dutch consumers (1091 respondents) to empirically examine the relevance of the different switching benefits and costs in consumers' decision to (not) switch insurer. Price, insurers' service quality, insurers' contracted provider network, the benefits of supplementary insurance, and welcome gifts are potential switching benefits. Transaction costs, learning costs, 'benefit loss' costs, uncertainty costs, the costs of (not) switching provider, and sunk costs are potential switching costs. In 2013 most Dutch consumers switched insurer because of (1) price and (2) benefits of supplementary insurance. Nearly half of the non-switchers - and particularly unhealthy consumers - mentioned one of the switching costs as their main reason for not switching. Because unhealthy consumers feel not free to easily switch insurer, insurers have reduced incentives to invest in high-quality care for them. Therefore, policymakers should develop strategies to increase consumer choice. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  20. Relationship between Crude Palm Oil (CPO) Futures prices and Selected Southeast Asia Equity Market-Empirical Evidence

    OpenAIRE

    Siaw, Louis Kai Ying

    2015-01-01

    The relationship between commodities market and equities market has been known to have a negative correlation close to no correlation and generally have no volatility spillover exists between both of the markets. Therefore, there is diversification benefit as while one market is going down, another market is going up to offset the losing position in the down market. Besides that, non-volatility spillover exists between the market will also presents no spillover variance of one market to anoth...

  1. Boris Hirsch: Monopsonistic Labour Markets and the Gender Pay Gap. Theory and Empirical Evidence. Heidelberg: Springer-Verlag 2010.

    Directory of Open Access Journals (Sweden)

    Andrea Jochmann-Döll

    2011-03-01

    Full Text Available Der mögliche Beitrag monopsonistischer Arbeitsmarktmodelle zur Erklärung der geschlechterbezogenen Entgeltlücke (Gender Pay Gap steht im Zentrum der Dissertation von Boris Hirsch. Nach den Theorien des räumlichen und des dynamischen Monopsons sind Unternehmen deshalb in der Lage, geringere Entgelte an Frauen zu zahlen, weil deren Arbeitsangebot auf Unternehmensebene weniger elastisch ist und sie bei einem Arbeitsplatzwechsel höhere Verluste in Kauf nehmen müssen. Die Ausnutzung der Monopsonmacht und die mit dem Robinson’schen Ansatz beschreibbare Diskriminierung durch die Unternehmen führten zu unterschiedlichen Entgelten zwischen Frauen und Männern. Die von Hirsch getroffenen theoretischen Annahmen werden für den deutschen Arbeitsmarkt empirisch bestätigt; durch sie lässt sich mindestens ein Drittel des Gender Pay Gap erklären.The possible contribution of monopsonistic job market models to the explanation of the gender-based payment gap (Gender Pay Gap is at the center of Boris Hirsch’s dissertation. According to the theories of the regional and the dynamic monopson, companies are able to pay women lower wages because their labor supply on the company level is less flexible and because they have to accept higher losses in the case of a job change. The companies’ abuse of the monopsonistic power and the discrimination, which can be explained with the Robinson approach, lead to unequal wages between men and women. Hirsch’s theoretical hypotheses are validated empirically for the German employment market; with them, at least a third of the Gender Pay Gap can be explained.

  2. Expert opinion vs. empirical evidence

    OpenAIRE

    Herman, Rod A; Raybould, Alan

    2014-01-01

    Expert opinion is often sought by government regulatory agencies when there is insufficient empirical evidence to judge the safety implications of a course of action. However, it can be reckless to continue following expert opinion when a preponderance of evidence is amassed that conflicts with this opinion. Factual evidence should always trump opinion in prioritizing the information that is used to guide regulatory policy. Evidence-based medicine has seen a dramatic upturn in recent years sp...

  3. Expert opinion vs. empirical evidence

    Science.gov (United States)

    Herman, Rod A; Raybould, Alan

    2014-01-01

    Expert opinion is often sought by government regulatory agencies when there is insufficient empirical evidence to judge the safety implications of a course of action. However, it can be reckless to continue following expert opinion when a preponderance of evidence is amassed that conflicts with this opinion. Factual evidence should always trump opinion in prioritizing the information that is used to guide regulatory policy. Evidence-based medicine has seen a dramatic upturn in recent years spurred by examples where evidence indicated that certain treatments recommended by expert opinions increased death rates. We suggest that scientific evidence should also take priority over expert opinion in the regulation of genetically modified crops (GM). Examples of regulatory data requirements that are not justified based on the mass of evidence are described, and it is suggested that expertise in risk assessment should guide evidence-based regulation of GM crops. PMID:24637724

  4. Central bank transparency, private information and the predictability of monetary policy in the financial markets : theoretical, experimental and empirical evidence

    NARCIS (Netherlands)

    Middeldorp, M.H.

    2010-01-01

    Central banks worldwide have become considerably more communicative about their policies and forecasts. An important reason is that democratic societies expect such transparency from public institutions. Central bankers, supported by a significant body of empirical research, also believe that

  5. "Contagion" between the emerging and developed capital markets: empirical evidence and reflections on the international portfolio diversification

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2008-10-01

    Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could benefit from international diversification of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.

  6. Assessment Of Market Facilities And Locational Effects On Adjoining Neighborhoods In Nigerian Urban Centers Empirical Evidence From Akure Nigeria

    Directory of Open Access Journals (Sweden)

    Adeyinka S. A.

    2015-08-01

    Full Text Available There is the need for people to buy and sell and transact their businesses in a way that life can go on normally. This study examined the markets facilities level and locational effects on adjoining neighbourhoods in Akure Township. Both primary and secondary data types were employed in the study primary data were collected through the administration of questionnaire on traders and patronsbuyers in the markets and residents of adjoining neighbourhoods and personal observation. Secondary data were collected from government publications. Data collected were analysed using descriptive statistical methods which included frequency counts and Likerts scale to analyse the satisfaction of traders and patrons on the facilities in the markets and severity of locational effects on residents of adjoining neighbourhoods. Findings from the study showed that facilities such as parking spaces fire extinguishers circulation spaces within the markets trading spaces safe area for children perimeter fencing and loading and off-loading bay were inadequately provided. While on-street display of goods traffic congestion air pollution on-street parking due to inadequate parking spaces were the severely perceived locational effects. The study concluded that facilities in the markets were inadequate and that markets constitute nuisances to the adjoining areas. It hereby recommends that markets in the study area be provided with the required level of facilities to prevent future urban problems.

  7. Measuring performance in off-patent drug markets: a methodological framework and empirical evidence from twelve EU Member States.

    Science.gov (United States)

    Kanavos, Panos

    2014-11-01

    This paper develops a methodological framework to help evaluate the performance of generic pharmaceutical policies post-patent expiry or after loss of exclusivity in non-tendering settings, comprising five indicators (generic availability, time delay to and speed of generic entry, number of generic competitors, price developments, and generic volume share evolution) and proposes a series of metrics to evaluate performance. The paper subsequently tests this framework across twelve EU Member States (MS) by using IMS data on 101 patent expired molecules over the 1998-2010 period. Results indicate that significant variation exists in generic market entry, price competition and generic penetration across the study countries. Size of a geographical market is not a predictor of generic market entry intensity or price decline. Regardless of geographic or product market size, many off patent molecules lack generic competitors two years after loss of exclusivity. The ranges in each of the five proposed indicators suggest, first, that there are numerous factors--including institutional ones--contributing to the success of generic entry, price decline and market penetration and, second, MS should seek a combination of supply and demand-side policies in order to maximise cost-savings from generics. Overall, there seems to be considerable potential for faster generic entry, uptake and greater generic competition, particularly for molecules at the lower end of the market. Copyright © 2014. Published by Elsevier Ireland Ltd.

  8. Organizational Flexibility for Hypercompetitive Markets : Empirical Evidence of the Composition and Context Specificity of Dynamic Capabilities and Organization Design Parameters

    NARCIS (Netherlands)

    N.P. van der Weerdt (Niels)

    2009-01-01

    textabstractThis research project, which builds on the conceptual work of Henk Volberda on the flexible firm, empirically investigates four aspects of organizational flexibility. Our analysis of data of over 1900 firms and over 3000 respondents shows (1) that several increasing levels of

  9. Practice management: observations, issues, and empirical evidence.

    Science.gov (United States)

    Wong, H M; Braithwaite, J

    2001-02-01

    The primary objective of this study is to provide objective, empirical, evidence-based practice management information. This is a hitherto under-researched area of considerable interest for both the practitioner and educator. A questionnaire eliciting a mix of structured and free text responses was administered to a random sample of 480 practitioners who are members of the American Academy of Periodontology. Potential respondents not in private practice were excluded and the next listed person substituted. The results provide demographic and descriptive information about some of the main issues and problems facing practice managers, central to which are information technology (IT), financial, people management, and marketing. Human resource and marketing management appear to represent the biggest challenges. Periodontists running practices would prefer more information, development, and support in dealing with IT, finance, marketing, and people management. The empirical evidence reported here suggests that although tailored educational programs on key management issues at both undergraduate and postgraduate levels have become ubiquitous, nevertheless some respondents seek further training opportunities. Evidence-based practice management information will be invaluable to the clinician considering strategic and marketing planning, and also for those responsible for the design and conduct of predoctoral and postdoctoral programs.

  10. An empirical study of marketing communications effectiveness in Slovenian market

    OpenAIRE

    Jerman, Damjana; Završnik, Bruno

    2017-01-01

    This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications strategy correlate with the effectiveness of marketing communications. The paper consists of two parts: the theoretical framework for the role of marketing communications strategy for the effectiveness of the marketing communications and the empirical analysis, based on the primary data collected...

  11. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  12. Empirical studies of market microstructure

    NARCIS (Netherlands)

    Spierdijk, L.

    2003-01-01

    In efficient markets, security prices move in response to the release of new information. Since transactions contain information, trading itself causes traders and market makers to update their beliefs and prices to be revised. The main part of this thesis (Chapters 2, 3, and 4) is devoted to the

  13. AN EMPIRICAL STUDY OF MARKETING COMMUNICATIONS EFFECTIVENESS IN SLOVENIAN MARKET

    Directory of Open Access Journals (Sweden)

    Damjana Jerman

    2014-01-01

    Full Text Available This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications strategy correlate with the effectiveness of marketing communications. The paper consists of two parts: the theoretical framework for the role of marketing communications strategy for the effectiveness of the marketing communications and the empirical analysis, based on the primary data collected. The concept of the marketing communication effectiveness assumes that there are variables that can have a positive influence on the effectiveness of marketing communications, which incorporates facets of the marketing communication strategy and bidirectional communications. The results suggest that Slovenian organisations which design and implement marketing communication strategy, also have more effective marketing communications. The development of marketing communications strategy was correlated with increased effectiveness of marketing communications in their organisation. Managerial implications are discussed along with directions for further research.

  14. Oil prices and speculative bubbles: empirical evidence from WTI markets; Precos do petroleo e bolhas especulativas: algumas evidencias para o mercado de WTI

    Energy Technology Data Exchange (ETDEWEB)

    Cavalcante, Mileno [Universidade Federal do Ceara (UFC), Fortaleza, CE (Brazil). Curso de Pos-Graduacao em Economia; PETROBRAS S.A., Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The purpose of this work is to gather some evidence about the relationship between crude prices and speculation in oil futures and options markets focusing on WTI markets. In order to shed some light on this link, a brief characterization of what a speculative bubble is and how it works is given. It is also shown that the major reason behind the great inflow of capital into oil derivatives markets is that they became much more attractive to investors than other financial markets (i.e. stocks and bonds) between 2000 and 2007. The reasoning behind the speculative bubble argument is stated and a brief discussion about the strategies commercials and non-commercials adopted in WTI futures and options markets during 1995-2007 period is made. We confront this reasoning with the evidence from the non-commercial net positions and WTI prices from 2003 to 2007 and make some econometric tests for the hypotheses that changes in these positions affect prices and for the presence of a speculative bubble in WTI markets. Our analysis shows no clear linkage between oil prices and non-commercials net positions in the way the 'bubble theory' argues and points to a possible problem of asymmetric information in the oil markets. (author)

  15. Oil prices and speculative bubbles: empirical evidence from WTI markets; Precos do petroleo e bolhas especulativas: algumas evidencias para o mercado de WTI

    Energy Technology Data Exchange (ETDEWEB)

    Cavalcante, Mileno [Universidade Federal do Ceara (UFC), Fortaleza, CE (Brazil). Curso de Pos-Graduacao em Economia; PETROBRAS S.A., Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The purpose of this work is to gather some evidence about the relationship between crude prices and speculation in oil futures and options markets focusing on WTI markets. In order to shed some light on this link, a brief characterization of what a speculative bubble is and how it works is given. It is also shown that the major reason behind the great inflow of capital into oil derivatives markets is that they became much more attractive to investors than other financial markets (i.e. stocks and bonds) between 2000 and 2007. The reasoning behind the speculative bubble argument is stated and a brief discussion about the strategies commercials and non-commercials adopted in WTI futures and options markets during 1995-2007 period is made. We confront this reasoning with the evidence from the non-commercial net positions and WTI prices from 2003 to 2007 and make some econometric tests for the hypotheses that changes in these positions affect prices and for the presence of a speculative bubble in WTI markets. Our analysis shows no clear linkage between oil prices and non-commercials net positions in the way the 'bubble theory' argues and points to a possible problem of asymmetric information in the oil markets. (author)

  16. Empirical Studies on Sovereign Fixed Income Markets

    NARCIS (Netherlands)

    J.G. Duyvesteyn (Johan)

    2015-01-01

    markdownabstractAbstract This dissertation presents evidence of five studies showing that sovereign fixed income markets are not always price efficient. The emerging local currency debt market has grown to a large size of more than 1.5 trill ion US Dollars at the end of 2012. The factors

  17. Evidências empíricas: arbitragem no mercado brasileiro com fundos ETFs Empirical evidence: arbitrage with Exchange-traded Funds (ETFs on the brazilian market

    Directory of Open Access Journals (Sweden)

    Yuri Sampaio Maluf

    2013-04-01

    Full Text Available De acordo com a literatura de gestão de risco, a diversificação contribui para a mitigação do risco. Neste sentido, os fundos de índice Exchange Traded Funds (ETF, recém-introduzidos no mercado brasileiro, permitem sua fácil execução. Dentro deste contexto, o presente artigo investiga a eficiência do processo de valuation das cotas do fundo iShare Ibovespa com relação ao seu valor justo. Para isto, primeiramente é empregada uma análise das séries temporais de alta frequência do ETF e Ibovespa, seguido de simulações de estratégias que contemplem ágios/deságios entre as séries dos ativos, sem e com custos de transação. A fim de evitar efeitos de Data-Snooping nos resultados das operações, foi aplicado um Bootstrap para séries temporais. No primeiro momento os resultados apontam para uma ineficiência do apreçamento das cotas, visto que a incorporação de ágios/deságios na estratégia produziu retornos de 172,5% acima de seu índice. No segundo, verifica-se que mesmo com a introdução dos custos operacionais, os ganhos ainda assim apresentam ineficiência. Entretanto, a partir da técnica de Bootstrap, os resultados não apontaram para retornos excedentes, o que pode ser atribuído meramente ao fenômeno de Data-Snooping. Os resultados evidenciam, portanto, a inviabilidade dos agentes em auferir rendimentos anormais a partir de divergências entre os valores da cota do ETF e seu respectivo índice, o que indica uma eficiência nas precificações das cotas do fundo iShare Ibovespa.According to risk management literature, diversification helps mitigate risk. Index funds, known as exchange-traded funds (ETFs, which were recently introduced into the Brazilian market, make diversification straightforward to accomplish. This paper investigates the efficiency of the valuation process of the Ibovespa iShares with respect to the fair value of the shares. For this purpose, a high-frequency time series analysis of ETFs and

  18. The efficient market hypothesis: problems with interpretations of empirical tests

    Directory of Open Access Journals (Sweden)

    Denis Alajbeg

    2012-03-01

    Full Text Available Despite many “refutations” in empirical tests, the efficient market hypothesis (EMH remains the central concept of financial economics. The EMH’s resistance to the results of empirical testing emerges from the fact that the EMH is not a falsifiable theory. Its axiomatic definition shows how asset prices would behave under assumed conditions. Testing for this price behavior does not make much sense as the conditions in the financial markets are much more complex than the simplified conditions of perfect competition, zero transaction costs and free information used in the formulation of the EMH. Some recent developments within the tradition of the adaptive market hypothesis are promising regarding development of a falsifiable theory of price formation in financial markets, but are far from giving assurance that we are approaching a new formulation. The most that can be done in the meantime is to be very cautious while interpreting the empirical evidence that is presented as “testing” the EMH.

  19. An Empirical Assessment of the Relationship of Marketing ...

    African Journals Online (AJOL)

    An Empirical Assessment of the Relationship of Marketing Communication Mix and Performance of ... Marketing efficiency of a communication mix as well as analyzing the effect of using a ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  20. EVIDENCE FROM CEREALS MARKET

    African Journals Online (AJOL)

    Win7Ent

    2013-06-03

    Jun 3, 2013 ... These market reforms resulted in more variable food prices because .... staple foods and the impact of seasonal price fluctuations on nutrient consumption; which are issues ..... elderly) in low-income households. Gathering ...

  1. Differences in Dynamic Brand Competition Across Markets: An Empirical Analysis

    OpenAIRE

    Jean-Pierre Dubé; Puneet Manchanda

    2005-01-01

    We investigate differences in the dynamics of marketing decisions across geographic markets empirically. We begin with a linear-quadratic game involving forward-looking firms competing on prices and advertising. Based on the corresponding Markov perfect equilibrium, we propose estimable econometric equations for demand and marketing policy. Our model allows us to measure empirically the strategic response of competitors along with economic measures such as firm profitability. We use a rich da...

  2. The impact of the introduction of index options on volatility and liquidity on the underlying stocks : Empirical evidence from the Asian stock markets

    OpenAIRE

    Hasan, Md Kamrul; Chowdhury, Shabyashachi

    2011-01-01

    The impact of the introduction of derivatives on the underlying stock is a debatable topic among the researchers. The issue is quite controversial as contradictory results have been obtained by researchers in various stock markets. The purpose of this study is to examine the volatility and the liquidity effect on the underlying stock after the introduction of index options. We have investigated volatility and liquidity effect by collecting sample data from the stock markets of India, Korea, T...

  3. Motives and chances of firm diversification: theory and empirical evidence

    International Nuclear Information System (INIS)

    Briglauer, W.

    2001-11-01

    It is beyond controversy that the majority of the largest companies in the industrialized countries perform to a certain extent product diversification strategies. Tying up to this finding the underlying work firstly deals with alternative theoretical and empirical definitions of corporate diversification. Subsequently the theoretical part mainly elaborates an industrial economic framework for categorizing motives of firm diversification. Despite of some inevitable degree of arbitrariness, a relatively widespread and sufficient categorization can be presented. With regards to the relevant economic literature most explanations of product diversification can be classified appropriately. Observing diversification activities one would prima facie infer a positive relationship between product diversification and firm performance, but both, theory and empirical evidence, yield ambiguous results. The empirical part provides a list of existing studies, classified according to the theoretical categorization. In an overview some stylised facts are filtered and discussed consecutively. Most notably, it was found that related diversification strategies significantly outperform strategies of unrelated diversification. At the end of the empirical section econometric methods are applied to agricultural and industrial economic (relating to telecommunication markets) data sets. For the agricultural studies a significantly positive relationship between product diversification and firm performance was found. In contrast no significant results were obtained for the telecommunication markets. (author)

  4. THE ASSORTMENT STRUCTURE AND THE PRICE LEVELS AS A FACTOR OF MARKETING CHANNEL COMPETITIVENESS–EMPIRICAL EVIDENCE FROM THE REPUBLIC OF SERBIA

    Directory of Open Access Journals (Sweden)

    Jelena Končar

    2016-12-01

    Full Text Available In this paper, the authors point out the differences in the structure of the product assortment of retailers who show their offers on the Web, with the aim of proving that the structure of the assortment may be a factor of marketing channel competitiveness that the consumers recognize and that makes them opt for a certain marketing channel. On the same basis we aim to compare the prices of representative product categories, in order to determine the impact of prices on marketing channel competitiveness, without taking other factors of channel competitiveness into consideration. Based on the conducted research, we can conclude that having a number of categories of products in the assortment presents a competitive advantage for the retailer in the traditional marketing channel since retailers with electronic sales have a more diverse assortment in their retail store than online. Compared to “pure play” electronic retailers, the structure of assortment measured in number of categories of products that are on offer in e-stores is not significantly different between “pure play” and “bricks and clicks” electronic retailers. On the other hand, if we look at the price levels, there is a difference in prices of product categories on websites of “brick and click” retailers since prices in retail stores are higher than prices in the traditional retail store of the same retailer. However, offers on the website of “pure play” electronic retailers are higher compared to “brick and click” retailers.

  5. An Investigation of Technology Avoidance Effect into Higher Education Environments: Some Empirical Evidence of Marketing Students' Background and Their Use of Personal Computers Outside the Academic Culture

    Science.gov (United States)

    Spais, George S.; Vasileiou, Konstantinos Z.

    2008-01-01

    The major objective of this study was to test a research hypothesis in order to explain the technology avoidance effect in higher educational environments. We addressed the core research themes of our study using a survey. Our intention was to test marketing students' perceptions in order to investigate the potent influence of a climate of…

  6. Measuring market performance in restructured electricity markets: An empirical analysis of the PJM energy market

    Science.gov (United States)

    Tucker, Russell Jay

    2002-09-01

    Today the electric industry in the U.S. is transitioning to competitive markets for wholesale electricity. Independent system operators (ISOs) now manage broad regional markets for electrical energy in several areas of the U.S. A recent rulemaking by the Federal Energy Regulatory Commission (FERC) encourages the development of regional transmission organizations (RTOs) and restructured competitive wholesale electricity markets nationwide. To date, the transition to competitive wholesale markets has not been easy. The increased reliance on market forces coupled with unusually high electricity demand for some periods have created conditions amenable to market power abuse in many regions throughout the U.S. In the summer of 1999, hot and humid summer conditions in Pennsylvania, New Jersey, Maryland, Delaware, and the District of Columbia pushed peak demand in the PJM Interconnection to record levels. These demand conditions coincided with the introduction of market-based pricing in the wholesale electricity market. Prices for electricity increased on average by 55 percent, and reached the $1,000/MWh range. This study examines the extent to which generator market power raised prices above competitive levels in the PJM Interconnection during the summer of 1999. It simulates hourly market-clearing prices assuming competitive market behavior and compares these prices with observed market prices in computing price markups over the April 1-August 31, 1999 period. The results of the simulation analysis are supported with an examination of actual generator bid data of incumbent generators. Price markups averaged 14.7 percent above expected marginal cost over the 5-month period for all non-transmission-constrained hours. The evidence presented suggests that the June and July monthly markups were strongly influenced by generator market power as price inelastic peak demand approached the electricity generation capacity constraint of the market. While this analysis of the

  7. An empirical test of spatial competition in the audit market

    NARCIS (Netherlands)

    Numan, W.A.; Willekens, M.M.T.A.

    2012-01-01

    This study empirically examines the effects of competition through differentiation on audit pricing. Based on prior economic theory on differentiated-product markets (e.g., Hotelling, 1929; Tirole, 1988), we hypothesize that audit fees are affected by an auditor's relative location in a market

  8. The interdependence of major european stock markets: evidence for Greece

    OpenAIRE

    Καινούργιος, Δημήτριος Φ.; Σαμίτας, Αριστείδης Γ.

    2003-01-01

    This paper provides new evidence on the relationship between the Greek "blue chip" stock market and the six relative European markets by applying cointegration tests. The time period examined is 1998 to 2000, which marks the entry of Greece to the European Exchange Rates Mechanism II. The empirical results indicate that the Athens Stock Exchange has no considerable links, except for one case, with any other European developed markets examined. These findings have some significa...

  9. Computational mate choice: theory and empirical evidence.

    Science.gov (United States)

    Castellano, Sergio; Cadeddu, Giorgia; Cermelli, Paolo

    2012-06-01

    The present review is based on the thesis that mate choice results from information-processing mechanisms governed by computational rules and that, to understand how females choose their mates, we should identify which are the sources of information and how they are used to make decisions. We describe mate choice as a three-step computational process and for each step we present theories and review empirical evidence. The first step is a perceptual process. It describes the acquisition of evidence, that is, how females use multiple cues and signals to assign an attractiveness value to prospective mates (the preference function hypothesis). The second step is a decisional process. It describes the construction of the decision variable (DV), which integrates evidence (private information by direct assessment), priors (public information), and value (perceived utility) of prospective mates into a quantity that is used by a decision rule (DR) to produce a choice. We make the assumption that females are optimal Bayesian decision makers and we derive a formal model of DV that can explain the effects of preference functions, mate copying, social context, and females' state and condition on the patterns of mate choice. The third step of mating decision is a deliberative process that depends on the DRs. We identify two main categories of DRs (absolute and comparative rules), and review the normative models of mate sampling tactics associated to them. We highlight the limits of the normative approach and present a class of computational models (sequential-sampling models) that are based on the assumption that DVs accumulate noisy evidence over time until a decision threshold is reached. These models force us to rethink the dichotomy between comparative and absolute decision rules, between discrimination and recognition, and even between rational and irrational choice. Since they have a robust biological basis, we think they may represent a useful theoretical tool for

  10. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

    We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of...

  11. An empirical and model study on automobile market in Taiwan

    Science.gov (United States)

    Tang, Ji-Ying; Qiu, Rong; Zhou, Yueping; He, Da-Ren

    2006-03-01

    We have done an empirical investigation on automobile market in Taiwan including the development of the possession rate of the companies in the market from 1979 to 2003, the development of the largest possession rate, and so on. A dynamic model for describing the competition between the companies is suggested based on the empirical study. In the model each company is given a long-term competition factor (such as technology, capital and scale) and a short-term competition factor (such as management, service and advertisement). Then the companies play games in order to obtain more possession rate in the market under certain rules. Numerical simulation based on the model display a competition developing process, which qualitatively and quantitatively agree with our empirical investigation results.

  12. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  13. Competition in the German pharmacy market: an empirical analysis.

    Science.gov (United States)

    Heinsohn, Jörg G; Flessa, Steffen

    2013-10-10

    Pharmaceutical products are an important component of expenditure on public health insurance in the Federal Republic of Germany. For years, German policy makers have regulated public pharmacies in order to limit the increase in costs. One reform has followed another, main objective being to increase competition in the pharmacy market. It is generally assumed that an increase in competition would reduce healthcare costs. However, there is a lack of empirical proof of a stronger orientation of German public pharmacies towards competition thus far. This paper analyses the self-perceptions of owners of German public pharmacies and their orientation towards competition in the pharmacy markets. It is based on a cross-sectional survey (N = 289) and distinguishes between successful and less successful pharmacies, the location of the pharmacies (e.g. West German States and East German States) and the gender of the pharmacy owner. The data are analysed descriptively by survey items and employing bivariate and structural equation modelling. The analysis reveals that the majority of owners of public pharmacies in Germany do not currently perceive very strong competitive pressure in the market. However, the innovativeness of the pharmacist is confirmed as most relevant for net revenue development and the profit margin. Some differences occur between regions, e.g. public pharmacies in West Germany have a significantly higher profit margin. This study provides evidence that the German healthcare reforms aimed at increasing the competition between public pharmacies in Germany have not been completely successful. Many owners of public pharmacies disregard instruments of active customer-orientated management (such as customer loyalty or an offensive position and economies of scale), which could give them a competitive advantage. However, it is clear that those pharmacists who strive for systematic and innovative management and adopt an offensive and competitive stance are quite

  14. Empirical Studies on Financial Markets: Private Equity, Corporate Bonds and Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben)

    2008-01-01

    textabstractThis dissertation consists of five empirical studies on financial markets. Each study can be read independently and covers a specific market, either private equity, corporate bonds or emerging markets. The first study documents that risk factors cannot account for the significant excess

  15. Empirical Study on Arbitrage Opportunities in China Copper Futures Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    No-arbitrage bound is established with no-arbitrage theory considering all kinds of trade costs, different deposit and loan interest rate, margin and tax in fuuaes markets. The empirical results find that there are many lower bound arbitrage opportunities in China copper futures market from August 8th, 2003 to August 16th, 2005. Concretely, no-arbitrage opportunity is dominant and lower bound arbitrage is narrow in normal market segment. Lower bound arbitrage almost always exists with huge magnitude in inverted market segment. There is basically no-arbitrage in normal market because spot volume is enough, so that upper or lower bound arbitrage can be realized. There is mostly lower bound arbitrage in inverted market because spot volume is lack.

  16. Empirical analysis of the constituent factors of internal marketing orientation at Spanish hotels

    OpenAIRE

    Robledo, José Luis Ruizalba; Arán, María Vallespín

    2014-01-01

    This study, which draws upon specialized literature and empirical evidence, aims to characterize the underlying structure of the construct ‘Internal Marketing Orientation’ (IMO). As a consequence six underlying factors are identified: exchange of values, segmentation of the internal market, internal communication, management concern, implementation of management concern and training. It also evaluates the degree of Spanish hotels’ IMO, classifying them into three different groups according to...

  17. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  18. Empirical Evidence from Kaduna State, Nigeria

    African Journals Online (AJOL)

    Michael Madukwe

    Socio Economics and Extension Services Division, National Institute for. Freshwater Fisheries Research (NIFFR), P.M.B 6006, New Bussa. Niger State. .... fisheries, women are mainly involved in processing and marketing (Uchola 2000.

  19. Governance and Human Development: Empirical Evidence from ...

    African Journals Online (AJOL)

    This study empirically investigates the effects of governance on human development in Nigeria. Using annual time series data covering the period 1998 to 2010, obtained from various sources, and employing the classical least squares estimation technique, the study finds that corruption, foreign aid and government ...

  20. Strategic marketing types: Evidence from the European meat processing industry

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    performance might differ between firms pursuing any strategy type has a strong academic and practical business interest. There is still a need to explore the basic question of whether generic types of mark strategies exist. Also there is a lack of empirical evidence which examines a wide range of strategic...... marketing strategies, (2) places these clusters in a strategic typology in order to better understand their position in the marketplace, and (3) analyses these strategic marketing types in terms of performance outcomes and differences in corporate attitudes and goals. 3. The meat processing sector in Europe....... Integrating previous definitions and findings on key strategy dimensions, three main marketing strategy components are used in the analysis: Strategic focus/objective marketing targeting and marketing positioning. The variables are split up in the following main groups: Marketing strategy variables, Corporate...

  1. Managerial Career Patterns: A Review of the Empirical Evidence

    Science.gov (United States)

    Vinkenburg, Claartje J.; Weber, Torsten

    2012-01-01

    Despite the ubiquitous presence of the term "career patterns" in the discourse about careers, the existing empirical evidence on (managerial) career patterns is rather limited. From this literature review of 33 published empirical studies of managerial and similar professional career patterns found in electronic bibliographic databases, it is…

  2. Managerial Career Patterns: A Review of the Empirical Evidence

    NARCIS (Netherlands)

    Vinkenburg, C.J.; Weber, T.

    2012-01-01

    Despite the ubiquitous presence of the term "career patterns" in the discourse about careers, the existing empirical evidence on (managerial) career patterns is rather limited. From this literature review of 33 published empirical studies of managerial and similar professional career patterns found

  3. On the Empirical Evidence of Mutual Fund Strategic Risk Taking

    NARCIS (Netherlands)

    Goriaev, A.P.; Nijman, T.E.; Werker, B.J.M.

    2001-01-01

    We reexamine empirical evidence on strategic risk-taking behavior by mutual fund managers.Several studies suggest that fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that previous empirical studies implicitly assume that idiosyncratic

  4. Explaining foreign ownership by comparative and competitive advantage. Empirical evidence.

    OpenAIRE

    Bellak, Christian

    1999-01-01

    This paper provides empirical evidence on the determinants of foreign ownership in manufacturing industries. Foreign ownership, according to the theory of international production, is the result of the combination of comparative and competitive advantage. An adequate examination of the ownership structure of an industry requires the ability to establish empirically the extent to which international competitiveness of firms rests on comparative and competitive advantage. Analysis is based on a...

  5. The Exempt Market in Canada: Empirics, Observations and Recommendations

    Directory of Open Access Journals (Sweden)

    Vijay Jog

    2015-03-01

    Full Text Available There is a massive and vital capital market at work in Canada — possibly bigger than rough estimates have so far suggested — and it is one for which several market regulators are preparing new rules. Yet the remarkable thing is how little we know about it. Data about the so-called exempt market are so lacking that were regulators in Ontario and the other provinces contemplating new exempt-market regulations to proceed, they would be creating policies based on anecdotal, incomplete and, potentially, incorrect evidence. Even estimating the size of the Canadian exempt market has been an inexact science, given the incomplete data, but we can estimate that it provides in excess of $100 billion in gross capital flow every year, and that amount continues to grow. While it may be natural to assume that the exempt market is used primarily by small and medium-sized enterprises, it seems it is primarily used by the financial services industry. These institutions appear to rely on the exempt market to raise potentially short-term debt capital relatively free of particularly burdensome information-disclosure requirements. Unfortunately, we are forced to rely here again on deductions based on limited evidence: So incomplete are the data about the exempt market that we lack even complete information on the type of issuers, investors and securities, or the volume and duration of the securities and the level of redemptions. The exempt market exists for important reasons: it is a way out of the regulatory conundrum, wherein the regulator’s mandate to protect investors, through significant requirements for information disclosure, can put too large a burden on certain issuers. That is why it is essential that any new regulations are developed using a thorough understanding of how it operates. Yet the reality is that it is impossible to evaluate how individual investors and small firms are using the exempt market, or their experience in it. This is

  6. Momentum Investment Strategy : (An Empirical Study of the Canadian Stock Market and the Swedish Stock Market)

    OpenAIRE

    Ludvigsson, Anita

    2008-01-01

    Abstract Market efficiency is a highly debated topic within the academic research field of finance. Several studies have presented that the return on stocks may be predictable by employing the momentum investment strategy, which contradicts the Efficient Market Hypothesis in exchange market. There is extensive international evidence, on an academic level that the momentum investment strategy yields positive abnormal returns when short-term periods are considered. This paper examines the profi...

  7. Models of expected returns on the brazilian market: Empirical tests using predictive methodology

    Directory of Open Access Journals (Sweden)

    Adriano Mussa

    2009-01-01

    Full Text Available Predictive methodologies for test of the expected returns models are largely diffused on the international academic environment. However, these methods have not been used in Brazil in a systematic way. Generally, empirical studies proceeded with Brazilian stock market data are concentrated only in the first step of these methodologies. The purpose of this article was test and compare the models CAPM, 3-factors and 4-factors using a predictive methodology, considering two steps – temporal and cross-section regressions – with standard errors obtained by the techniques of Fama and Macbeth (1973. The results indicated the superiority of the 4-fators model as compared to the 3-fators model, and the superiority of the 3- factors model as compared to the CAPM, but no one of the tested models were enough on the explanation of the Brazilian stock returns. Contrary to some empirical evidences, that do not use predictive methodology, the size and momentum effect seem do not exist on the Brazilian capital markets, but there are evidences of the value effect and the relevance of the market for explanation of expected returns. These finds rise some questions, mainly caused by the originality of the methodology on the local market and by the fact that this subject is still incipient and polemic on the Brazilian academic environment.

  8. Market Reactions to Actual Open-Market Share Repurchases - A non-US empirical study

    DEFF Research Database (Denmark)

    Thinggaard, Frank

    2002-01-01

    with less attention by financial analysts and thus presumably with more general information asymmetry between management and the market. However, contrary to US evidence variables intended to capture intangible assets, idle cash, and prior period profitability are not significant in explaining the market...

  9. Marketing-oriented strategy concept and its empirical testing with large sawmills.

    OpenAIRE

    Niemelä, Juha S.

    1993-01-01

    The objectives of this study are both theoretical and empirical. On the theoretical level strategy concept, its operationalization and measurement are analyzed and clarified. On the empirical level marketing strategies and competitive strategies are described by country, and the study also identifies the strategic marketing decisions characterizing different countries or competitive strategies. Furthermore, the relationships between strategies and marketing structures and functions are analyz...

  10. An empirical study of the information premium on electricity markets

    International Nuclear Information System (INIS)

    Benth, Fred Espen; Biegler-König, Richard; Kiesel, Rüdiger

    2013-01-01

    Due to the non-storability of electricity and the resulting lack of arbitrage-based arguments to price electricity forward contracts, a significant time-varying risk premium is exhibited. Using EEX data during the introduction of emission certificates and the German “Atom Moratorium” we show that a significant part of the risk premium in electricity forwards is due to different information sets in spot and forward markets. In order to show the existence of the resulting information premium and to analyse its size we design an empirical method based on techniques relating to enlargement of filtrations and the structure of Hilbert spaces. - Highlights: ► Electricity is non-storable and the classical spot–forward-relationship is invalid. ► Future information will cause an information premium for forward contracts. ► We model this premium mathematically using enlargement of filtrations. ► We develop a statistical method testing for the information premium empirically. ► We apply the test to the 2nd phase of the EUETS and the German “Atom Moratorium”

  11. Factors Affecting Quality of Audit; Empirical Evidence from Iran ...

    African Journals Online (AJOL)

    This study examines factors affecting quality of audit using empirical evidence from Iran Quality of audit was seen as the degree to which an audit report is free from deficiencies and distortions which show up later on. The quality of an audit was measured in terms of an auditor's ability to report financial distortions willingly ...

  12. Empirical Evidence or Intuition? An Activity Involving the Scientific Method

    Science.gov (United States)

    Overway, Ken

    2007-01-01

    Students need to have basic understanding of scientific method during their introductory science classes and for this purpose an activity was devised which involved a game based on famous Monty Hall game problem. This particular activity allowed students to banish or confirm their intuition based on empirical evidence.

  13. Falling Standards of Education in Nigeria: An Empirical Evidence in ...

    African Journals Online (AJOL)

    Falling Standards of Education in Nigeria: An Empirical Evidence in Delta State of Nigeria. ... Open Access DOWNLOAD FULL TEXT ... the results are often devastating leading especially to poor quality output and wastage which in ... annual budget, inculcation of the tenets of traditional education, and utilization of research ...

  14. ICT Pathways to Poverty Reduction: Empirical Evidence from East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2014-01-14

    Jan 14, 2014 ... This book provides new empirical evidence on access to and use of ... English · Français ... Overall, the study concluded that ICTs make a difference to the ... staff of development agencies working on livelihoods for the poor.

  15. Caste Discrimination and Transaction Costs in the Labor Market: Evidence from Rural North India

    OpenAIRE

    Takahiro Ito

    2007-01-01

    This paper is an empirical attempt to quantify caste-based discrimination in thelabor market using household data taken from rural North India. In the regressionanalysis, transaction costs associated with entry into the labor market and reservationwages are estimated simultaneously along with market wages. The estimation resultsprovide evidence of the existence of transaction costs in the labor market anddiscrimination against backward classes with regard to access to regular employment. Inli...

  16. Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India.

    Science.gov (United States)

    Hiremath, Gourishankar S; Kumari, Jyoti

    2014-01-01

    This study addresses the question of whether the adaptive market hypothesis provides a better description of the behaviour of emerging stock market like India. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. In contrast, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of tapering magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is moving towards efficiency. The results provide additional insights on association between financial crises, foreign portfolio investments and inefficiency. G14; G12; C12.

  17. MARKETING SYSTEM OF MARINE FISH IN BANGLADESH: AN EMPIRICAL STUDY

    OpenAIRE

    Islam, M. Serajul; Miah, Tofazzal Hossain; Haque, Md. Mojammel

    2000-01-01

    This paper was designed to investigate the present status of marine fish marketing aiming to determine marketing costs, margins and profits of marketing intermediaries both in domestic and export marketing. Primary data were collected by survey method wherein various market intermediaries were interviewed from selected districts for eliciting information at various stages of marine fish marketing. The study revealed that marketing margin as well as marketing profit both were relatively higher...

  18. Judgments under competition and uncertainty : empirical evidence from online poker

    OpenAIRE

    Engelbergs, Jörg

    2010-01-01

    Playing poker has many aspects in common with the making of business decisions. Agents act in a strategically rich, dynamic environment, where they are repeatedly facing competition under uncertain prospects. Their main goal is to maximize their resources. However simple this goal is put down, it is difficult to fulfill. As vast and rich research has shown, heuristics and biases affect human decision-making. This work adds to these findings by providing empirical evidence for behavioral patte...

  19. On the integration of financial markets: How strong is the evidence from five international stock markets?

    Science.gov (United States)

    Bentes, Sónia R.

    2015-07-01

    This paper examines the integration of financial markets using data from five international stock markets in the context of globalization. The theoretical basis of this study relies on the price theory and the Law of One Price, which was adjusted to the framework of financial markets. When price levels are nonstationary, cointegration and the error correction model constitute a powerful tool for the empirical examination of market integration. The error correction model provides a fully dynamic framework that allows to separating the long and the short run effects of the integration process. A dataset encompassing the daily stock price series of the PSI 20 (Portugal), IBEX 35 (Spain), FTSE 100 (UK), NIKKEI 225 (Japan) and SP 500 (US) indices from January 4th 1999 to September 19th 2014 is employed. The results highlight that these five stock markets are linked together by just one long-run relationship, although short-run movements are also present, which causes distinct deviations from the long-run equilibrium relationship. Endogeneity prevails in the system as a whole. While market integration in the sense of the Law of One Price holds, pairwise full price transmission has limited evidence. The results therefore show that stock market price movements are highly nonlinear and complex.

  20. Technical evidence for assessing the performance of markets affecting energy efficiency

    International Nuclear Information System (INIS)

    Koomey, J.G.; Sanstad, A.H.

    1994-01-01

    This paper focuses on the empirical basis for skepticism about the effectiveness of the market mechanism in promoting cost-effective energy efficiency improvements. It presents a framework for evaluating engineering economic evidence on the diffusion of energy-efficiency improvements, and then presents a series of examples within this framework that provide evidence for the existence of market imperfections related to energy efficiency. It concludes with a challenge to economists, policy analysts, and technologists to take this empirical evidence seriously and sponsor further collaborative research in this area. (author)

  1. Choice of Foreign Market Entry Mode - Cognitions from Empirical and Theoretical Studies

    OpenAIRE

    Zhao, Xuemin; Decker, Reinhold

    2004-01-01

    This paper analyzes critically five basic theories on market entry mode decision with respect to existing strengths and weaknesses and the results of corresponding empirical studies. Starting from conflictions both in theories and empirical studies dealing with the entry mode choice problem we motivate a significant need of further research in this important area of international marketing. Furthermore we provide implications for managers in practice and outline emerging trends in market entr...

  2. The Role of Students’ Emotional Intelligence: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Natalio Extremera Pacheco

    2004-11-01

    Full Text Available Emotional intelligence (EI has attracted great interest in the field of education as a vehicle to improve the socioemotional development of students. The first publications that appeared made a great number of claims about the positive influence of emotional intelligence in the classroom. The only problem was that not all these claims were coupled with empirical research to show, on the one hand, the predictive level of EI, and on the other hand, the actual role of EI in different areas of life. It has been only recently that the effect of a high level of EI exercises on people has been investigated. The object of this article is to examine the most relevant empirical research done within the educational setting, in order to collect the existing evidence for the influence of EI, evaluated by different instruments, in the personal, social and scholastic functioning of students.

  3. Academic Advising Systems: A Systematic Literature Review of Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Omiros Iatrellis

    2017-12-01

    Full Text Available This paper aims to provide the reader with a comprehensive background for understanding current knowledge on Academic Advising Systems (AAS and its impact on learning. It constitutes an overview of empirical evidence behind key objectives of the potential adoption of AAS in generic educational strategic planning. The researchers examined the literature on experimental case studies conducted in the domain during the past ten years (2008–2017. Search terms identified 98 mature pieces of research work, but inclusion criteria limited the key studies to 43. The authors analyzed the research questions, methodology, and findings of these published papers and categorized them accordingly. The results have highlighted three distinct major directions of the AAS empirical research. This paper discusses the emerged added value of AAS research and highlights the significance of further implications. Finally, the authors set their thoughts on possible uncharted key questions to investigate both from pedagogical and technical considerations.

  4. Ownership unbundling of gas transmission networks. Empirical evidence

    Energy Technology Data Exchange (ETDEWEB)

    Growitsch, Christian [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Stronzik, Marcus [Scientific Institute for Infrastructure and Communication Services (WIK), Bad Honnef (Germany)

    2011-07-15

    The European Commission has intensively discussed the mandatory separation of natural gas transmission from production and services. However, economic theory is ambiguous on the price effects of vertical separation. In this paper, we empirically analyse the effect of ownership unbundling of gas transmission networks as the strongest form of vertical separation on the level of end-user prices. Therefore, we apply different dynamic estimators as system GMM and the bias-corrected least-squares dummy variable or LSDVC estimator on an unbalanced panel out of 18 EU countries over 19 years, allowing us to avoid the endogeneity problem and to estimate the long-run effects of regulation. We introduce a set of regulatory indicators as market entry regulation, ownership structure, vertical separation and market structure and account for structural and economic country specifics. Among these different estimators, we consistently find that ownership unbundling has no impact on natural gas end-user prices, while the more modest legal unbundling reduces them significantly. Furthermore, third-party access, market structure and privatisation show significant influence with the latter leading to higher price levels.

  5. Evidence-Based Theory of Market Manipulation And Application: The Malaysian Case

    OpenAIRE

    Heong, Yin Yun

    2010-01-01

    According to Part IX Division 1 in Securities Industry Act 1983 of Malaysia Law, stock market manipulation is defined as unlawful action taken either direct or indirectly by any person, to affect the price of securities of the corporation on a stock market in Malaysia for the purpose which may include the purpose of inducing other persons. Extending the framework of Allen and Gale (1992), the Author presents a theory based on the empirical evidence from prosecuted stock market manipulation ca...

  6. An Empirical Analysis of the Impact of Capital Market Activities on ...

    African Journals Online (AJOL)

    An Empirical Analysis of the Impact of Capital Market Activities on the Nigerian Economy. ... Others include the expansion of the stock market in terms of depth and breadth and the attraction of foreign direct investment and foreign portfolio investment into the Nigerian economic landscape. Keywords: Nigeria, Market ...

  7. AN APPROACH TO THE EXTERNAL ASSESSMENT THROUGH EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Ismael Sanz Labrador

    2015-06-01

    Full Text Available This article presents the empiral evidences of standardized evaluations and explores the aspects of such evaluations more interesting to the educational community, and investigates the effects in implementing those exams on the performance of students. Furthermore, it is analyzed the relationship between external evaluations and teaching to the test , it is seen how it affects the introduction of these evaluations in student learning and their performance in international assessments of different characteristics, and the effect it produces in schools located in disadvantaged areas.

  8. The effect of marketing expenses on car sales – an empirical analysis

    Directory of Open Access Journals (Sweden)

    Tudose Mihaela Brînduşa

    2017-01-01

    Full Text Available The paper assesses empirically the relationship between marketing expenditures and sales in a highly competitive industry, namely automotive, by analyzing the marketing expending of Automobile Dacia S.A. The first part of the paper presents the state-of-the-art and discusses the studies previously conducted which focus on the structure, dynamic and the impact of marketing expenses, while the second part consists in an empirical analysis conducted on Automobile Dacia S.A. marketing spending. The results of the study show that the company managed to increase its’ market share by adopting differentiated marketing for each geographical area. Although the research revealed that the allocation percentage from sales for marketing spending is relatively low (5-6%, the analysis conducted on the cost per unit sold reveals a share of 3% on marketing spending.

  9. Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Imran Umer Chhapra

    2018-03-01

    Full Text Available Monetary transmission mechanism assumed to be significantly influenced by the effect of policy decisions on financial markets. However, various previous studies have come up with different outcomes. The purpose of this study is to examine the impact of monetary policy on different asset classes (shares and bonds in Pakistan. This study using stock price and bond yield as dependent variable and discount rate, money supply, inflation, and exchange rate are independent variables. Data of all variables have collected from 2010 to 2016, and Vector Autoregressive (VAR technique has applied. The empirical results indicate that there is an impact of monetary policy components on both stock and bond market as an increase in policy rate causes decline in stocks prices and bonds yields. The findings of this study will help the potential investors in making long-term (in general and short-term (in particular investment strategies concerning monetary policy.DOI: 10.15408/sjie.v7i2.7099

  10. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Hu Xinmin; Grozev, George; Batten, David

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design -- including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions

  11. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Xinmin Hu; Grozev, G.; Batten, D.

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design - including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions. (author)

  12. Empirical dynamics of emerging financial markets during the global mortgage crisis

    Directory of Open Access Journals (Sweden)

    Rahmi Erdem Aktuğ

    2015-03-01

    Full Text Available Focusing on five major emerging markets, I investigate the interactions between credit default swap premiums, foreign exchange rates, local currency government bond spreads, and national stock market returns over the period 4/2/2007 to 8/27/2009. Empirical analysis indicates that bond markets, along with foreign exchange markets, were very dominant in the price discovery process during a common distressed period.

  13. The price of correlation risk:evidence from Chinese stock market

    Institute of Scientific and Technical Information of China (English)

    Yiwen Deng; Chen Liu; Zhenlong Zheng

    2014-01-01

    Purpose-The purpose of this paper is to study how the market correlation changes in Chinese stock market and how the market correlation affects stock returns.Design/methodology/approach-The authors first examine the relationship between the market correlation and the market return.Then,the authors run formal multiple regressions to see whether correlation risk is priced in security returns.Findings-The authors find that market correlation increases when the market index falls down.Though market correlation risk is partly influenced by macroeconomic shocks,volatility risk,liquidity risk and higher moment risk,market correlation contains unique information that measures the benefit investors gain from diversification strategies.The market correlation risk is negatively priced.This conclusion remains valid even if the authors have considered the influence of other risk factors and the impact of conditional information.Research limitations/implications-Subjected to the limited history of the Chinese stock market,the authors cannot use more accurate and specific empirical methodology to fulfill the empirical research.And this renders further study.Originality/value-This research provides empirical evidence in a new data sample and it sheds lights on correlation strategies for institutional investors in China.

  14. STANDARDIZATION OR ADAPTATION IN COSMETICS WEBSITES MARKETING ? AN EMPIRICAL STUDY.

    Directory of Open Access Journals (Sweden)

    Anca Constantinescu-Dobra

    2011-06-01

    Full Text Available The websites marketing is becoming an important tool both for multinationals and SMEs, in their effort to internationalizing their business.This study focuses on the international opportunities that are present within the European markets. The paper aims at identifying the degree of websites marketing standardization vs. adaptation, as a marketing tool for cosmetic products. Moreover, the study examines in a comparative manner the standardization strategy of multinationals and small and medium enterprises (SMEs, leaders in European markets, for different cosmetic cathegories.The evaluation of online advertising standardization is based on the modified Model for Testing Advertising Standardization, developed by Whitelock and Chung. The web sites degree of localizations areanalyzed based upon 98 criteria, as resulted from an adapted methodology of ProfNet Institut fur Internet Marketing, Munster (Germany. The sample includes the 101 leaders from European markets.The research outcomes reflect a standardized websites marketing policy for SMEs and localized for multinationals. Also, for perfumes, dental care products and toiletry, European cosmetic leaders implementstandardized websites marketing policies and balanced for the other cosmetics categories. The hypothesis concerning a strong correlation between standardization and handling dimension was supported.

  15. Empirical studies on the labor market and on consumer demand

    NARCIS (Netherlands)

    Gong, X.

    2001-01-01

    The thesis covers three topics on the labour market and on consumer demand. Chapters two and three focus on the labour market mobility and wage differentials between the formal sector and the informal sector in urban Mexico. Dynamic random effects panel data models are used in the analysis. Chapters

  16. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    OpenAIRE

    NEAGU OLIMPIA

    2012-01-01

    There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the pap...

  17. Whole-body cryotherapy: empirical evidence and theoretical perspectives.

    Science.gov (United States)

    Bleakley, Chris M; Bieuzen, François; Davison, Gareth W; Costello, Joseph T

    2014-01-01

    Whole-body cryotherapy (WBC) involves short exposures to air temperatures below -100°C. WBC is increasingly accessible to athletes, and is purported to enhance recovery after exercise and facilitate rehabilitation postinjury. Our objective was to review the efficacy and effectiveness of WBC using empirical evidence from controlled trials. We found ten relevant reports; the majority were based on small numbers of active athletes aged less than 35 years. Although WBC produces a large temperature gradient for tissue cooling, the relatively poor thermal conductivity of air prevents significant subcutaneous and core body cooling. There is weak evidence from controlled studies that WBC enhances antioxidant capacity and parasympathetic reactivation, and alters inflammatory pathways relevant to sports recovery. A series of small randomized studies found WBC offers improvements in subjective recovery and muscle soreness following metabolic or mechanical overload, but little benefit towards functional recovery. There is evidence from one study only that WBC may assist rehabilitation for adhesive capsulitis of the shoulder. There were no adverse events associated with WBC; however, studies did not seem to undertake active surveillance of predefined adverse events. Until further research is available, athletes should remain cognizant that less expensive modes of cryotherapy, such as local ice-pack application or cold-water immersion, offer comparable physiological and clinical effects to WBC.

  18. Is the Internet making markets more efficient? The evidence according to price indicators in Spain

    OpenAIRE

    Sabaté i Garriga, Ferran; Cañabate Carmona, Antonio; Cobo Valeri, Erik; García, Dominie

    2009-01-01

    It has been theorized that low search costs associated with e-commerce imply greater levels of efficiency relative to the conventional retail channels. Multiple empirical studies confirm this hypothesis concerning price level, although the evidence is mixed relative to price dispersion. This article empirically compares the efficiency of the Internet with the conventional retail channel through 4 price indicators for the CD market. The results, based on 1,603 prices collected in Spain, are su...

  19. Persistent Educational Advantage Across Three Generations: Empirical Evidence for Germany

    Directory of Open Access Journals (Sweden)

    Andrea Ziefle

    2016-12-01

    Full Text Available This article uses survey data from the German Socio-Economic Panel (GSOEP to analyze the persistence of educational attainment across three generations in Germany. I obtain evidence of a robust effect of grandparents' education on respondents' own educational attainment in West Germany, net of parental class, education, occupational status, family income, parents' relationship history, and family size. I also test whether the grandparent effect results from resource compensation or cumulative advantage and find empirical support for both mechanisms. In comparison, the intergenerational association between grandparents' and respondents' education is considerably weaker in East Germany and is also mediated completely by parental education. There are hardly any gender differences in the role of grandparents for respondents’ educational attainment, except for the fact that resource compensation is found to be exclusively relevant for women’s attainment in both West Germany and in East Germany after German reunification and the associated transition to an open educational system.

  20. Foreign ownership in Vietnam stock markets - an empirical analysis

    OpenAIRE

    Vo, Xuan Vinh

    2010-01-01

    This paper investigates foreign ownership in the Vietnam stock market from 2007 to 2009 employing a rich and detailed dataset. From the perspective of informational asymmetry, the paper examines the relationship between the foreign ownership level and attributes of Vietnamese listed firm in Ho Chi Minh City Stock Exchange. The findings of the paper indicate that foreign investors have preference for large firms, firms with high book-to-market ratio and firms with low leverage. Foreign investo...

  1. An empirical typology of energy services based on a well-developed market: France

    International Nuclear Information System (INIS)

    Duplessis, Bruno; Adnot, Jérôme; Dupont, Maxime; Racapé, François

    2012-01-01

    The investigation is an attempt to apply a set of consistent and official definitions of energy services (ES), energy efficiency services (EES) and energy performance contracting (EPC) on a well-developed market: France. After defining the historical context of the French market the authors describe the types of offers that are presently made and that fall within the definition of energy services. There are many classic and novel factors for the success of energy services. For instance, the energy services market is now partly structured by the CEE scheme, the French ‘white certificates’ or ‘energy certificates scheme’. Also the grid problems lead to new services. The companies active on the market are described as a result of an empirical survey of ES market in France. This empirical survey of ES market in France includes estimates of the number of companies and of their turnover both for ES and EES. Examples and case studies are developed as a background. - Highlights: ► We apply a consistent and official set of definitions of energy services (ES). ► French ES market is structured by historical ES and shaped by recent evolutions. ► French ES market is now partly structured by white certificates and grid management. ► We describe the companies active on French market through an empirical survey. ► We have estimated French market size (actors and turnover) both for ES and EES.

  2. Libor and Swap Market Models for the Pricing of Interest Rate Derivatives : An Empirical Analysis

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Driessen, J.J.A.G.; Pelsser, A.

    2000-01-01

    In this paper we empirically analyze and compare the Libor and Swap Market Models, developed by Brace, Gatarek, and Musiela (1997) and Jamshidian (1997), using paneldata on prices of US caplets and swaptions.A Libor Market Model can directly be calibrated to observed prices of caplets, whereas a

  3. An Efficiency Assessment among Empirically Defined Labor Markets for Determining Pay for Teachers

    Science.gov (United States)

    Tran, Henry; Young, I. Phillip

    2013-01-01

    Fundamental to updating a fixed-rate salary schedule for teachers is the reliance on a relevant labor market containing comparisons to other school districts--that is, object school districts, which can be chosen from a policy or empirical/efficiency perspective. As such, four relevant markets having roots in neoclassical economic…

  4. Speculative Carryover: An Empirical Examination of the U.S. Refined Copper Market

    OpenAIRE

    Walter N. Thurman

    1988-01-01

    This article develops and estimates an empirically tractable model of equilibrium storage. The method bridges the gap between theoretical rational expectations models and applied commodity market work. The application to the U.S. refined copper market provides estimates of structural supply and demand, rational price forecasts, and the risk of copper storage that is consistent with modern portfolio theory.

  5. Empirical studies on the cross-section of corporate bond and stock markets

    NARCIS (Netherlands)

    van Zundert, Jeroen

    2018-01-01

    This dissertation contains five empirical studies on the efficiency of corporate bond and stock markets. In Chapter 2, the pricing of interest rate risk in the stock market is analyzed. Over the long run, 1927 to 2015, the price of bearing interest rate risk is positive as expected, but there is

  6. Empirical Examination of Fundamental Indexation in the German Market

    Science.gov (United States)

    Mihm, Max; Locarek-Junge, Hermann

    Index Funds, Exchange Traded Funds and Derivatives give investors easy access to well diversified index portfolios. These index-based investment products exhibit low fees, which make them an attractive alternative to actively managed funds. Against this background, a new class of stock indices has been established based on the concept of “Fundamental Indexation”. The selection and weighting of index constituents is conducted by means of fundamental criteria like total assets, book value or number of employees. This paper examines the performance of fundamental indices in the German equity market. For this purpose, a backtest of five fundamental indices is conducted over the last 20 years. Furthermore the index returns are analysed under the assumption of an efficient as well as an inefficient market. Index returns in efficient markets are explained by applying the three factor model for stock returns of Fama and French (J Financ Econ 33(1):3-56, 1993). The results show that the outperformance of fundamental indices is partly due to a higher risk exposure, particularly to companies with a low price to book ratio. By relaxing the assumption of market efficiency, a return drag of capitalisation weighted indices can be deduced. Given a mean-reverting movement of prices, a direct connection between market capitalisation and index weighting leads to inferior returns.

  7. Insurance market development: An empirical study of African countries

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2015-12-01

    Full Text Available The insurance industry plays a very crucial role in an economy by fostering intermediation and by its mechanism of risk bearing. As such it could be argued that the insurance industry fosters economic growth. In this article we analyse the global insurance market development trends, particularly focusing on Africa. Our sample comprise of the 10 African countries namely—South Africa, Angola, Nigeria, Kenya, Mauritius, Namibia, Algeria, Tunisia, Morocco and Egypt. We employ three insurance market development metrics namely; premium volumes, insurance density and insurance penetrations ratios to establish trends in the level of development of global insurance markets. Our results document that the African countries (excluding South Africa have the least developed insurance markets. For most of the countries in our sample, the non-life insurance industry dominates the life-insurance industry. As such, it is imperative that their respective governments put in place measures that will grow their economies inorder to stimulate the development of insurance markets in Africa.

  8. Some empirical evidence on the relationship between inventory management and social responsibility

    Directory of Open Access Journals (Sweden)

    Khaled Elsayed

    2013-09-01

    Full Text Available Despite the crucial role that inventory plays in supply chain management (SCM, research that examines the relationship between inventory and corporate social responsibility (CSR is rare. This is surprising given the evidence that inventory represents a huge source of cost, a matter that is often reported as a major impediment in practicing social responsibility in SCM. As such, this paper fills this gape in literature by examining directly the effect of inventory management on CSR. Maximum-likelihood ordered logistic regression was performed on a sample of 38 Egyptian listed firms during the period from 2007 to 2010. The results demonstrate that inventory management exerts a positive and significant coefficient on CSR. Further analysis shows that inventory management cannot be safely dropped from model of analysis. Rather, inventory management does add something unique in explaining differences in CSR. For practitioners interested in optimizing their firms’ values, thinking in managing supply chain imperatives, and specially inventory, in terms of social responsibility may guide them to build up a stock of reputational capital that can be used, in turn, to increase the cost of their rivals. This study, to the best of knowledge, is the first one that offers empirical evidence regarding the effect of inventory management on CSR. Moreover, the paper adds to both SCM and CSR literature by providing empirical evidence from Egypt as an emerging market, where much of the existing evidence reflects experience from developed countries.

  9. Selection Bias in Educational Transition Models: Theory and Empirical Evidence

    DEFF Research Database (Denmark)

    Holm, Anders; Jæger, Mads

    variables. This paper, first, explains theoretically how selection on unobserved variables leads to waning coefficients and, second, illustrates empirically how selection leads to biased estimates of the effect of family background on educational transitions. Our empirical analysis using data from...

  10. Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Yilmaz Yildiz

    2017-12-01

    Full Text Available The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups “A”, “B” and “C” according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative relationship between abnormal return and volume for the upgraded (downgraded stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Keywords: Equity grouping, Regulation, Price and volume effects, Jel Classification: G11, G12, G14

  11. Are information disclosure mandates effective? Evidence from the credit card market

    OpenAIRE

    Elizondo, Alan; Seira, Enrique

    2014-01-01

    Consumer protection in financial markets in the form of information disclosure is high on governments agendas, despite the fact that the empirical evidence on its effectiveness is scarce. To measure the impact of Truth-in-Lending-Act-type disclosures on default and indebtedness, as well as of debiasing warning messages and social comparison information, we implement a randomized control trial in the credit card market for a large population of indebted cardholders. We find that providing sali...

  12. A note on risk aversion and labour market outcomes: further evidence from German survey data

    OpenAIRE

    Pfeifer, Christian

    2008-01-01

    Using the large-scale German Socio-Economic Panel, this note reports direct empirical evidence for significant correlations between risk aversion and labour market outcomes (full-time employment, temporary agency work, fixed-term contracts, employer change, quits, training, wages, and job satisfaction).

  13. Beating the market with small portfolios: Evidence from Brazil

    Directory of Open Access Journals (Sweden)

    André A.P. Santos

    2015-01-01

    Full Text Available Optimal portfolios with a restriction on the number of assets, also referred to as cardinality-constrained portfolios, have been receiving attention in the literature due to its popularity among market practitioners and retail investors. In most cases, however, the interest is in proposing efficient optimization methods to solve the problem, with little or no attention to the characteristics of the resulting portfolio such as risk-adjusted performance and turnover. We address this question by implementing a tractable reformulation of the cardinality-constrained version of the minimum variance portfolio. We analyze the out-of-sample performance of cardinality-constrained portfolios according to alternative criteria and check the robustness of the results for portfolios with alternative number of assets and under alternative re-balancing frequencies. Our empirical application for the Brazilian equities market shows that cardinality-constrained minimum variance portfolios with very few assets, e.g. 3 stocks, can deliver statistically lower portfolio risk and higher Sharpe ratios in comparison to the market index. Similar results are obtained for constrained portfolios with 5 and 10 assets and under daily, weekly, and monthly re-balancing frequencies. Our evidence indicates that it is possible to obtain better risk-adjusted performance with fewer securities in the portfolio by using an improved allocation scheme.

  14. Whole-body cryotherapy: empirical evidence and theoretical perspectives

    Directory of Open Access Journals (Sweden)

    Bleakley CM

    2014-03-01

    Full Text Available Chris M Bleakley,1 François Bieuzen,2 Gareth W Davison,1 Joseph T Costello3 1Sport and Exercise Science Research Institute, Faculty of Life and Health Sciences, University of Ulster, Newtownabbey, Northern Ireland; 2Research Department, Laboratory of Sport, Expertise and Performance, French National Institute of Sport (INSEP, Paris, France; 3School of Exercise and Nutrition Sciences and Institute of Health and Biomedical Innovation, Queensland University of Technology, Brisbane, Australia Abstract: Whole-body cryotherapy (WBC involves short exposures to air temperatures below –100°C. WBC is increasingly accessible to athletes, and is purported to enhance recovery after exercise and facilitate rehabilitation postinjury. Our objective was to review the efficacy and effectiveness of WBC using empirical evidence from controlled trials. We found ten relevant reports; the majority were based on small numbers of active athletes aged less than 35 years. Although WBC produces a large temperature gradient for tissue cooling, the relatively poor thermal conductivity of air prevents significant subcutaneous and core body cooling. There is weak evidence from controlled studies that WBC enhances antioxidant capacity and parasympathetic reactivation, and alters inflammatory pathways relevant to sports recovery. A series of small randomized studies found WBC offers improvements in subjective recovery and muscle soreness following metabolic or mechanical overload, but little benefit towards functional recovery. There is evidence from one study only that WBC may assist rehabilitation for adhesive capsulitis of the shoulder. There were no adverse events associated with WBC; however, studies did not seem to undertake active surveillance of predefined adverse events. Until further research is available, athletes should remain cognizant that less expensive modes of cryotherapy, such as local ice-pack application or cold-water immersion, offer comparable

  15. Empirical Analysis of the Impact of Capital Market on Economic ...

    African Journals Online (AJOL)

    The Nigerian capital market had not been performing effectively in terms of providing long term capital needed by firms to finance capital projects. This cast doubts on its ability to meaningfully enhance the growth of the economy against the apriori expectations amidst different reforms that were introduced by the government ...

  16. Poster Sessions in Marketing Education: An Empirical Examination

    Science.gov (United States)

    Stegemann, Nicole; Sutton-Brady, Catherine

    2009-01-01

    Poster sessions provide a creative and stimulating alternative to traditional assessment methods in marketing. Poster sessions, as a means of assessment, have long been used in science fields. This article presents the successful implementation of poster sessions as a means of assessment in a postgraduate unit of study. Poster sessions in…

  17. Empirical Analysis Of Labour Market Demand In Nigeria | Olusoji ...

    African Journals Online (AJOL)

    This paper examines the impact of economic reforms on poverty and unemployment situation in the country. The formal labour market was considered by using advertised vacancies. The result shows that the advertised vacancies are skewed towards high skill and that computer and analytical skill are highly required.

  18. Marketing Journal Coauthorships: An Empirical Analysis of Coauthor Behavior

    Science.gov (United States)

    Brown, Christopher L.; Chan, Kam C.; Lai, Pikki

    2006-01-01

    The objective of this article is to study the bargaining behavior of coauthors in multiauthored marketing papers. The literature argues that the order of author names sends a signal about their relative contribution to the article, and the signal is muted when the names are in alphabetical order. In addition, other things being the same, the…

  19. Unemployment and Labor Market Institutions : An Empirical Analysis

    NARCIS (Netherlands)

    Belot, M.V.K.; van Ours, J.C.

    2001-01-01

    The development of the unemployment rate di¤ers substantially between OECD countries.In this paper we investigate to what extent these differences are related to labor market institutions.In our analysis we use data of eighteen OECD countries over the period 1960-1994 and show that the way in which

  20. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-12-01

    Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

  1. The Risk-Return Profiles Of Global Portfolios: Some Evidence From Asia-Pacific And European Equity Markets

    OpenAIRE

    H. Christine Hsu

    2011-01-01

    As world financial markets are integrated, national stock markets tend to move together. Empirical evidence on correlations among equity markets worldwide suggests an increasing interdependence between most national markets in recent years. This is disconcerting, to say the least, to investors and portfolio managers seeking risk diversification via global equity investing. The objective of this study is to investigate whether there is still room for global portfolio diversification from the U...

  2. China's Land Market Auctions: Evidence of Corruption?

    Science.gov (United States)

    Cai, Hongbin; Henderson, J Vernon; Zhang, Qinghua

    2013-01-01

    This paper studies the urban land market in China in 2003-2007. In China, all urban land is owned by the state. Leasehold use rights for land for (re)development are sold by city governments and are a key source of city revenue. Leasehold sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type which we call a "two stage auction". The latter type of auction seems more subject to corruption, and to side deals between potential bidders and the auctioneer. Absent corruption, theory suggests that two stage auctions would most likely maximize sales revenue for properties which are likely to have relatively few bidders, or are "cold", which would suggest negative selection on property unobservables into such auctions. However, if such auctions are more corruptible, that could involve positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall, sales prices are lower for two stage auctions, and there is strong evidence of positive selection. The price difference is explained primarily by the fact that two stage auctions typically have just one bidder, or no competition despite the vibrant land market in Chinese cities.

  3. Competition and quality indicators in the health care sector: empirical evidence from the Dutch hospital sector.

    Science.gov (United States)

    Croes, R R; Krabbe-Alkemade, Y J F M; Mikkers, M C

    2018-01-01

    There is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be characterized as a system involving managed competition and mandatory healthcare insurance. Information about the quality of care provided by hospitals has been publicly available since 2008. In this paper, we evaluate the relationship between quality scores for three diagnosis groups and the market power indicators of hospitals. We estimate the impact of competition on quality in an environment of liberalized pricing. For this research, we used unique price and production data relating to three diagnosis groups (cataract, adenoid and tonsils, bladder tumor) produced by Dutch hospitals in the period 2008-2011. We also used the quality indicators relating to these diagnosis groups. We reveal a negative relationship between market share and quality score for two of the three diagnosis groups studied, meaning that hospitals in competitive markets have better quality scores than those in concentrated markets. We therefore conclude that more competition is associated with higher quality scores.

  4. Dissecting cross-impact on stock markets: an empirical analysis

    Science.gov (United States)

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.

    2017-02-01

    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

  5. Price jumps in Visegrad country stock markets: an empirical analysis

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan

    -, č. 412 (2010), s. 1-33 ISSN 1211-3298 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Grant - others:MŠk(CZ) SVV-2010-261801 Institutional research plan: CEZ:MSM0021620846 Keywords : financial markets * Visegrad region * price jumps Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp412.pdf

  6. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2016-12-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  7. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2011-08-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  8. Business models of micro businesses: Empirical evidence from creative industries

    Directory of Open Access Journals (Sweden)

    Pfeifer Sanja

    2017-01-01

    Full Text Available Business model describes how a business identifies and creates value for customers and how it organizes itself to capture some of this value in a profitable manner. Previous studies of business models in creative industries have only recently identified the unresolved issues in this field of research. The main objective of this article is to analyse the structure and diversity of business models and to deduce how these components interact or change in the context of micro and small businesses in creative services such as advertising, architecture and design. The article uses a qualitative approach. Case studies and semi-structured, in-depth interviews with six owners/managers of micro businesses in Croatia provide rich data. Structural coding in data analysis has been performed manually. The qualitative analysis has indicative relevance for the assessment and comparison of business models, however, it provides insights into which components of business models seem to be consolidated and which seem to contribute to the diversity of business models in creative industries. The article contributes to the advancement of empirical evidence and conceptual constructs that might lead to more advanced methodological approaches and proposition of the core typologies or classifications of business models in creative industries. In addition, a more detailed mapping of different choices available in managing value creation, value capturing or value networking might be a valuable help for owners/managers who want to change or cross-fertilize their business models.

  9. Market orientation and business performance: Evidence from franchising industry

    OpenAIRE

    Leea, Yong-Ki; Kim, S. H.; Seo, M. K.; Hight, S. K

    2015-01-01

    This paper examines the relationships between top management factors, franchisor market orientation, competitive strategy, and business performance within the context of Korean franchisor companies. 156 food-service franchise firms provide the basis for this empirical investigation. Findings show that top management factors such as management emphasis and risk aversion can lead to market orientation. Franchisor market orientation was found to lead differentiation and cost strategies, which, i...

  10. The Empirical Analysis of the Dynamic Prices Relationship between Cotton Spot Market and Futures Market in Xinjiang

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econometric methods in order to discuss the interacted relationship between futures market prices of cotton and spot market prices since the futures of cotton in Xinjiang go public.The results of empirical analysis show that the spot market prices of cotton and the futures market prices in Xinjiang fluctuate prominently in the short run and tend to counterpoise in the long run;the futures market of cotton plays the role of leading the spot market prices of cotton in Xinjiang,while the spot market prices of cotton in Xinjiang impacts little on the futures market prices.The corresponding countermeasures are put forward.The government should continuously perfect the construction of the futures market of cotton in Xinjiang,so as to exert the function of price discovery and the function of hedging,and promote the development of cotton industry in Xinjiang.

  11. Empirical Study Utilizing QFD to Develop an International Marketing Strategy

    Directory of Open Access Journals (Sweden)

    Cassandra Elrod

    2015-08-01

    Full Text Available Customer expectations can be extremely nebulous. This research identifies the demographic segmentations and their respective expectations for the spa market. Interviews were conducted and a subsequent questionnaire was employed to gather the voice of the customer and assess the expectations of spa clientele. All of the data was collected from luxury spas in Hawaii, and consisted of respondents from all over the world. Results of the survey suggest that while men want more tangible benefits of a spa, women prefer the experiential qualities of peace and rejuvenation. Additionally, those of lower to middle income focus on the atmosphere more than wealthier clients, who are looking for more long term spa benefits, such as a more youthful appearance.

  12. An empirical analysis on the effects of marketing communications on market share adjustment

    Directory of Open Access Journals (Sweden)

    Somayeh Hozouri

    2014-01-01

    Full Text Available During the past few years, there has been growing competition between two primary sources of mobile service providers including Hamrah Aval and Irancell in Iran. The competition is so tight that both service providers have spent significant amount of money on marketing planning. Therefore, it is necessary to find important factors influencing on better marketing planning. This paper presents an investigation to analyze the effects of marketing communications on market share adjustment. The proposed study of this paper has used principle component analysis and it has detected four factors environment issues, marketing organization, market development and relationship oriented.

  13. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    Directory of Open Access Journals (Sweden)

    Anoop S Kumar

    2014-06-01

    Full Text Available This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the markets of Croatia, Czech Republic and Bulgaria may be weak form efficient at a shorter lag, the other six markets are not informationally efficient. In the next stage, we estimate a measure of relative efficiency to show the extent to which a market is weak-form inefficient. From the results, it is found that the forex markets of Croatia, Czech Republic and Bulgaria are least weak form inefficient compared to others. The findings of the study are of relevance as it shows that even after roughly two decades of free market economic policies, majority of the forex markets in the area remains informationally inefficient.

  14. Information transmission and market interactions across the Atlantic. An empirical study on the natural gas market

    International Nuclear Information System (INIS)

    Kao, Chung-Wei; Wan, Jer-Yuh

    2009-01-01

    This paper studies the international information transmission and market interactions in the U.S. and U.K. natural gas markets. Three well documented approaches are used to measure the relative importance on the process of price discovery under a quadvariate system. After adjusting the effects of nonsynchronous trading prices, robust results indicate our system that includes spot and futures prices within the two countries are driven by one common factor. Information disseminates efficiently among the four markets concerned. The U.S. futures market dominates as the center for price discovery. The U.K. futures market comes as the second. The spot markets in the U.S. and U.K. are less efficient than their corresponding futures market, where the U.K. spot market contributes the least and almost zero to the price discovery process. Asymmetric volatility spillovers are found in three of the four markets. Volatility in the U.S. futures market increases with positive returns which illustrates the inverse leverage effect in most of the commodity market. Volatilities in the spot markets are negatively related to returns, which is analogous to the traditional leverage effect prevailing in most of the equity stock markets. (author)

  15. Test of Weak Form Efficiency: An Empirical Study of the Malaysian Foreign Exchange Market

    OpenAIRE

    Lim, Pei Mun

    2011-01-01

    This paper empirically tests the Efficient Market Hypothesis (EMH) in the weak sense for the Malaysian foreign exchange market. The hypothesis is tested using two ways. First is by testing the random walk hypothesis based on individual unit root test and second is by testing the profitability of simple technical trading rules. The study covers the high frequency daily data from January 1997 to December 2010 and the spot exchange rates are quoted as Malaysian Ringgit per unit of US Dollar. Due...

  16. Milk marketing under cooperative and non-cooperative marketing channels: Evidence from west Bengal

    Directory of Open Access Journals (Sweden)

    Sarker Debnarayan

    2010-01-01

    Full Text Available The present study is an attempt to empirically investigate the price spread, marketing costs, marketing margins, marketing efficiency, and profit efficiency among market middlemen under cooperative and non-cooperative marketing channels in the domestic trade market of liquid milk in West Bengal. One of the important findings of this study is that, although the inter-market (and intramarket price variation for liquid milk under the cooperative marketing agency in not far from uniformity, and all marketing agencies under cooperative channels receive much lower abnormal profit per unit of milk as compared with non-cooperative channels, the former fails to provide much economic benefit, either to the producer or to the consumer, because of the burden of much higher fixed cost per unit of liquid milk.

  17. An Empirical Analysis Of Stock Returns And Volatility: The Case Of Stock Markets From Central And Eastern Europe

    Directory of Open Access Journals (Sweden)

    Okičić Jasmina

    2015-04-01

    Full Text Available The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE, focusing on the relationship between returns and conditional volatility. Since there is relatively little empirical research on the volatility of stock returns in underdeveloped stock markets, with even fewer studies on markets in the transitional economies of the CEE region, this paper is designed to shed some light on the econometric modelling of the conditional mean and volatility of stock returns from this region. The results presented in this paper provide confirmatory evidence that ARIMA and GARCH processes provide parsimonious approximations of mean and volatility dynamics in the case of the selected stock markets. There is overwhelming evidence corroborating the existence of a leverage effect, meaning that negative shocks increase volatility more than positive shocks do. Since financial decisions are generally based upon the trade-off between risk and return, the results presented in this paper will provide valuable information in decision making for those who are planning to invest in stock markets from the CEE region.

  18. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    OpenAIRE

    Anoop S Kumar; Bandi Kamaiah

    2014-01-01

    This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the marke...

  19. The dynamic interdependence of international financial markets: An empirical study on twenty-seven stock markets

    Science.gov (United States)

    Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun

    2017-04-01

    In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.

  20. Capital Market Implications of Corporate Disclosure: German Evidence

    Directory of Open Access Journals (Sweden)

    Michael Grüning

    2011-04-01

    Full Text Available This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD. Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evidence for a capital-costreduction effect of disclosure based on the analysis of investors’ return requirements and market values. Altogether, no evidence is found that the information processing at the German capital market is structurally different from other markets.

  1. Evidence-Based Marketing for Academic Librarians

    OpenAIRE

    Yoo-Seong Song

    2006-01-01

    Objective - In developing marketing strategies for the Business & Economics Library (BEL) at the University of Illinois at Urbana-Champaign (UIUC), a survey was designed to answer the following questions: - Should BEL develop marketing strategies differently for East Asian business students? - What services do graduate business students want to receive from BEL? - With whom should BEL partner to increase visibility at the College of Business? Marketing research techniques were used to g...

  2. Stock Market Interdependence: Evidence from Australia

    OpenAIRE

    Michael E. Drew; Leonard Chong

    2002-01-01

    This study examines the relationship between Australia’s stock market and the five largest international markets for the period 1991 through 2001. Preliminary findings, using correlation statistics, indicated potential benefits to international diversification for the Australian investor. Further analysis, conducted in the VAR framework using the Johansen co-integration method, found that the Australian market has short and long run linkages with the United States, while tests with other mark...

  3. Determinants of Market Share of For-Profit Hospitals: An Empirical Examination

    Directory of Open Access Journals (Sweden)

    Seungchul Lee

    2017-10-01

    Full Text Available This study estimates the effects of a prospective payment system on the growth of for-profit hospitals. The empirical results show that the proportion of patient care paid for by Medicare managed care has a positive, statistically significant relationship with the market share of for-profit hospitals. Medicare managed care reimburses health care providers prospectively, and a larger portion of prospective reimbursements is received by for-profit hospitals, whose market share consequently increases. In addition, the proportion of patients with Medi-Cal and third party managed care has a positive, statistically significant relationship with the market share of for-profit hospitals.

  4. What is the optimum social marketing mix to market energy conservation behaviour: an empirical study.

    Science.gov (United States)

    Sheau-Ting, Low; Mohammed, Abdul Hakim; Weng-Wai, Choong

    2013-12-15

    This study attempts to identify the optimum social marketing mix for marketing energy conservation behaviour to students in Malaysian universities. A total of 2000 students from 5 major Malaysian universities were invited to provide their preferred social marketing mix. A choice-based conjoint analysis identified a mix of five social marketing attributes to promote energy conservation behaviour; the mix is comprised of the attributes of Product, Price, Place, Promotion, and Post-purchase Maintenance. Each attribute of the mix is associated with a list of strategies. The Product and Post-purchase Maintenance attributes were identified by students as the highest priority attributes in the social marketing mix for energy conservation behaviour marketing, with shares of 27.12% and 27.02%, respectively. The least preferred attribute in the mix is Promotion, with a share of 11.59%. This study proposes an optimal social marketing mix to university management when making decisions about marketing energy conservation behaviour to students, who are the primary energy consumers in the campus. Additionally, this study will assist university management to efficiently allocate scarce resources in fulfilling its social responsibility and to overcome marketing shortcomings by selecting the right marketing mix. Copyright © 2013 Elsevier Ltd. All rights reserved.

  5. Empirical evidence for site coefficients in building code provisions

    Science.gov (United States)

    Borcherdt, R.D.

    2002-01-01

    Site-response coefficients, Fa and Fv, used in U.S. building code provisions are based on empirical data for motions up to 0.1 g. For larger motions they are based on theoretical and laboratory results. The Northridge earthquake of 17 January 1994 provided a significant new set of empirical data up to 0.5 g. These data together with recent site characterizations based on shear-wave velocity measurements provide empirical estimates of the site coefficients at base accelerations up to 0.5 g for Site Classes C and D. These empirical estimates of Fa and Fnu; as well as their decrease with increasing base acceleration level are consistent at the 95 percent confidence level with those in present building code provisions, with the exception of estimates for Fa at levels of 0.1 and 0.2 g, which are less than the lower confidence bound by amounts up to 13 percent. The site-coefficient estimates are consistent at the 95 percent confidence level with those of several other investigators for base accelerations greater than 0.3 g. These consistencies and present code procedures indicate that changes in the site coefficients are not warranted. Empirical results for base accelerations greater than 0.2 g confirm the need for both a short- and a mid- or long-period site coefficient to characterize site response for purposes of estimating site-specific design spectra.

  6. Book Review: Market Liquidity: Theory, Evidence, and Policy

    DEFF Research Database (Denmark)

    Boscan, Luis

    2014-01-01

    Review of: Market Liquidity: Theory, Evidence, and Policy / by Thierry Foucault, Marco Pagano and Ailsa Röell. Oxford University Press. April 2013.......Review of: Market Liquidity: Theory, Evidence, and Policy / by Thierry Foucault, Marco Pagano and Ailsa Röell. Oxford University Press. April 2013....

  7. FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

    OpenAIRE

    Katarzyna Anna Czech,; Adam Waszkowski

    2012-01-01

    The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP). Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that ...

  8. An Empirical Analysis of the Effect of Stock Market Crisis on Economic Growth: The Nigerian Case

    Directory of Open Access Journals (Sweden)

    Omowunmi Felicia Olokoyo

    2011-08-01

    Full Text Available Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. This study empirically established the relationship between stock market crisis and Nigeria’s economic growth and also showed the relationship between stock market price crash and the crisis itself. In this light, this paper examined the interactive influence of movements in the major indicators of the performance of the Nigerian Stock Exchange Market such as the Market Capitalization (MK, All Share Index (ASI, Number of Deals (NOD, Volume and Value of Stock (VV, Total Number of New Issues (TNI and Inflation (INFR on the Nigerian Gross Domestic Product (GDP using data from 1985-2009. To achieve the two objectives stated above, the Ordinary Least Square (OLS method was employed. To correct for the OLS result biasness the log was applied to GDP and MK and also AR(1 was introduced to the first model. The result shows that stock market crisis has a highly significant effect on Nigeria’s economic growth. The result also shows a significant relationship between stock market price crash and the market crisis itself. It is therefore recommended that in the face of the ongoing crisis in the global stock market, the Nigerian stock market authorities should aim at making the market meet a world class standard. Also, all the sectors of the economy should act in a collaborative manner such that optimum benefits can be realized from their economic activities in the Nigeria market even in the hub of global crisis.

  9. Empirical methods for systematic reviews and evidence-based medicine

    NARCIS (Netherlands)

    van Enst, W.A.

    2014-01-01

    Evidence-Based Medicine is the integration of best research evidence with clinical expertise and patient values. Systematic reviews have become the cornerstone of evidence-based medicine, which is reflected in the position systematic reviews have in the pyramid of evidence-based medicine. Systematic

  10. Horizontal Price Transmission in Agricultural Markets: Fundamental Concepts and Open Empirical Issues

    Directory of Open Access Journals (Sweden)

    Giulia Listorti

    2012-05-01

    Full Text Available Following the dramatic changes experienced by the prices of agricultural commodities in 2007-2008, the analysis of horizontal price transmission mechanisms in agricultural markets has attracted renewed interest. In particular, this has led to the emergence of new challenges for the empirical analysis. How to model the increasing volatility and non linear behaviour of prices, to assess the impact of the policy responses to market turbulence, and how to account for the increasing interconnections between agricultural and non-agricultural commodity markets are amongst the most investigated issues. Building on a common analytical framework, this paper discusses and reviews the most recent methodological developments and empirical contributions in the field.

  11. Review of US ESCO industry market trends: an empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G. [Lawrence Berkeley National Laboratory, Berkeley, CA (United States). Energy Analysis

    2005-02-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of {approx}1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m{sup 2}/year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ECSOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  12. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

    Goldman, Charles A.; Hopper, Nicole C.; Osborn, Julie G.

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m 2 /year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ESCOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers

  13. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G.

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m 2 /year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ECSOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  14. Review of U.S. ESCO industry market trends: An empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, Charles A.; Hopper, Nicole C.; Osborn, Julie G.; Singer, Terry E.

    2003-03-01

    This article summarizes a comprehensive empirical analysis of U.S. Energy Service Company (ESCO) industry trends and performance. We employ two parallel analytical approaches: a comprehensive survey of firms to estimate total industry size and a database of {approx}1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US $2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m2/year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ESCOs have proven resilient in the face of restructuring and will probably shift toward selling ''energy solutions,'' with energy efficiency part of a package. We conclude that a private sector energy-efficiency services industry that targets large commercial and industrial customers is viable and self-sustaining with appropriate policy support both financial and non-financial.

  15. Promoting business with corporate gifts: major issues and empirical evidence

    OpenAIRE

    Fan, Y

    2006-01-01

    Corporate gifts are an important tool in the marketing communication mix. This paper is divided into two parts. It first reviews the literature of corporate gifts and incentives, focusing on major issues in the use of corporate gifts: marketing issues, practical considerations, and ethical and cultural concerns. In the second part, it presents a survey in the UK airline industry. Corporate gifts are found to be used mainly as a means of enhancing corporate image and creating goodwill. They ar...

  16. Firm size and export performance: some empirical evidence

    OpenAIRE

    Owen Gabbitas; Paul Gretton

    2003-01-01

    This paper uses firm level data collected by the Australian Bureau of Statistics in its Business Longitudinal Survey to help fill the information gap about the characteristics of successful exporters. This study suggests that the main influences on export performance of Australian manufacturing firms may lie with a range of ‘firm-specific’ factors other than size or domestic market share. These potentially include: kind of activity, product design and quality, marketing expertise and the moti...

  17. Entrepreneurship Education in Schools: Empirical Evidence on the Teacher's Role

    Science.gov (United States)

    Ruskovaara, Elena; Pihkala, Timo

    2015-01-01

    Different approaches and methodologies for entrepreneurship education have been introduced for schools. However, a better theoretical and empirical understanding of the antecedents of entrepreneurship education is needed. The authors analyze what entrepreneurship education practices are used in schools and what role the school and the teacher are…

  18. Reciprocity in Online Markets: Empirical Studies of Auction and Barter Markets

    Science.gov (United States)

    Ye, Shun

    2013-01-01

    My dissertation seeks to understand how reciprocity affects transaction outcomes and mechanism design in online markets. The first essay examines negative reciprocity illustrated as feedback-revoking behavior in the eBay auction market, focusing on its impact and implications for reputation system design. I utilize the biggest policy change of…

  19. AUDIT MARKET CONCENTRATION – EVIDENCE FROM CROATIA

    Directory of Open Access Journals (Sweden)

    Sanja Sever Mališ

    2015-12-01

    Full Text Available Statutory audit is designated to protect the public interest and has a significant impact on the overall economy. There are concerns that the Big Four audit firms have become too dominant and that the collapse of one of these firms would disrupt the whole financial system. In terms of revenues received, the total market share of the Big Four audit firms for listed companies exceeds 90% in a vast majority of European Union Member States. Prior studies have shown that high audit market concentration limits the choice of auditor for large companies and sets a high barrier of entry for mid-tier audit firms, while the effect on audit quality and audit fees is still unclear. Therefore, the regulators are considering reforms to dilute the Big Four’s dominance and improve competition in the audit market. The paper reviews the proposed and implemented measures that are the most common, together with their advantages and drawbacks. In addition, the characteristics of the audit market in Croatia are investigated, with a focus on market concentration measured by standard measures such as the Concentration rate, the Herfindahl Hirschman Index and the Gini coefficient. According to market shares based on total clients’ assets and revenues, the audit market for listed companies is moderately to highly concentrated, with a decrease in the five-year period (2013 compared to 2008.

  20. Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

    Energy Technology Data Exchange (ETDEWEB)

    Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

    2012-09-15

    The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

  1. What should we mean by empirical validation in hypnotherapy: evidence-based practice in clinical hypnosis.

    Science.gov (United States)

    Alladin, Assen; Sabatini, Linda; Amundson, Jon K

    2007-04-01

    This paper briefly surveys the trend of and controversy surrounding empirical validation in psychotherapy. Empirical validation of hypnotherapy has paralleled the practice of validation in psychotherapy and the professionalization of clinical psychology, in general. This evolution in determining what counts as evidence for bona fide clinical practice has gone from theory-driven clinical approaches in the 1960s and 1970s through critical attempts at categorization of empirically supported therapies in the 1990s on to the concept of evidence-based practice in 2006. Implications of this progression in professional psychology are discussed in the light of hypnosis's current quest for validation and empirical accreditation.

  2. Empirical assessment of market power in the Alberta wholesale electricity market

    International Nuclear Information System (INIS)

    Qu, F.

    2007-01-01

    In the 1990s, many countries began to unbundle regulated electricity monopolies into generation, transmission, distribution and retail companies. Transmission and distribution services remained regulated, but generation and retail services were open for competition. Wholesale and retail electricity markets were created. This paper presented a newly developed competitiveness index specifically for the Alberta market through a simple and standard economic approach. The Alberta Electric Utilities Act came into effect in January 1996. This paper described how the Alberta wholesale electricity market works and demonstrated how to model market power in the electricity market. In this study, power generating companies in Alberta were divided into 2 groups. The first group contained the 5 largest firms called strategic firms, while the other group contained the small generating companies called non-strategic firms or the competitive fringe. In the sample years 2003 and 2004, strategic firms withheld capacity when price was above marginal cost and behaved within the range of competitive pricing. They were more likely to price competitively than to use unilateral market power prices. In addition, firms had higher price-cost margins during the off-peak season. This paper explained in detail the reason for this unusual off-peak pattern. The index to measure a firm's strategic behaviour in the Alberta electricity market was developed according to price-cost margin data where firm-behaviour effect was distinguished from the demand-elasticity effect. It was concluded that policy-makers and regulations should consider the magnitude and source of market power when designing market structure, rules and trading practices. 9 refs., 5 tabs., 2 figs

  3. DOES STOCK MARKET DEVELOPMENT PLAY ANY ROLE IN THE EFFECT OF FDI ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION

    Directory of Open Access Journals (Sweden)

    Oziengbe Scott Aigheyisi

    2016-09-01

    Full Text Available The objective of the paper is to investigate whether stock market development plays any role in the effect of foreign direct investment (FDI on economic growth in Nigeria. Using annual time series data that span the period from 1981 to 2014, and employing the fully modified ordinary least squares (FMOLS estimation technique, the empirical evidence indicates that FDI, domestic investment and stock market development positively and significantly affect economic growth, but the effect of the interaction between stock market development and FDI on economic growth is negative and significant, indicating that the Nigerian bourse is not yet fully developed to engender positive growth effect of FDI. The study further finds that government consumption expenditure and trade openness adversely affect the growth of the country’s real GDP per capita. Recommendations of the paper include efforts by the government to design and implement programmes and policies aimed at enhancing the attractiveness of the country to foreign and local investors, efforts by capital market regulators to enhance stock market efficiency, reduction of government consumption expenditures and import control.

  4. Budget deficit, money growth and inflation: Empirical evidence from Vietnam

    OpenAIRE

    Khieu Van, Hoang

    2014-01-01

    This study empirically examines the nexus among budget deficit, money supply and inflation by using a monthly data set from January 1995 to December 2012 and a SVAR model with five endogenous variables, inflation, money growth, budget deficit growth, real GDP growth and interest rate. Since real GDP and budget deficit are unavailable on the monthly basis, we interpolate those series using Chow and Lin’s (1971) annualized approach from their annual series. Overall, we found that money growth h...

  5. Innovation and productivity: empirical evidence for Brazilian industrial enterprises

    Directory of Open Access Journals (Sweden)

    Luciana Carvalho

    Full Text Available Abstract The aim of this paper is to carry out an empirical investigation into the relationship between innovation and the productive performance of Brazilian businesses measured by Work Productivity and Total Factor Productivity. Data taken from the Research of Innovation and estimated cross section models and panel data was used. The results suggest that innovation produces an incipient impact on competition in the national industry, reflected in the small magnitude of coefficients associated with the diverse indicators of innovation.

  6. Internationalisation and technological innovation: empirical evidence on their relation

    OpenAIRE

    Filipescu, Diana-Andreea

    2010-01-01

    Descripció del recurs: el 25 d'octubre de 2011 Internationalisation and innovation of the firms have been considered two of the most important factors determining business success over the last decade (Buckler and Zien, 1996; Wind and Mahajan, 1997; Zahra and George, 2002; Vila and Kuster, 2007). The purpose of this dissertation is to understand better the relation which exists between these two factors. To do so, we undertake empirical investigation which consists of three studies (an ini...

  7. Monetary policy and bank behavior: Empirical evidence from India

    OpenAIRE

    Ghosh, Saibal

    2006-01-01

    The paper develops an empirical model to explore the role that bank characteristics play in influencing the monetary transmission process. Employing data on Indian commercial banks for the period 1992-2004, the findings indicate that for banks classified according to size and capitalization, a monetary contraction lowers bank lending, although large and well-capitalized banks are able to shield their loan portfolio from monetary shocks.

  8. Empirical evidence of direct rebound effect in Catalonia

    International Nuclear Information System (INIS)

    Freire Gonzalez, Jaume

    2010-01-01

    This paper reviews the empirical literature concerning the direct rebound effect in households; it briefly analyzes the main theoretical and methodological aspects, and finally estimates the magnitude of direct rebound effect for all energy services using electricity in households of Catalonia (Spain) using econometric techniques. The main results show an estimated direct rebound effect of 35% in the short term and 49% in the long term. The existence of a rebound effect reduces the effectiveness of energy efficiency policies.

  9. Essays in the Economics of Corruption: Experimental and empirical evidence

    OpenAIRE

    Leszczynska, Nastassia

    2018-01-01

    The advent of experimental methodologies have led to decisive progress in the study of corrupt behaviour in the last two decades. Since they can complement survey data and perception indexes with controlled experimental data, scholars and policy makers have reached a better understanding of decision-making in bribery situations and are able to design innovative anticorruption policies.In this thesis, I use experimental and empirical data to contribute to the field of the economics of corrupti...

  10. Sociopolitical Instability and Economic Growth Empirical Evidence from Sri Lanka

    OpenAIRE

    Changsheng Xu; Santhirasegaram Selvarathinam; Wen X. Li

    2007-01-01

    Sociopolitical instability severely affects economic growth in short and long run. This study analyzes that sociopolitical instability measured by proxy measure; annual growth rate of tourist arrivals in Sri Lanka during 1960-2005 adversely affects economic growth. Our empirical findings based on ordinary lease square econometric estimation, show that sociopolitical instability negatively and significantly affect economic growth. Reduction of economic growth rate (-0.032) due to the sociopoli...

  11. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    International Nuclear Information System (INIS)

    Lorenczik, Stefan; Panke, Timo

    2015-01-01

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  12. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    Energy Technology Data Exchange (ETDEWEB)

    Lorenczik, Stefan; Panke, Timo [Koeln Univ. (Germany). Inst. of Energy Economics

    2015-05-15

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  13. FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

    Directory of Open Access Journals (Sweden)

    Katarzyna Anna Czech

    2012-10-01

    Full Text Available The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP. Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that it is hard to say definitely that USD/EUR foreign exchange market is inefficient. The slope coefficient in UIP regression occurs to be negative, which implies the failure of uncovered interest-rate parity. However, there are no foundations to reject the UIP hypotheses in the time of financial crisis of 21st century. Moreover, the article presents that the forward forecast error is not orthogonal to both its lagged value and the interest rate differential. Thus, the semi-strong foreign exchange market efficiency hypothesis is rejected for the USD/EUR market.

  14. Financial power laws: Empirical evidence, models, and mechanisms

    International Nuclear Information System (INIS)

    Lux, Thomas; Alfarano, Simone

    2016-01-01

    Financial markets (share markets, foreign exchange markets and others) are all characterized by a number of universal power laws. The most prominent example is the ubiquitous finding of a robust, approximately cubic power law characterizing the distribution of large returns. A similarly robust feature is long-range dependence in volatility (i.e., hyperbolic decline of its autocorrelation function). The recent literature adds temporal scaling of trading volume and multi-scaling of higher moments of returns. Increasing awareness of these properties has recently spurred attempts at theoretical explanations of the emergence of these key characteristics form the market process. In principle, different types of dynamic processes could be responsible for these power-laws. Examples to be found in the economics literature include multiplicative stochastic processes as well as dynamic processes with multiple equilibria. Though both types of dynamics are characterized by intermittent behavior which occasionally generates large bursts of activity, they can be based on fundamentally different perceptions of the trading process. The present paper reviews both the analytical background of the power laws emerging from the above data generating mechanisms as well as pertinent models proposed in the economics literature.

  15. Using Empirical Data to Estimate Potential Functions in Commodity Markets: Some Initial Results

    Science.gov (United States)

    Shen, C.; Haven, E.

    2017-12-01

    This paper focuses on estimating real and quantum potentials from financial commodities. The log returns of six common commodities are considered. We find that some phenomena, such as the vertical potential walls and the time scale issue of the variation on returns, also exists in commodity markets. By comparing the quantum and classical potentials, we attempt to demonstrate that the information within these two types of potentials is different. We believe this empirical result is consistent with the theoretical assumption that quantum potentials (when embedded into social science contexts) may contain some social cognitive or market psychological information, while classical potentials mainly reflect `hard' market conditions. We also compare the two potential forces and explore their relationship by simply estimating the Pearson correlation between them. The Medium or weak interaction effect may indicate that the cognitive system among traders may be affected by those `hard' market conditions.

  16. An Empirical Study Of User Acceptance Of Online Social Networks Marketing

    Directory of Open Access Journals (Sweden)

    Olumayowa Mulero

    2013-07-01

    Full Text Available The explosion of Internet usage has drawn the attention of researchers towards online Social Networks Marketing (SNM. Research has shown that a number of the Internet users are distrustful and indecisive, when it comes to the use of social networks marketing system. Therefore, there is a need for researchers to identify some of the factors that determine users’ acceptance of social networks marketing using Technology Acceptance Model (TAM. This study extended the Technology Acceptance Model theoretical framework to predict consumer acceptance of social networks marketing within Western Cape Province of South Africa. The research model was tested using data collected from 470 questionnaires and analysed using linear regression. The results showed that user intentions to use SNM are strongly and positively correlated with user acceptance of using SNM systems. Empirical results confirmed that perceived credibility and perceived usefulness are the strongest determinant in predicting user intentions to use SNM system.

  17. Dynamic relations between stock markets index returns: Empirical evidence through multivariate approaches. Relações dinâmicas entre retornos de índices de mercados acionários: Evidências empíricas através de abordagens multivariadas.

    Directory of Open Access Journals (Sweden)

    Horst Dieter Moller

    2010-02-01

    Full Text Available The objective of this article was to identify both the structure and the standards of relations between stock markets returns. To accomplish this study, twelve indexes were investigated (Germany, Argentina, Australia, Brazil, United States of America, France, Hong Kong, India, Indonesia, England, Japan and Mexico. The data related to the time series of each stock returns investigated were from July, 27th of 2006 and March, 19th of 2007. To aim the objective proposed, three complementary multivariate methodological approaches were utilized: cluster analysis, the multidimensional scaling and the factor analysis. The procedures were carried out through the aid of the statistical application STATISTICA for Windows. The results showed some evidence that corroborate standards of relations based on geographic location of these markets investigated.O objetivo deste artigo foi identificar a estrutura e padrões de relações existentes entre os retornos dos índices de diversos mercados acionários. Para a realização do estudo, foram utilizados 12 índices, pertencentes a diversos mercados acionários (Alemanha, Argentina, Austrália, Brasil, Estados Unidos, França, Hong Kong, ͍ndia, Indonésia, Inglaterra, Japão e México. Os dados relativos às séries históricas das cotações dos índices de mercado inseridos nesta investigação são relativos aos valores registrados ao final do pregão do período entre 27 de julho de 2006 e 19 de Março de 2007. Para atingir o objetivo proposto, foram utilizadas três abordagens metodológicas multivariadas complementares: a análise de agrupamentos, o escalonamento multidimensional e a análise fatorial. Os resultados obtidos revelam evidências que corroboram padrões de relacionamento baseados na localização geográfica dos mercados acionários investigados.

  18. An empirical analysis of the multimarket contact theory in pharmaceutical markets.

    Science.gov (United States)

    Coronado, Javier; Jiménez-Martín, Sergi; Marín, Pedro L

    2014-07-01

    Multimarket contact theory predicts that firms will optimally reduce prices in markets where collusive prices are sustainable and allocate the slack of the corresponding incentive compatibility to increase prices in markets where collusion is not sustainable. Binding price caps in collusive markets will have different effects over the multimarket contact mechanism depending on the severity of the cap. Setting a price cap close to the unregulated case will increase the size of the redistribution of market power whereas stronger regulation will even reduce prices in unregulated markets. Therefore, price regulations aiming at capping prices in a specific market will also affect markets that are not subject to specific mandatory price regulations. We find evidence of the theory predictions using information for nine OECD countries for pharmaceutical markets. Unregulated US markets are shown to respond to the redistribution effect; Canadian markets, known to be subject to soft price regulations, with respect to the former, are shown to be consistent with a stronger redistribution effect. EU markets and Japan are either consistent with the effect of a medium regulation or strong regulation. In this last case multimarket contact cannot explain prices, and these are expected to be lower compared to the unregulated benchmark.

  19. Empirical approach to endorsement marketing and consumer fanaticism of telecom firms Nigeria’s Rivers State

    Directory of Open Access Journals (Sweden)

    Joy E. Akahome

    2017-10-01

    Full Text Available The paper is an empirical investigation of the relationship between endorsement marketing and consumer fanaticism of telecom firms in Rivers State. A sample of 200 customers of selected telecom firms was surveyed and 196 copies of the questionnaire were returned and valid after data collation and cleaning for analysis using Pearson’s Product Moment Correlation with the aid of SPSS version 21.0. Based on findings, the paper concludes that celebrity-product-fit has a strong relationship with consumer fanaticism of telecom firms in Rivers State. Amongst the recommendations is that more investment should be made on endorsement marketing activities as it enhances consumers’ brand recognition.

  20. Empirical Evidence for Niss' "Implemented Anticipation" in Mathematising Realistic Situations

    Science.gov (United States)

    Stillman, Gloria; Brown, Jill P.

    2012-01-01

    Mathematisation of realistic situations is an on-going focus of research. Classroom data from a Year 9 class participating in a program of structured modelling of real situations was analysed for evidence of Niss's theoretical construct, implemented anticipation, during mathematisation. Evidence was found for two of three proposed aspects. In…

  1. Determinants of Economic Growth: Empirical Evidence from Russian Regions

    Directory of Open Access Journals (Sweden)

    Svetlana Ledyaeva

    2008-06-01

    Full Text Available A modification of Barro and Sala-i-Martin empirical framework of growth model is specified to examine determinants of per capita growth in 74 Russian regions during period of 1996-2005. We utilize both panel and cross-sectional data. Results imply that in general regional growth in 1996-2005 is explained by the initial level of region's economic development, the 1998 financial crisis, domestic investments, and exports. Growth convergence between poor and rich regions in Russia was not found for the period studied.

  2. Antecedents of Hotel Profitability: Empirical Evidence from Belgrade

    Directory of Open Access Journals (Sweden)

    Miloš Milosavljević

    2016-04-01

    Full Text Available Tourism and hospitality have received an immense attention from scholars, policy holders, decision makers and other important stakeholders in Belgrade, a main tourist destination of Serbia. The aim of this paper is to determine the main drivers of profit margins in the hotel sector in Belgrade. A particular aim is to explore the effects of variables – size, market concentration, and market share and customer satisfaction – on hotel profit margins. The study analyzed the secondary reliable sources. The data were analyzed with correlations and regressions. The results indicate that customer perception is a paramount factor driving the financial performance of hotels. These findings could be useful to scholars and practitioners interested in business performances of Belgrade hotels.

  3. Is a larger equity market more information efficient? Evidence from intervalling effect

    Directory of Open Access Journals (Sweden)

    KiHoon Hong

    2016-07-01

    Full Text Available This paper investigates the impact of equity return autocorrelation on financial market efficiency via intervalling effect. A simple model is proposed to show that the degree of intervalling effect is related to the security return autocorrelation. A more general version of Levy and Levhari hypothesis is proposed to find that the degree of the autocorrelations of the security and the market returns determines the existence and the direction of the intervalling effect and the size of the intervalling effect are dependent on the degree of the security autocorrelations. Empirical evidence of the latter is presented

  4. The impact of leverage on stock returns: an empirical test on the Australian stock market

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

    Asset pricing model is no longer a new topic to theoretical finance but it still maintains researchers’ interest until now. The role of firm characteristics in explaining the stock returns becomes more and more significant in the empirical studies. The Fama French three factor is the most famous model of testing the firm characteristics: size effect and book to market effect on stock returns. However, this model does not include leverage, one of the most important firm characteristics. Starti...

  5. Knowledge Management and its Role in Customer Relationship Marketing Campaigns Empirical study of online CRM tools

    OpenAIRE

    Al-Hayaly, Ali

    2015-01-01

    This empirical study aimed at conducting a cross case analysis of a four targeted Web-based CRM companies (Microsoft dynamics, Salesforce.com, Sugarcrm and Oracle on demand), in which this research will recognize the extent of knowledge management implantations used in these selected systems. Then highlighting the enhancement role of knowledge management implantations on these web-based CRM selected systems. Besides conducting the cross mapping the marketing campaigns of these selected system...

  6. [Empirical study of the market orientation of veterinarians in The Netherlands].

    Science.gov (United States)

    Schuurmans, A J; Smidts, A

    1990-04-01

    Linked to the theoretical framework of marketing in the veterinary practice, as explained in Schuurmans and Smidts (1) pp. 1-10 and Schuurmans and Smidts (2), an empirical research project has been undertaken. This research gives insight into the extent to which practices base their services on a marketing orientation. By means of telephone inquiries among a sample of 166 veterinarians, this was investigated. The research shows that veterinarians think more in a product-oriented way than in a market-oriented way, and they do not use all the opportunities a marketing orientation could bring to their services. This expresses itself, among others by not using market segmentation, by the inadequate use of the marketing mix elements communication and distribution, and by the fact that the opportunities of the marketing information system are hardly applied. By means of further research in individual practices it might be possible to give concrete advise fit for that practice. Research among the clients of the veterinarians might, beside many other kinds of research, also give valuable insights.

  7. What drives adult personality development? : A comparison of theoretical perspectives and empirical evidence

    NARCIS (Netherlands)

    Specht, J.; Bleidorn, W.; Denissen, J.J.A.; Hennecke, M.; Hutteman, R.; Luhmann, M.; Orth, U.; Reitz, A.K.; Zimmerman, J.

    2014-01-01

    Increasing numbers of empirical studies provide compelling evidence that personality traits change across the entire lifespan. What initiates this continuing personality development and how does this development proceed? In this paper, we compare six theoretical perspectives that offer testable

  8. AN EMPIRICAL EXAMINATION OF ENTREPRENEURIAL ORIENTATION. EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Alexandru CONSTANGIOARA

    2014-06-01

    Full Text Available In order to achieve the desired performances and the increased value added to the final consumer, organizations need not only to integrate their core businesses and align them to business strategy but also to develop essential entrepreneurial competences. After presenting the dimensions of entrepreneurial orientation and their specificity in a supply chain, we propose an empirical research using a working dataset of 64 firms from various industries to analyze the Romanian entrepreneurial supply chains. Structural equations are employed to estimate the complex relationships between organizational performances and entrepreneurial orientation in supply chains at national level. Results show that entrepreneurial orientation influences organizational competences only in the framework of the supply chain management strategic approach to operational excellence.

  9. The growth of business firms: theoretical framework and empirical evidence.

    Science.gov (United States)

    Fu, Dongfeng; Pammolli, Fabio; Buldyrev, S V; Riccaboni, Massimo; Matia, Kaushik; Yamasaki, Kazuko; Stanley, H Eugene

    2005-12-27

    We introduce a model of proportional growth to explain the distribution P(g)(g) of business-firm growth rates. The model predicts that P(g)(g) is exponential in the central part and depicts an asymptotic power-law behavior in the tails with an exponent zeta = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. In this article, we test the model at different levels of aggregation in the economy, from products to firms to countries, and we find that the predictions of the model agree with empirical growth distributions and size-variance relationships.

  10. EMPIRICAL EVIDENCE ON DYNAMICS OF CREDIT GROWTH AND FOREIGN RESERVE

    Directory of Open Access Journals (Sweden)

    Satrugan Sinah

    2017-09-01

    Full Text Available The paper presents a model for looking into the nature of change in foreign reserve from movements in domestic credit. This model is relevant to foreign reserve targeting, small and open economies. The model denotes that measures undertaken by central banks to constraint domestic credit growth with the view of controlling capital outflows will also be detrimental to foreign reserves level. The empirical studies with application of Fourier Transformation technique have been used to build a model, which shows that growth in domestic credit is more biased towards positive swings in foreign reserves, rather than being unfavorable. The small and open economies, particularly, the Pacific Island nations, have the right set up for application of this model to safeguard foreign reserves level.

  11. Costs, biases and betting markets: new evidence

    OpenAIRE

    Michael A. Smith; David Paton; Leighton Vaughan-Williams

    2004-01-01

    In recent years, person-to-person wagering on Internet ‘betting exchanges’ (sometimes known as ‘matched betting’) has become an increasingly important medium for betting on horse racing, sports and special events. Established gambling operators have argued that betting exchanges should not be allowed on the grounds that they represent unfair competition. In this paper, we argue that, in fact, betting exchanges have brought about reductions in traditional market biases and significant efficien...

  12. The rebound effect for heavy industry: Empirical evidence from China

    International Nuclear Information System (INIS)

    Lin, Boqiang; Li, Jianglong

    2014-01-01

    Energy efficiency improvement will reduce the effective price of energy services, and hence at least partially mitigate original expected energy conservation. Therefore, the magnitude of rebound effect is important for the design and timing of an effective energy conservation policy. Under the framework of translog cost share equations, we estimates the direct rebound effect for heavy industry in China for the first time by conducting an empirical research on the relationship between the direct rebound effect and the ease with which energy services can substitute for other inputs. Additionally, asymmetric price responses are specified in the model for the rebound effect estimation. Empirical results in our paper indicate that the rebound effect for heavy industry in China is about 74.3%. This reveals that energy efficiency improvement can save energy to a certain degree since the rebound effect is less than 100% (“back-fire”), but most of the expected reduction in heavy industry energy consumption is mitigated. These findings prove that energy pricing reforms and energy taxes should be further implemented to achieve effective energy conservation in China’s 12th Five Years Plan. - Highlights: • Heavy industry is energy intensive and accounts for over 60% of China’s energy consumption. • Direct rebound effect for heavy industry in China is estimated for the first time. • Asymmetric price responses are specified in the model for the direct rebound effect estimation. • Finding the existence of direct rebound effect in China’s heavy industry with a magnitude of 74.3%. • Proving that energy pricing reforms and energy taxes should be further implemented

  13. The Unemployment-Stock Market Relationship in South Africa: Evidence from Symmetric and Asymmetric Cointegration Models

    Directory of Open Access Journals (Sweden)

    Andrew Phiri

    2017-09-01

    Full Text Available In this study, we examine linear and nonlinear cointegration and causal relations between unemployment and stock market returns in South Africa using quarterly data collected between 1994:Q1 and 2016:Q1. Our empirical results reveal significant cointegration effects between the time series in both linear and nonlinear models, even though both frameworks ultimately reject the notion of any causal relations between the variables. Collectively, our study rejects the notion of unemployment being a good predictor for stock market returns and neither do developments in the stock market have any effect on the unemployment rate. Such evidence advocates for weak-form efficiency in the JSE equity prices whereby unemployment data cannot help investors to predict the movement of future share prices and further suggests that policymakers cannot rely on stock market development as an avenue towards lowering the prevailingly high levels of unemployment as set in current macroeconomic policy objectives.

  14. Cascading effect of contagion in Indian stock market: Evidence from reachable stocks

    Directory of Open Access Journals (Sweden)

    Rajan Sruthi

    2017-12-01

    Full Text Available The financial turbulence in a country percolates to another along the trajectories of reachable stocks owned by foreign investors. To indemnify the losses originating from the crisis country, foreign investors dispose of shares in other markets triggering a contagion in an unrelated market. This paper provides empirical evidence for the stock market crisis that spreads globally through investors owning international portfolios, with special reference to the global financial crisis of 2008–09. Using two-step Limited Information Maximum Likelihood estimation and Murphy-Topel variance estimate, the results show that reachability plays a crucial role in the transposal of distress from one country to another, explaining investor-induced contagion in the Indian stock market.

  15. Does the Internet Accelerate the Integration of Domestic Markets? Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Lijuan Xie; Wenwei Ai; Hao Zhang

    2016-01-01

    This paper employs a hybrid methodology that combines case study and econometric research to examine the impact of the Internet on domestic market integration.There is not much research on this issue in the literature.From the multi-case analysis,this paper firstly obtains two main indications which are clear yet contrary to each other about how the Internet influences the market integration process.To be specific,although the Internet has both the ability and the potential to promote market integration,it is not always effective and could even harm this process due to several constraints.Using a provincial-level panel dataset from 2007 to 2013 in China,this paper empirically investigates whether the Intemet plays a positive role in the market integration process.Contradictory to common expectations,we do not find any empirical evidence that the Internet accelerates the integration of domestic markets.Thus,when compared with taking advantage of Internet tools,manmade obstacles to market integration that exist in current trading systems and business models deserve more attention.

  16. Fiscal Deficits and Stock Prices in India: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Pooja Joshi

    2015-08-01

    Full Text Available The study aims at examining how fiscal deficits affect the performance of the stock market in India by using annual data from 1988–2012. The study makes use of Ng-Perron unit root tests to check the non-stationarity property of the series; the Auto Regressive Distributed Lag (ARDL bounds test and a Vector Error Correction Model (VECM for testing both short and long run dynamic relationships. The variance decomposition (VDC is used to predict the exogenous shocks of the variables. The findings of the bounds test reveal that the estimated equation and the series are co-integrated. The ARDL results suggest a long run negative relationship exists between budget deficit and stock prices and do not show any significant relationship in the short run. The VECM result shows that fiscal deficits influence the stock price only in the short run. The results of the Variance Decomposition show that stock price movement in the long run is mostly explained by shocks of fiscal deficits. The study implies that the government must adopt appropriate macroeconomic policies to reduce budget deficit, which will result in stock market growth and in turn will lead to the financial development of the country.

  17. The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria

    Directory of Open Access Journals (Sweden)

    Abiodun Eniola Alao

    2014-07-01

    Full Text Available The long years of marketing practices in the Nigerian banking industry has recorded low level standards relative to global standard practice. The effect on the overall industry performance measurable basically in terms of customer satisfaction, customer loyalty and brand equity has been on the negativity. In some cases, banks overall performance level was never assessed based on customer orientation, value and other customer related measures rather on some quick financial indicators. This poor orientation towards marketing has rather become a forgone especially in the banking area of financial services in Nigeria. This study was therefore conducted to examine the changing trend towards embracing marketing philosophy and the extent of the banks’ performance level in response to changing expectations of customers. Theoretical issues relating marketing, customer philosophy, financial marketing, customer loyalty, satisfaction, and brand equity were explored to establish the key performance variables and the existing relationships amongst them. Empirical study was equally carried out with the use of questionnaire, administered on randomly selected banks’ customers and management staff. Data collected were analyzed on the basis of critical measures which include customer awareness, market sensitivity to financial delivery, customer profile and sophistication through the use of Spearman Rank Correlation Coefficient. The result among other things shows that there is a significant relationship between the new trend towards marketing orientation, financial services in the banking industry and performance level. Based on this study, we recommend improved marketing performance and training to enhance service delivery, customer satisfaction, and customer loyalty across all banks in the geographical places of the Nigerian financial markets.

  18. Has microblogging changed stock market behavior? Evidence from China

    Science.gov (United States)

    Jin, Xi; Shen, Dehua; Zhang, Wei

    2016-06-01

    This paper examines the stock market behavior for a long-lived subset of firms in Shanghai and Shenzhen CSI 300 Index (CSI 300 Index) both before and after the establishment of firms' Microblogging in Sina Weibo. The empirical results show a significant increase in the relative trading volume as well as the decreases in the daily expected stock return and firm-level volatility in the post-Sina Weibo period. These findings suggest that Sina Weibo as an alternative information interaction channel has changed the information environment for individual stock, enhanced the speed of information diffusion and therefore changed the overall stock market behavior.

  19. Knowledge Creation and Regional Spillovers: Empirical Evidence from Germany

    Directory of Open Access Journals (Sweden)

    Akhvlediani Tinatin

    2017-12-01

    Full Text Available The paper examines the effects of intra- and inter-regional knowledge spillovers on innovative activities in German states using the augmented Griliches-Jaffe knowledge production function. The “Harris market potential” type index is calculated to proxy for inter-regional knowledge transfers of two types: industrial knowledge transfers generated from the business enterprise sector and academic spillovers generated from universities across all German states. The model also includes the concentration of high-tech enterprises, in order to capture the agglomeration effect in the local economy. The estimation results reveal that not only do local private and university research efforts have a positive and significant effect on local innovative activities, but there are also important interregional knowledge spillovers across the German regions.

  20. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence.

    Science.gov (United States)

    Dimmock, Stephen G; Kouwenberg, Roy; Mitchell, Olivia S; Peijnenburg, Kim

    2016-03-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks.

  1. Influencers of Life Insurance Investments: Empirical Evidence from Europe

    Directory of Open Access Journals (Sweden)

    Aditi Mitra

    2017-09-01

    Full Text Available This study analyzes the impact of economic, demographic and cultural factors on life insurance consumption in 28 European countries. The period of study is post financial crisis from 2009-2014, and the study considers many of the emerging Eastern European economies where there have been significant insurance sector reforms recently. Europe is the world’s largest insurance market with 35% of the overall insurance premium contribution, but ranks third in insurance per capita, hence Europe is an interesting region in which to study insurance demand. The study observed four economic parameters: GDP per capita, gross savings, competitiveness of the nation, and inflation, as significant impacts on the insurance consumption in the region. Two demographic factors, population and education, and two cultural factors, individualism and long term orientation, appear to impact insurance consumption in the selected countries.

  2. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence*

    Science.gov (United States)

    Dimmock, Stephen G.; Kouwenberg, Roy; Mitchell, Olivia S.; Peijnenburg, Kim

    2017-01-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks. PMID:28458446

  3. Employment Effects of Dispersal Policies. Part II: Empirical evidence

    DEFF Research Database (Denmark)

    Damm, Anna Piil; Rosholm, Michael

    2003-01-01

    How do dispersal policies affect labour market integration of refugee immigrants subjected to such policy? To investigate this, we estimate the effects of location characteristics and the average effect of geographical mobility on the hazard rate into first job of refugee immigrants subjected...... of refugees of the same ethnic origin across regions with low unemployment. Second, on average, geographical mobility had large, positive effects on the job finding rate, suggesting that either relocations were carried out to improve employment prospects, or they were carried out to improve place utility...... in the concentration of fellow countrymen and decreasing in the regional unemployment rate, the size of the local population and the percentage of immigrants in the local population. The two latter findings support dispersal policies. The two former findings emphasize that refugees should be dispersed in big clusters...

  4. Access pricing for transmission networks: Hypotheses and empirical evidence

    Energy Technology Data Exchange (ETDEWEB)

    Martoccia, Maria [Decision Technology Centre, London (United Kingdom)

    1999-08-01

    The sectors characterised by the use of transmission or transport networks as inputs of production (electricity, gas, telecommunications) have long been considered as natural monopolies. Thanks to the technological innovations which have modified the economics of production (as in electricity generation) or that have driven the development of high value added services (as in telecommunications), the boundaries of the old natural monopolies have been eroded by the presence of operators potentially able to compete in national and international markets. The objective is to delineate, by analysing the more significant theoretical contributions and some of the restructuring experiences of the sector in question, the possible regulatory solutions which, in the perspective of a `European market` for electricity, makes the management and the expansion of the transmission networks adequate for the `open access` of national electricity sectors. The analysis of some mature experiences, such as in Chile, Argentina, the UK and Norway, in the second section, will offer a useful support to this evaluation. The regulatory solution here adopted will be analysed, in particular, with reference to the two main problems outlined above: on the one hand, the problem of providing through prices the necessary information about the opportunities of using the transmission assets; and on the other hand, the problem of defining an efficient incentive mechanism for the behaviour of the monopolist (the owner of the transmission assets). Finally, by considering the limits found in the solutions explored in these models, we will try, in the third section, to delineate the evolution that the regulation of the analysed sectors could follow, in an attempt to make the optimal solution defined in the first section consistent with the imperfections of the real scenarios. (EHS)

  5. Institutions and growth: theoretical foundations and empirical evidence

    International Nuclear Information System (INIS)

    Wagner, A.F.

    2000-09-01

    Institutions and growth rates are strongly linked both theoretically and empirically. They act through 'efficiency of governance'), as institutions of conflict management, and as devices for inter temporal optimization. Contrary to most of the literature, a non-linear (inversely u-shaped) influence of institutions on growth is also formally derived as a general hypothesis; this reflects the widely neglected notion that institutions also bring opportunity costs with them. Systematic econometric evaluations for a world-wide cross-sectional sample and a European Union panel show mixed results: the rule of law, property rights, and contract and law enforcement are consistently positively related to growth. In Europe, a non-linear relationship is often found for these and other institutions. Corporatism and trust are good for growth in Europe; both bring with them significant rent-seeking costs, though. Comparing the results one notes that no easy transfer of knowledge is possible from one sample to the other. This is an important policy conclusion in its own right. (author)

  6. Legal argumentation and judicial decision making: Empirical evidence from Ecuador

    Directory of Open Access Journals (Sweden)

    José Luis Castro-Montero

    2018-05-01

    Full Text Available Legal scholars often analyze argumentation from a formal perspective, mostly applied to judicial decision making. This article presents an alternative approach, as it empirically evaluates the quality of petitioners’ legal argumentation within the context of abstract constitutional review proceedings. The quality of legal argumentation is herein defined as the ability of the petitioner to (i identify the challenged norm and the potentially infringed constitutional norm, (ii present clear and coherent arguments, and (iii justify its arguments upon legal sources, such as jurisprudential precedents or legal doctrine. Original data on forty lawsuits presented before the Ecuadorian Constitutional Court between 2008 and 2016 is used to test whether legal argumentation determines the outcome of a decision. A novel measure of the overall quality of argumentation and strength of cases brought before the Ecuadorian Constitutional Court by both public and private parties is also developed in the form of an expert survey. The main findings suggest that plaintiffs’ legal argumentation quality does not determine the outcome of the final decision of the Ecuadorian Constitutional Court, but rather the type of plaintiff (public or private does.

  7. Is a night better than a day: Empirical evidence

    Directory of Open Access Journals (Sweden)

    A. Deshkovski

    2014-12-01

    Full Text Available In this study, we analyze the portfolio allocation based on time asymmetry of stock characteristics. In particular, we analyzed the empirical data of changes in financial stock prices during the day period and during the night period and have found that characteristics such as mean and variance are different for changes during the day and changes during the night. Also, the portfolio characteristics, such as covariance between stocks, differ on whether we take into account day changes or night changes in prices. That greatly affects the allocation of fund to the portfolio for an investor who trades frequently. The portfolio should be re-balanced every day in order to achieve optimality and much higher return. At the same level of risk the returns on this new portfolio may by several times larger than the returns on a portfolio without everyday re-balancing. We computed numerically the allocation of funds for the stocks from the finance industry and showed that the increase in returns is substantial.

  8. Grasping intentions: from thought experiments to empirical evidence

    Directory of Open Access Journals (Sweden)

    Cristina eBecchio

    2012-05-01

    Full Text Available Skepticism has been expressed concerning the possibility to understand others’ intentions by simply observing their movements: Since a number of different intentions may have produced a particular action, motor information – it has been argued - might be sufficient to understand what an agent is doing, but not her remote goal in performing that action. Here we challenge this conclusion by showing that in the absence of contextual information, intentions can be inferred from body movement. Based on recent empirical findings, we shall contend that: i intentions translate into differential kinematic patterns; ii observers are especially attuned to kinematic information and can use early differences in visual kinematics to anticipate the intention of an agent in performing a given action; iii during interacting activities, predictions about the future course of others’ actions tune online action planning; iv motor activation during action observation subtends a complementary understanding of what the other is doing. These findings demonstrate that intention understanding is deeply rooted in social interaction: by simply observing others’ movements, we might know what they have in mind to do and how we should act in response.

  9. Taxation of Insolvent Companies: Empirical Evidence in Portugal

    Directory of Open Access Journals (Sweden)

    Ana Cristina dos Santos Arromba Dinis

    2016-04-01

    Full Text Available This article discusses the issue of taxation of insolvent companies in Portugal, particularly regarding the Portuguese tax on revenue of legal entities (IRC. For this purpose, first, some considerations on the legal framework of insolvent companies are woven and, second, their tax regime is analyzed. Then, a brief review of the main studies that, in the international context, analyze and debate major issues derived from the tax regime of insolvent companies is conducted, particularly in Brazil, Spain, United States, and Italy. Finally, there are the results of an empirical study conducted in Portugal, in 2013, which evaluates and compares the opinions of insolvency administrators (IA, the tax and customs authority (TA, and court magistrates (CM, in order to contribute to a better solution concerning business taxation under this regime. Respondents (IA, TA, CM demonstrate objective thinking about the fact they believe it is very important that the Portuguese Code of Insolvency and Business Recovery (CIRE and the Portuguese Code of Tax on Revenue of Legal Entities (CIRC are modified, now to make clear whether the settlement of property ownership of an insolvent estate is liable to the IRC, then to assign a chapter specifically devoted to the subject of taxation on insolvency in Portugal.

  10. The Determinants of Banking Performance: Empirical evidence from Tunisian Listed Banks

    Directory of Open Access Journals (Sweden)

    Khalfaoui Hamdi

    2015-06-01

    Full Text Available This paper aims to identify the determinants of performance of the Tunisian banking sector. The results found, following an empirical study using panel data of Tunisian banks listed on the stock market over the period 2000-2013, show that credit risk, liquidity, total assets and disclosure of information relating to credit are the main determinants of banking performance.

  11. Determinants of Household Poverty: Empirical Evidence from Pakistan

    OpenAIRE

    Majeed, Muhammad Tariq; Malik, Muhammad Nauman

    2014-01-01

    This study examines household characteristics and personal characteristics of the household head as the determinants of poverty in Pakistan. The study decomposes education of the household into different levels: primary, middle, matriculation, intermediate, bachelors and higher studies and finds evidence that poverty is greatest among the less literate households and declines as education level increases. The role of remittances appeared significant in reducing probability of being poor and t...

  12. Market structure and the role of consumer information in the physician services industry: an empirical test.

    Science.gov (United States)

    Wong, H S

    1996-04-01

    This paper applies Panzar and Rosse's (1987) econometric test of market structure to examine two long-debated issues: What is the market structure for physician services? Do more physicians in a market area raise the search cost of obtaining consumer information and increase prices (Satterthwaite, 1979, 1985)? For primary care and general and family practice physicians, the monopolistically competitive model prevailed over the competing hypotheses--monopoly, perfect competition, and monopolistic competition characterized by consumer informational confusion. Although less conclisive, there is some evidence to support the monopolistically competitive model for surgeons and the consumer informational confusion model for internal medicine physicians.

  13. Growth of Copper Production: Determinants and Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Teodoro M. Santos

    2001-12-01

    Full Text Available From the 1950s to 1980, the copper mining industry exhibited a phenomenal growth rate. However, beginning in the early 1980s through 1997, growth rate turned negative without any sign of reversal. In order to restore the important role the industry used to play in the economy, policy makers, and decision makers must understand the factors responsible for the rapid growth from the 1950s until 1980 and the equally rapid decline during the 1980s and the 1990s.Growth of the copper mining industry is examined within the framework of a production function to identify the determinants of growth and their roles. The explanatory variables of growth are: copper resources, risk capital or investments, development in the world’s copper market, technology, human capital in mining, and domestic social, legal, and political environment. Except for copper resources, which has been supportive of positive growth, all the variables have components that supported the growth of the copper mining industry during the 1950s-1980s period and contributed to its decline thereafter.Availability of foreign capital, introduction of bulk mining technology, favorable copper prices and demand, and a conducive domestic social, political, and legal environment were responsible for the impressive growth experienced during the period from the 1950s to 1980. On the other hand, lack of foreign investment, declining market demand and prices, inadequate experience of local executives in the functions of top technical and managerial positions after 1974, arbitrary fiscal policies, lack of mining laws from 1986 to 1995, contradictory laws thereafter, and an uncertain domestic political, social, and legal environment caused the negative growth rates in the 1980s and 1990s. The 1995 Mining Code, which allows 100 percent foreign investments in mining under the financial and technical assistance mode of mineral disposition, could have revived the industry after 1995 were it allowed to

  14. Organizational performance, Marketing strategy, and Financial strategic alignment: an empirical study on Iranian pharmaceutical firms

    Science.gov (United States)

    2013-01-01

    Background Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper. Methods All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006–2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 × 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value), ROA (Return on Asset), ROE (Return on Equity) have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used. Results Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing’s rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy. Conclusion Managers should not consider decisions regarding marketing strategy independently of their financial

  15. Organizational Performance, Marketing Strategy, and Financial Strategic Alignment: an Empirical Study on Iranian Pharmaceutical Firms

    Directory of Open Access Journals (Sweden)

    Mehdi Mohammadzadeh

    2013-08-01

    Full Text Available Background:Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper.Methods:All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006--2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 x 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value, ROA (Return on Asset, ROE (Return on Equity have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used.Results:Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing's rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy.Conclusion:Managers should not consider decisions regarding marketing strategy independently of their

  16. Organizational performance, Marketing strategy, and Financial strategic alignment: an empirical study on Iranian pharmaceutical firms.

    Science.gov (United States)

    Mohammadzadeh, Mehdi; Aarabi, Sied Mohammad; Salamzadeh, Jamshid

    2013-08-02

    Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper. All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006-2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 × 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value), ROA (Return on Asset), ROE (Return on Equity) have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used. Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing's rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy. Managers should not consider decisions regarding marketing strategy independently of their financial strategy.

  17. The health financing transition: a conceptual framework and empirical evidence.

    Science.gov (United States)

    Fan, Victoria Y; Savedoff, William D

    2014-03-01

    Almost every country exhibits two important health financing trends: health spending per person rises and the share of out-of-pocket spending on health services declines. We describe these trends as a "health financing transition" to provide a conceptual framework for understanding health markets and public policy. Using data over 1995-2009 from 126 countries, we examine the various explanations for changes in health spending and its composition with regressions in levels and first differences. We estimate that the income elasticity of health spending is about 0.7, consistent with recent comparable studies. Our analysis also shows a significant trend in health spending - rising about 1 per cent annually - which is associated with a combination of changing technology and medical practices, cost pressures and institutions that finance and manage healthcare. The out-of-pocket share of total health spending is not related to income, but is influenced by a country's capacity to raise general revenues. These results support the existence of a health financing transition and characterize how public policy influences these trends. Copyright © 2014 Elsevier Ltd. All rights reserved.

  18. Remittances, financial development and economic growth: Empirical evidence from Lesotho

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2014-11-01

    Full Text Available Increasingly remittances now constitute a great source of foreign currency inflows for many developing countries. In some instances remittances have outpaced the growth of foreign direct investment (FDI. Amongst others, remittances can be used as a vehicle of savings mobilisation as well as fostering the supply of credit by providing liquidity to the market. In this article we investigate the causal relationship between the remittances, financial development and economic growth in Lesotho for the period 1975 to 2010. We make use of per capita remittances, real per capita broad money supply and real per capita growth domestic product as the proxies for remittances, financial development and economic growth respectively. We then test for cointegration amongst the variables by applying the Johansen procedure and then test for Granger causality based on the vector error correction model (VECM. Our results confirm the existence of at least one cointegrating relationship and also indicate that the direction of causality runs from remittances to the economy without feedback. The results also suggest that financial development Granger causes economic growth without feedback which is consistent with ‘supply-leading’ growth hypothesis. The results also confirm a causal relationship running from financial development to remittances without feedback. The results also lend credence to the “complementarity’ hypothesis in that, remittances complement rather than substitute financial development in bringing about economic growth.

  19. An Empirical Study on Public Debt's Determinants: Evidence from Romania

    Directory of Open Access Journals (Sweden)

    Marilen Gabriel PIRTEA

    2013-02-01

    Full Text Available The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.

  20. Sleep and academic success: mechanisms, empirical evidence, and interventional strategies.

    Science.gov (United States)

    Gruber, Reut; Wiebe, Sabrina T; Wells, Samantha Ashley; Cassoff, Jamie; Monson, Eva

    2010-12-01

    Mounting evidence indicates that sleep is beneficial for learning, memory, attention, and academic success. However, the importance of sleep in these contexts has rarely been addressed in programs aimed at optimizing academic performance. This review aims to describe the role that sleep plays in processes pertaining to academic achievement. We first describe the basic sleep processes and their role with respect to cognitive and behavioral/emotional systems important for academic performance. We next review studies conducted to assess the association between sleep and academic performance, concluding by describing interventional programs being used to optimize sleep in the context of academic success.

  1. Evidence of long range dependence in Asian equity markets: the role of liquidity and market restrictions

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-11-01

    In this paper, the efficient market hypothesis is tested for China, Hong Kong and Singapore by means of the long memory dependence approach. We find evidence suggesting that Hong Kong is the most efficient market followed by Chinese A type shares and Singapore and finally by Chinese B type shares, which suggests that liquidity and capital restrictions may play a role in explaining results of market efficiency tests.

  2. Back to the Future Betas: Empirical Asset Pricing of US and Southeast Asian Markets

    Directory of Open Access Journals (Sweden)

    Jordan French

    2016-07-01

    Full Text Available The study adds an empirical outlook on the predicting power of using data from the future to predict future returns. The crux of the traditional Capital Asset Pricing Model (CAPM methodology is using historical data in the calculation of the beta coefficient. This study instead uses a battery of Generalized Auto Regressive Conditional Heteroskedasticity (GARCH models, of differing lag and parameter terms, to forecast the variance of the market used in the denominator of the beta formula. The covariance of the portfolio and market returns are assumed to remain constant in the time-varying beta calculations. The data spans from 3 January 2005 to 29 December 2014. One ten-year, two five-year, and three three-year sample periods were used, for robustness, with ten different portfolios. Out of sample forecasts, mean absolute error (MAE and mean squared forecast error (MSE were used to compare the forecasting ability of the ex-ante GARCH models, Artificial Neural Network, and the standard market ex-post model. Find that the time-varying MGARCH and SGARCH beta performed better with out-of-sample testing than the other ex-ante models. Although the simplest approach, constant ex-post beta, performed as well or better within this empirical study.

  3. Export Growth and Factor Market Competition: Theory and Some Evidence

    NARCIS (Netherlands)

    J. Emami Namini (Julian); G. Facchini (Giovanni); R.A. Lopez (Ricrado)

    2011-01-01

    textabstractEmpirical evidence suggests that sectoral export growth decreases exporters' survival probability, whereas this is not true for non-exporters. Models with firm heterogeneity in total factor productivity (TFP) predict the opposite. To solve this puzzle, we develop a two{factor framework

  4. Does Missing Classes Decelerate Student Exam Performance Progress? Empirical Evidence and Policy Implications

    Science.gov (United States)

    Lin, Tin-Chun

    2014-01-01

    A total of 389 business students in undergraduate introductory microeconomics classes in spring 2007, 2009, and 2011, and fall 2012 participated in an exam performance progress study. Empirical evidence suggested that missing classes decelerates and hampers high-performing students' exam performance progress. Nevertheless, the evidence does…

  5. Empirical evidence in consumer law cases: what are 'up to' claims up to?

    NARCIS (Netherlands)

    Luzak, J.; Heiderhoff, B.; Schulze, R.

    2016-01-01

    In this contribution I argue that in certain consumer law cases providing empirical evidence is necessary and that specific standards of proof should then apply. Only through analysing evidence of actual consumer behaviour as well as of trader’s commercial practices courts and enforcement

  6. Heterogeneous Value of Water: Empirical Evidence in South Korea

    Directory of Open Access Journals (Sweden)

    Yoon Lee

    2017-09-01

    Full Text Available Anthropogenic pressures have exacerbated self-sustaining river services, and growing concerns over sustaining river system become global problematic issues that lead us to implement river restoration projects. Of those projects, governing diverse needs and desires from stakeholders for those who have various water values are key elements of identifying the success of the project. In fact, the Korean government has had concern over restoring the rivers which brings to construct 16 weirs in four major rivers and may fail to achieve main goal of the project, which is to ameliorate water quality. In this study, principle component analysis and multinomial logit model were executed to investigate major socioeconomic variables to influence water values in terms of sustainability in Korea. Evitable evidences have been found that age, income, education level, and city dwelling are the most effective variables to estimate water values. In addition, a monotonous water development project and a myopic view could cause major dejection across the nation and may lead to the failure of water governance. Unfortunately, the latter may be observed in Korea as one of the reasons for the recent amplification of major conflicts.

  7. Benefit and risk information in prescription drug advertising: review of empirical studies and marketing implications.

    Science.gov (United States)

    Kopp, S W; Bang, H K

    2000-01-01

    As pharmaceutical companies began to advertise prescription drugs directly to consumers as well as to physicians, understanding the impact of benefit and risk information in drug advertising on physicians and consumers has become more critical. This paper reviews previous empirical studies that examined the content of benefit and risk information in drug advertising and its potential effects on physicians' subsequent prescribing behaviors. It also reviews studies that investigated how consumers process information on a drug's efficacy and side effects. Based on the findings of these studies, implications are discussed for effective marketing information development as well as for government regulation.

  8. Evidence of market manipulation in the financial crisis

    OpenAIRE

    Vedant Misra; Marco Lagi; Yaneer Bar-Yam

    2011-01-01

    We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1929 market crash and its aftermath. On November 1, 2007, Citigr...

  9. Corruption and Stock Market Development: New Evidence from GCC Countries

    Directory of Open Access Journals (Sweden)

    Moaz Alsherfawi Aljazaerli

    2016-06-01

    Full Text Available The theoretical relationship between corruption and stock market development has been debated quite extensively in the literature, yet the evidence on the impact of corruption on stock market development remains contradictory and ambiguous. This paper investigates the impact of corruption, as measured by Corruption Perception Index (CPI published by Transparency International, on stock market development focusing exclusively on Gulf Cooperation Council (GCC countries with its special characteristics of combining richness with relatively high level of corruption. Results from an estimation of alternative regression models on a panel of six GCC countries over the period 2003–2011, through which CPI is legitimately comparable, confirms a positive impact of corruption on stock market development, where the latter is measured by market capitalization. This is consistent with the view that corruption greases the wheels of economy by expediting transactions and allowing private firms to overcome governmentally imposed inefficiencies.

  10. Superstar Exporters: An Empirical Investigation of Strategic Interactions in Danish Export Markets

    DEFF Research Database (Denmark)

    Ciliberto, Federico; Jäkel, Ina Charlotte

    , product and destination. We also obtain detailed information on applied, preferential tariff protection from the MAcMap-HS6 database. We find evidence of strong negative competitive effects of entry: in the absence of strategic competitive effects, firms would be 54.3 percentage points more likely...... to export to a given market. Next, we run two counterfactual exercises. We show that failing to account for the strategic interaction among superstar exporters leads to: (i) overstating the probability that firms would start exporting to a market following tariff elimination by 8 percentage points; and, (ii......) overstating the probability that firms would stop exporting to a market if tariffs were imposed by 7.5 percentage points. We also show that competitive effects vary across export markets and competitors. This heterogeneity in the competitive effects implies that there exist multiple equilibria, both...

  11. Market distortions and aggregate productivity: Evidence from Chinese energy enterprises

    International Nuclear Information System (INIS)

    Dai, Xiaoyong; Cheng, Liwei

    2016-01-01

    Market distortions can generate resource misallocations across heterogeneous firms and reduce aggregate productivity. This paper measures market distortions and aggregate productivity growth in China's energy sector. We use the wedge between output elasticities and factor shares in revenues to recover a measure of firm-level market distortions. Using data on a large sample of Chinese energy enterprises from 1999 to 2007, our estimations provide strong evidence of the existence of both factor and product market distortions within and across China's various energy industries. The productivity aggregation and decomposition results demonstrate that the estimated aggregate productivity growth (APG) is, on average, 2.595% points per year, of which technological change, resource reallocation, and firm entries and exits account for 1.981, 0.068, and 0.546% points, respectively. The weak contributions of resource reallocation and firm turnover to APG are also found in energy sub-industries, except in the coal industry. Our research suggests that China's energy sector has major potential for productivity gains from resource reallocation through the reduction of market distortions. - Highlights: •We estimate market distortions and productivity growth of China's energy sector. •We use a large sample of Chinese energy enterprises. •There are evidences of the existence of factor and product market distortions. •Aggregate productivity growth is largely driven by firm-level technological change. •China's energy sector can realize productivity gains from resource reallocations.

  12. Efficiency and cross-correlation in equity market during global financial crisis: Evidence from China

    Science.gov (United States)

    Ma, Pengcheng; Li, Daye; Li, Shuo

    2016-02-01

    Using one minute high-frequency data of the Shanghai Composite Index (SHCI) and the Shenzhen Composite Index (SZCI) (2007-2008), we employ the detrended fluctuation analysis (DFA) and the detrended cross correlation analysis (DCCA) with rolling window approach to observe the evolution of market efficiency and cross-correlation in pre-crisis and crisis period. Considering the fat-tail distribution of return time series, statistical test based on shuffling method is conducted to verify the null hypothesis of no long-term dependence. Our empirical research displays three main findings. First Shanghai equity market efficiency deteriorated while Shenzhen equity market efficiency improved with the advent of financial crisis. Second the highly positive dependence between SHCI and SZCI varies with time scale. Third financial crisis saw a significant increase of dependence between SHCI and SZCI at shorter time scales but a lack of significant change at longer time scales, providing evidence of contagion and absence of interdependence during crisis.

  13. Examining the Islamic stock market efficiency: Evidence from nonlinear ESTAR unit root tests

    Directory of Open Access Journals (Sweden)

    Rahmat Heru Setianto

    2015-04-01

    Full Text Available This paper empirically examines the efficient market hypothesis (EMH in the Islamic stock market namely Jakarta Islamic Index by emphasizing on the random walk behavior and nonlinearity. In the first step, we employ Brock et al. (1996 test to examine the presence of nonlinear behavior in Jakarta Islamic Index. The evidence of nonlinear behavior in the indices, motivate us to use nonlinear ESTAR unit root test procedure recently developed by Kapetanios et al. (2003 and Kruse (2011. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for the indices, suggesting that Jakarta Islamic Index characterized by random walk process supporting the theory of efficient market hypothesis. In addition, Lumsdaine and Papel (LP test identified significant structural breaks in the index series.

  14. Mediating and Marketing Factors Influence the Prescription Behavior of Physicians: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Rizwan Raheem Ahmed

    2016-02-01

    Full Text Available The authors present general review of the literature and the results of an empirical research on the subject. A cross-sectional questionnaire-based survey was conducted, being answered by 350 respondents: mix of graduate and post graduate doctors of private and public hospitals of Karachi City, and pharmaceutical personnel (mix of sales and marketing of national and multinational pharmaceutical companies operating in Pakistan. To test hypothesis, structural equation modelling (SEM was employed using AMOS 7 software package. As data are normally distributed, maximum likelihood method of estimation was used. Factorial ANOVA also enables us to examine the interaction effect between the factors. The results from factorial ANOVA test all the hypotheses of model, and results were declared significant at p <0.05. Findings are interesting as they establish association between variables (scientific literatures, promotional material, regular follow up, CMEs & conferences, personalized activities and prescription behavior of doctors mediated by strong phenomenon of medical representative PR and brand image of a company/product in changing the prescription behavior of doctors. Based on the results of this study, the pharmaceutical companies can device better marketing strategies keeping in view of these mediating effects. The article presents only two mediating and five marketing factors, whereas, more marketing and mediating variables can be added and tested, so, in future this gape can be overcome by other researchers. Moreover, a larger sample size could be applied and the scope of study can be enhanced.

  15. An investigation on marketing mix efforts on brand equity: An empirical investigation in mobile phone industry

    Directory of Open Access Journals (Sweden)

    Maryam Safaei

    2012-08-01

    Full Text Available In this paper, we present an empirical study to investigate the effects of different marketing efforts on brand equity in mobile industry. The proposed study of this paper distributes a questionnaire consists of 26 questions including loyalty, quality perception, awareness, exclusiveness, word of mouth advertisement, brand name image, advertisement, price, distribution and guarantee. A sample 428 people are selected in a city of Tehran/Iran and they are asked to reply questions on Likert based. The results show that there is a positive and meaningful relationship between marketing mix efforts and brand equity. In other words, more advertisements could help better market exposure, which means customers will have more awareness on market characteristics. Among all mixed efforts, guarantee influences more on brand equity, which means consumers care more on product services than other features. Finally, among different characteristics of brand equity, product exclusiveness plays an important role. In other words, people are interested in having exclusive product, which is different from others.

  16. Volatility in the Housing Market: Evidence on Risk and Return in theLondon Sub-market

    Directory of Open Access Journals (Sweden)

    Steve Cook

    2017-10-01

    Full Text Available The impact of volatility in housing market analysis is reconsidered via examinaton ofthe risk-return relationship in the London housing market is examined. In addition to providing thefirst empirical results for the relationship between risk (as measured by volatility and returns forthis submarket, the analysis offers a more general message to empiricists via a detailed and explicitevaluation of the impact of empirical design decisions upon inferences. In particular, the negativerisk-return relationship discussed frequently in the housing market literature is examined and shown todepend upon typically overlooked decisions concerning components of the empirical framework fromwhich statistical inferences are drawn.

  17. THE MARKET ORIENTATION AND PERFORMANCE RELATIONSHIP: THE EMPIRICAL LINK IN PRIVATE UNIVERSITIES

    Directory of Open Access Journals (Sweden)

    Sefnedi Sefnedi

    2017-03-01

    Full Text Available This study examines the empirical link between three dimensions of market orientation, namely, stu­dent orientation, competitor orientation and inter-functional coordination, and overall private uni­ver­sity per­formance in Kopertis X. It was based on an empirical investigation of private universities located in In­do­nesia’s provinces of West Sumatera, Riau, Jambi, and Kepulauan Riau. The primary data for the study were collected from a self-administered mail survey of 237 questionnaires from the private university re­sul­­ting in a sample of 114 usable responses being returned. From the application of the multiple re­gres­sion ana­lysis it was concluded that all three dimensions of market orientation had a significant impact on private un­iversity performance. Student orientation as a predictor variable is the strongest predictor of pri­vate uni­ver­­sity performance and followed by competitor orientation, and inter-functional coordination.

  18. An empirical investigation of spatial differentiation and price floor regulations in retail markets for gasoline

    Science.gov (United States)

    Houde, Jean-Francois

    In the first essay of this dissertation, I study an empirical model of spatial competition. The main feature of my approach is to formally specify commuting paths as the "locations" of consumers in a Hotelling-type model of spatial competition. The main consequence of this location assumption is that the substitution patterns between stations depend in an intuitive way on the structure of the road network and the direction of traffic flows. The demand-side of the model is estimated by combining a model of traffic allocation with econometric techniques used to estimate models of demand for differentiated products (Berry, Levinsohn and Pakes (1995)). The estimated parameters are then used to evaluate the importance of commuting patterns in explaining the distribution of gasoline sales, and compare the economic predictions of the model with the standard home-location model. In the second and third essays, I examine empirically the effect of a price floor regulation on the dynamic and static equilibrium outcomes of the gasoline retail industry. In particular, in the second essay I study empirically the dynamic entry and exit decisions of gasoline stations, and measure the impact of a price floor on the continuation values of staying in the industry. In the third essay, I develop and estimate a static model of quantity competition subject to a price floor regulation. Both models are estimated using a rich panel dataset on the Quebec gasoline retail market before and after the implementation of a price floor regulation.

  19. Innovation, Integration and Product Proliferation - Empirical Evidence for the Agri-Food Industry

    OpenAIRE

    Karantininis, Kostas; Sauer, Johannes; Furtan, William Hartley

    2008-01-01

    While mergers, both horizontal and vertical, have been shaping the landscape of the agri-food industry in Europe, the implications of the changing market structure on the level of innovation has not been studied yet. In this paper we deal with the link between innovation and market structure using the empirical example of the Danish agri-food industry. The purpose of this paper is two-fold. First we test for the importance of vertical integration on innovation. While there exist several studi...

  20. Banking Regulation and Determinants of Banks’ Profits: Empirical Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Mahmut ERDOGAN

    2016-05-01

    Full Text Available The crises that are frequently observed in the banking industries of emerging markets which affect banks’ profits necessitate regulations and supervision of these markets. This paper investigates the determinants of Turkish banks’ profits and the effects of the regulations implemented in this industry on profits. In this research, 468 firm year observations for 36 Turkish banks for the period 1995-2007 were used and analyzed with Prais-Winsten regression method. The empirical findings of the study show positive and statistically significant relations between capital, size, offbalance sheet transactions, liquidity and loans and performance and negative and statistically significant relations between quality of loans, concentration and performance.

  1. An Empirical Analysis of Indirect Network Effects in the Home Video Game Market

    OpenAIRE

    James E. Prieger; Wei-Min Hu

    2006-01-01

    We explore the indirect network effect in the market for home video games. We examine the video game console makers’ strategic choice between increasing demand by lowering console price and by encouraging the growth of software variety. We also explore the existence of an applications barrier to entry in the console market, and find that there is little evidence for such a barrier. Finally, we assess the applicability of the model to out-of-sample situations, to look at whether our model and ...

  2. Biofuels policy and the US market for motor fuels: Empirical analysis of ethanol splashing

    Energy Technology Data Exchange (ETDEWEB)

    Walls, W.D., E-mail: wdwalls@ucalgary.ca [Department of Economics, University of Calgary, 2500 University Drive NW, Calgary, Alberta, T2N 1N4 (Canada); Rusco, Frank; Kendix, Michael [US GAO (United States)

    2011-07-15

    Low ethanol prices relative to the price of gasoline blendstock, and tax credits, have resulted in discretionary blending at wholesale terminals of ethanol into fuel supplies above required levels-a practice known as ethanol splashing in industry parlance. No one knows precisely where or in what volume ethanol is being blended with gasoline and this has important implications for motor fuels markets: Because refiners cannot perfectly predict where ethanol will be blended with finished gasoline by wholesalers, they cannot know when to produce and where to ship a blendstock that when mixed with ethanol at 10% would create the most economically efficient finished motor gasoline that meets engine standards and has comparable evaporative emissions as conventional gasoline without ethanol blending. In contrast to previous empirical analyses of biofuels that have relied on highly aggregated data, our analysis is disaggregated to the level of individual wholesale fuel terminals or racks (of which there are about 350 in the US). We incorporate the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city-terminal. The empirical analysis illustrates how ethanol and gasoline prices affect ethanol usage, controlling for fuel specifications, blend attributes, and city-terminal-specific effects that, among other things, control for differential costs of delivering ethanol from bio-refinery to wholesale rack. - Research Highlights: > Low ethanol prices and tax credits have resulted in discretionary blending of ethanol into fuel supplies above required levels. > This has important implications for motor fuels markets and vehicular emissions. > Our analysis incorporates the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city

  3. Biofuels policy and the US market for motor fuels: Empirical analysis of ethanol splashing

    International Nuclear Information System (INIS)

    Walls, W.D.; Rusco, Frank; Kendix, Michael

    2011-01-01

    Low ethanol prices relative to the price of gasoline blendstock, and tax credits, have resulted in discretionary blending at wholesale terminals of ethanol into fuel supplies above required levels-a practice known as ethanol splashing in industry parlance. No one knows precisely where or in what volume ethanol is being blended with gasoline and this has important implications for motor fuels markets: Because refiners cannot perfectly predict where ethanol will be blended with finished gasoline by wholesalers, they cannot know when to produce and where to ship a blendstock that when mixed with ethanol at 10% would create the most economically efficient finished motor gasoline that meets engine standards and has comparable evaporative emissions as conventional gasoline without ethanol blending. In contrast to previous empirical analyses of biofuels that have relied on highly aggregated data, our analysis is disaggregated to the level of individual wholesale fuel terminals or racks (of which there are about 350 in the US). We incorporate the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city-terminal. The empirical analysis illustrates how ethanol and gasoline prices affect ethanol usage, controlling for fuel specifications, blend attributes, and city-terminal-specific effects that, among other things, control for differential costs of delivering ethanol from bio-refinery to wholesale rack. - Research highlights: → Low ethanol prices and tax credits have resulted in discretionary blending of ethanol into fuel supplies above required levels. → This has important implications for motor fuels markets and vehicular emissions. → Our analysis incorporates the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city-terminal.

  4. MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies

    OpenAIRE

    Forte, W.; Matonti, G.; Tucker, J.; Nicolo, G.

    2017-01-01

    Purpose – Grounded in the extant theoretical and empirical literature, the purpose of this paper is to compare two of the most employed methods measuring IC value in order to find the most suitable in the context of Italian listed firms. Moreover, this paper also investigates the relationship between Intellectual Capital (IC), measured in terms of the Market to Book (MTB) ratio, and the Value Added Intellectual Coefficient (VAIC), and potential key determinants of IC value including intangibl...

  5. Fractal stock markets: International evidence of dynamical (in)efficiency

    Science.gov (United States)

    Bianchi, Sergio; Frezza, Massimiliano

    2017-07-01

    The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 1/2 . We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

  6. An empirical study about catering theory of dividends: The proof from Chinese stock market

    Directory of Open Access Journals (Sweden)

    Xiaoguang Lu

    2014-05-01

    Full Text Available Purpose: This paper aims to study the remarkable effect of dividends catering in Chinese stock market, and its significance on dividend policy and investment decisions. Is there a significant difference in operation status of companies between issuing cash dividend and those without cash dividend, and which one is the better? Is there a significant difference in income level of stocks between issuing cash dividend and those without cash dividend, which one is the higher? Is the irrational preference of cash dividend detracting along with the development and improvement of securities market? All issues above need the market inspection.Design/methodology/approach: Based on related dividend theories and the empirical data of Chinese securities market, we construct three portfolios including stock dividend, cash dividend and non-dividend. The paper studies the returns from these three kinds of portfolios which is analyzed by the least significant difference method, co-integration model, Sharpe index model, and error correction model, and then finally comes to the conclusions.Findings: The main finding is that there is significant effect of dividends catering in Chinese stock market; the income level of cash dividend portfolio is significantly lower than that of other portfolios; the listed companies issuing stock dividend have a high investment value.Originality/value: Through collecting a lot of data from the year 2004 to 2009 and developing models to analyze, the paper deem that whether the earnings growth or not determines the dividend policy of listed companies, and that stock dividend is the natural choice for those listed companies which have sustainable development advantages.

  7. Innovation Forms and Firm Export Performance: Empirical Evidence from ECA Countries

    Directory of Open Access Journals (Sweden)

    Andrzej Cieślik

    2017-06-01

    Full Text Available Objective: The main objective of this paper is to verify empirically the relationship between various forms of innovation and export performance of firms from European and Central Asian (ECA countries. Research Design & Methods: In our empirical approach we refer to the self-selection hypothesis derived from the Melitz (2003 model which proposed the existence of a positive relationship between firm productivity and the probability of exporting. We argue that innovation activities should be regarded as a key element that can increase the level of firm productivity. We focus our analysis on four forms of innovation activities: product, process, marketing, organizational and managerial innovation. The empirical implementation of our analytical framework is based on the probit model, applied to the fifth edition of the BEEPS firm level dataset covering 2011-2014. Findings: Our empirical results indicate that the probability of exporting is positively related to both product and process innovations. The marketing and managerial innovations do not seem to affect positively export performance of firms from ECA countries. Implications & Recommendations: It is recommended to develop innovation supporting mechanisms that would target both product and process innovations rather than other forms of innovation in the ECA countries. Contribution & Value Added: The originality of this work lies in the use of the multi-country firm level dataset that allows distinguishing between various forms of innovations in the ECA countries.

  8. Marketing evidence-based practice: what a CROC™!

    Science.gov (United States)

    Boyington, Alice R; Ferrall, Sheila M; Sylvanus, Terry

    2010-10-01

    Nurses should be engaged in evidence-based practice (EBP) to ensure that nursing care is efficient and effective. This article describes one cancer center's use of the Marketing Mix framework to educate staff nurses with the CROC™: Clinging Rigidly to Outdated Care campaign. As a result of the campaign, five EBP projects have been initiated in the cancer center.

  9. Manipulation in political stock markets: Preconditions and evidence

    OpenAIRE

    Hansen, Jan; Schmidt, Carsten; Strobel, Martin

    2001-01-01

    Political stock markets (PSM) are sometimes seen as substitutes for opinion polls. On the bases of a behavioral model, specific preconditions were drawn out under which manipulation in PSM can weaken this argument. Evidence for manipulation is reported from the data of two separate PSM during the Berlin 99 state elections.

  10. Comparing Public, Private, and Market Schools: The International Evidence

    Science.gov (United States)

    Coulson, Andrew J.

    2009-01-01

    Would large-scale, free-market reforms improve educational outcomes for American children? This question cannot be reliably answered by looking exclusively at domestic evidence, much less by looking exclusively at existing "school choice" programs. Though many such programs have been implemented around the United States, none has created…

  11. Insurance Market Activity and Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Philip Chimobi Omoke

    2012-04-01

    Full Text Available The focus of this study is to empirically assess insurance market activities in Nigeria withthe view to determining its impact on economic growth. The period of study was 1970- 2008, thestudy made use of insurance density measures (premium per capita as a measure for insurancemarket activity and real GDP for economic growth. It also employed control variables such asinflation and savings rate as other determinants ofgrowth. The Johansen cointegration and vectorerror correction approach was used to estimate therelationship between the variables. All thevariables used were stationary at first differenceand the result showed a long term relationshipexisting among the variables. The hallmark findingof this study is that the insurance sector did notreveal any positively and significant affect on economic growth in Nigeria within the period of study.The result shows a low insurance market activity inNigeria and that Nigerians have not fully embracethe insurance industry despite its importance to the growth of theeconomy.

  12. Financialization at the international level: evidence from emerging market economies

    Directory of Open Access Journals (Sweden)

    Raquel A. Ramos

    Full Text Available Abstract The paper focuses on the manifestations of financialization in the international sphere, which it defines as the increasing magnitude of finance and its decoupling from earlier functions and logic as the speculative motive is strengthened. With financialization the motive of finance is no longer to finance trade and production but to accumulate wealth, which in emerging market economies (EMEs takes place through innovative products and practices that have in common the focus on exchange rate returns, resulting in a strengthened speculative motive. The article reviews the financialization literature highlighting how the different closed-economy aspects impact the international sphere. It conducts empirical analyses based on the financial integration of a country and on the characteristics of its currencies’ FX markets to assess the presence of financialization and its characteristics among EMEs, indicating certain countries where this process is more intense.

  13. Expert opinion vs. empirical evidence: the precautionary principle applied to GM crops.

    Science.gov (United States)

    Herman, Rod A; Raybould, Alan

    2014-01-01

    Expert opinion is often sought by government regulatory agencies when there is insufficient empirical evidence to judge the safety implications of a course of action. However, it can be reckless to continue following expert opinion when a preponderance of evidence is amassed that conflicts with this opinion. Factual evidence should always trump opinion in prioritizing the information that is used to guide regulatory policy. Evidence-based medicine has seen a dramatic upturn in recent years spurred by examples where evidence indicated that certain treatments recommended by expert opinions increased death rates. We suggest that scientific evidence should also take priority over expert opinion in the regulation of genetically modified crops (GM). Examples of regulatory data requirements that are not justified based on the mass of evidence are described, and it is suggested that expertise in risk assessment should guide evidence-based regulation of GM crops.

  14. Agglomeration externalities, market structure and employment growth in high-tech industries: Revisiting the evidence

    Directory of Open Access Journals (Sweden)

    Cieślik Andrzej

    2015-09-01

    Full Text Available In this paper we revisit the existing empirical evidence on the effects of various agglomeration externalities and the market structure on employment growth in the high-tech industries of the European Economic Area (EEA. Our study is based on the dynamic panel dataset of two-digit NACE rev 1.1. industries in 285 regions of the European Economic Area for the period 1995-2007. We find that employment growth is negatively related to competition, while localization and urbanization externalities do not seem to affect growth.

  15. Outcome (competency) based education: an exploration of its origins, theoretical basis, and empirical evidence

    DEFF Research Database (Denmark)

    Mørcke, Anne Mette; Dornan, Tim; Eika, Berit

    2013-01-01

    and professional attributes as ‘‘competencies’’. OBE has been adopted by consensus in the face of weak empirical evidence. OBE, which has been advocated for over 50 years, can contribute usefully to defining requisite knowledge and skills, and blueprinting assessments. Its applicability to more complex aspects...... greatest benefits. Our aim was to explore the underpinnings of OBE: its historical origins, theoretical basis, and empirical evidence of its effects in order to answer the question: How can predetermined learning outcomes influence undergraduate medical education? This literature review had three...... components: A review of historical landmarks in the evolution of OBE; a review of conceptual frameworks and theories; and a systematic review of empirical publications from 1999 to 2010 that reported data concerning the effects of learning outcomes on undergraduate medical education. OBE had its origins...

  16. Consumer Perceived Risk, Attitude and Online Shopping Behaviour; Empirical Evidence from Malaysia

    Science.gov (United States)

    Ariff, Mohd Shoki Md; Sylvester, Michele; Zakuan, Norhayati; Ismail, Khalid; Mat Ali, Kamarudin

    2014-06-01

    The development of e-commerce has increased the popularity of online shopping worldwide. In Malaysia, it was reported that online shopping market size was RM1.8 billion in 2013 and it is estimated to reach RM5 billion by 2015. However, online shopping was rated 11th out of 15 purposes of using internet in 2012. Consumers' perceived risks of online shopping becomes a hot topic to research as it will directly influence users' attitude towards online purchasing, and their attitude will have significant impact to the online purchasing behaviour. The conceptualization of consumers' perceived risk, attitude and online shopping behaviour of this study provides empirical evidence in the study of consumer online behaviour. Four types of risks - product risk, financial, convenience and non-delivery risks - were examined in term of their effect on consumers' online attitude. A web-based survey was employed, and a total of 300 online shoppers of a Malaysia largest online marketplace participated in this study. The findings indicated that product risk, financial and non-delivery risks are hazardous and negatively affect the attitude of online shoppers. Convenience risk was found to have positive effect on consumers' attitude, denoting that online buyers of this site trusted the online seller and they encountered less troublesome with the site. It also implies that consumers did not really concern on non-convenience aspect of online shopping, such as handling of returned products and examine the quality of products featured in the online seller website. The online buyers' attitude was significantly and positively affects their online purchasing behaviour. The findings provide useful model for measuring and managing consumers' perceived risk in internet-based transaction to increase their involvement in online shopping and to reduce their cognitive dissonance in the e-commerce setting.

  17. Role of Information Professionals in Knowledge Management Programs: Empirical Evidence from Canada

    Directory of Open Access Journals (Sweden)

    la Ajiferuke

    2003-01-01

    Full Text Available The implementation of a knowledge management program in an organization has the potential of im-proving customer services, quickly bringing new products to market, and reducing cost of business operations. Information technologies are often used in knowledge management programs in informing clients and employees of latest innovation/development in the business sector as well as sharing knowledge among the employees. The key professionals involved in knowledge management programs are information technologists and human resource managers but the information professionals also have a role to play as they are traditionally known as good managers of explicit knowledge. Hence, the aim of this study is to provide empirical evidence of the role of information professionals in knowledge management programs. 386 information professionals working in Canadian organizations were selected from the Special Libraries Association's Who's Who in Special Libraries 2001/2002, and a questionnaire with a stamped self-addressed envelope for its return was sent to each one of them. 63 questionnaires were completed and returned, and 8 in-depth interviews conducted. About 59% of the information professionals surveyed are working in organizations that have knowledge management programs with about 86% of these professionals being involved in the programs. Factors such as gender, age, and educational background (i.e. highest educational qualifications and discipline did not seem to have any relationship with involvement in knowledge management programs. Many of those involved in the programs are playing key roles, such as the design of the information architecture, development of taxonomy, or con-tent management of the organization's intranet. Others play lesser roles, such as providing information for the intranet, gathering competitive intelligence, or providing research services as requested by the knowledge management team.

  18. Do political or economic factors drive healthcare financing privatisations? Empirical evidence from OECD countries

    OpenAIRE

    Wiese, Rasmus

    2013-01-01

    This paper adds new empirical evidence to the political economy literature of economic reform. One of the main contributions of this paper is the development of a novel methodology to identify privatisations. The methodology is a combination of the Bai & Perron structural break filter, and validation of the breaks identified by this filter using de jure evidence of reforms. 21 de facto healthcare financing privatisations are identified in a sample of 23 OECD countries. It is analysed which fa...

  19. Learning Analytics and Educational Data Mining in Practice: A Systematic Literature Review of Empirical Evidence

    Science.gov (United States)

    Papamitsiou, Zacharoula; Economides, Anastasios A.

    2014-01-01

    This paper aims to provide the reader with a comprehensive background for understanding current knowledge on Learning Analytics (LA) and Educational Data Mining (EDM) and its impact on adaptive learning. It constitutes an overview of empirical evidence behind key objectives of the potential adoption of LA/EDM in generic educational strategic…

  20. Gathering Empirical Evidence Concerning Links between Computer Aided Design (CAD) and Creativity

    Science.gov (United States)

    Musta'amal, Aede Hatib; Norman, Eddie; Hodgson, Tony

    2009-01-01

    Discussion is often reported concerning potential links between computer-aided designing and creativity, but there is a lack of systematic enquiry to gather empirical evidence concerning such links. This paper reports an indication of findings from other research studies carried out in contexts beyond general education that have sought evidence…

  1. Educational Leaders and Emotions: An International Review of Empirical Evidence 1992-2012

    Science.gov (United States)

    Berkovich, Izhak; Eyal, Ori

    2015-01-01

    The aim of the present article is to review the international evidence about emotional aspects related to educational leaders. The review focuses on empirical studies published in peer-refereed educational journals between 1992 and 2012. First, we address the importance of researching emotions for understanding educational leaders. Next, we…

  2. Emotional Competence in Children with Autism: Diagnostic Criteria and Empirical Evidence

    Science.gov (United States)

    Begeer, Sander; Koot, Hans M.; Rieffe, Carolien; Terwogt, Mark Meerum; Stegge, Hedy

    2008-01-01

    The diagnostic criteria of autism spectrum disorders (ASD) include emotional impairments. However, scientific evidence for these impairments is varied and subtle. In this contribution, recent empirical studies that examined the emotional competence in children and adolescents with ASD are reviewed. Four aspects of emotional competence that are…

  3. Do political or economic factors drive healthcare financing privatisations? Empirical evidence from OECD countries

    NARCIS (Netherlands)

    Wiese, Rasmus

    2013-01-01

    This paper adds new empirical evidence to the political economy literature of economic reform. One of the main contributions of this paper is the development of a novel methodology to identify privatisations. The methodology is a combination of the Bai & Perron structural break filter, and

  4. Mostly Heterosexual as a Distinct Sexual Orientation Group: A Systematic Review of the Empirical Evidence

    Science.gov (United States)

    Savin-Williams, Ritch C.; Vrangalova, Zhana

    2013-01-01

    We reviewed empirical evidence regarding whether mostly heterosexual exists as a sexual orientation distinct from two adjacent groups on a sexual continuum--exclusively heterosexual and substantially bisexual. We addressed the question: Do mostly heterosexuals show a unique profile of sexual and romantic characteristics that distinguishes them as…

  5. Competition and quality indicators in the health care sector : Empirical evidence from the Dutch hospital sector

    NARCIS (Netherlands)

    Croes, Ramsis; Krabbe, Yvonne; Mikkers, Misja

    There is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be characterized as a

  6. Competition and quality indicators in the health care sector: empirical evidence from the Dutch hospital sector

    NARCIS (Netherlands)

    Croes, R.R.; Krabbe-Alkemade, Y.J.F.M.; Mikkers, M.C.

    2017-01-01

    textabstractThere is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be

  7. A Systematic Literature Review of Empirical Evidence on Computer Games and Serious Games

    Science.gov (United States)

    Connolly, Thomas M.; Boyle, Elizabeth A.; MacArthur, Ewan; Hainey, Thomas; Boyle, James M.

    2012-01-01

    This paper examines the literature on computer games and serious games in regard to the potential positive impacts of gaming on users aged 14 years or above, especially with respect to learning, skill enhancement and engagement. Search terms identified 129 papers reporting empirical evidence about the impacts and outcomes of computer games and…

  8. Does risk management contribute to IT project success? A meta-analysis of empirical evidence

    NARCIS (Netherlands)

    de Bakker, K.F.C.; Boonstra, A.; Wortmann, J.C.

    The question whether risk management contributes to IT project success is considered relevant by people from both academic and practitioners' communities already for a long time. This paper presents a meta-analysis of the empirical evidence that either supports or opposes the claim that risk

  9. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to

  10. Early Child Disaster Mental Health Interventions: A Review of the Empirical Evidence

    Science.gov (United States)

    Pfefferbaum, Betty; Nitiéma, Pascal; Tucker, Phebe; Newman, Elana

    2017-01-01

    Background: The need to establish an evidence base for early child disaster interventions has been long recognized. Objective: This paper presents a descriptive analysis of the empirical research on early disaster mental health interventions delivered to children within the first 3 months post event. Methods: Characteristics and findings of the…

  11. Does certificate of need law enhance competition in inpatient care market? An empirical analysis.

    Science.gov (United States)

    Paul, Jomon A; Ni, Huan; Bagchi, Aniruddha

    2017-06-29

    This article investigates the impact of Certificate of Need (CON) laws on competition in the inpatient care market. One of the major criticisms of these laws is that it may hinder competition in the health care market, which can lead to higher prices. However, from a theoretical standpoint, CON laws could also promote competition by limiting excessive expansion from incumbents. Our main conclusion is that CON laws by and large enhanced competition in the inpatient market during the period of our study. This indicates that the effects of CON laws to hinder predatory behavior could dominate its effects of preventing new entrants into the inpatient care market. We do not find statistically significant evidence to reject the exogeneity assumption of either CON laws or their stringency in our study. We also find factors such as proportion of population aged 18-44, proportion of Asian American population, obesity rate, political environment, etc., in a state significantly impact competition. Our findings could shed some light to public policy makers when deciding the appropriate health programs or legislative framework to promote health care market competition and thereby facilitate quality health care.

  12. Experimentel Evidence of Discrimination in the Labour Market

    DEFF Research Database (Denmark)

    Dahl, Malte Rokkjær; Krog, Niels

    , there is limited evidence on the way gender and ethnicity interact across different occupations. By randomly assigning gender and ethnicity, this study suggests that ethnic discrimination is strongly moderated by gender: minority males are consistently subject to a much larger degree of discrimination than......This paper presents evidence of ethnic discrimination in the recruitment process from a field experiment conducted in the Danish labour market. In a correspondence experiment, fictitious job applications were randomly assigned either a Danish or Middle Eastern-sounding name and sent to real job...... openings. In addition to providing evidence on the extent of ethnic discrimination in the Danish labour market, the study offers two novel contributions to the literature more generally. First, because a majority of European correspondence experiments have relied solely on applications with male aliases...

  13. Country risk premium: theoretical determinants and empirical evidence for latin american countries

    Directory of Open Access Journals (Sweden)

    Selmo Aronovich

    1999-12-01

    Full Text Available This paper investigates the behavior of the country risk premium for Argentina, Brazil and Mexico, from June 1997 to September 1998. It shows that the level of country risk premium is determined by different factors: the US dollar bond market structure; restrictions on the acquisition of emerging market bonds imposed by developed nations regulators; the credit risk measured by the notion of implied risk-neutral probability default; the different ways agents react to country risk due to asymmetric and imperfect information. The empirical investigation shows: the worse the country credit rating, the greater is the impact on international borrowing cost, which implies that negative expectations have greater impact on lower rated Latin American nations' bonds; country risk yield spreads overreacted to changes in the US dollar interest rates in the sample period.Este artigo investiga o comportamento do conceito de prêmio de risco-país para Argentina, Brasil e México, de junho de 1997 até setembro de 1998. Mostra-se que tal prêmio é determinado pelos seguintes fatores: a estrutura do mercado de títulos de dívida em dólares norte-americanos; as restrições à aquisição de títulos de dívida impostas por agentes reguladores de países desenvolvidos; o risco de crédito mensurado pelo conceito de probabilidade de inadimplência risco-nêutra implícita; o modo como os agentes reagem à informação assimétrica ou imperfeita. A evidência empírica revela que: quanto pior a classificação de risco de crédito, maior é o impacto esperado sobre as condições de captação externa, implicando que expectativas desfavoráveis afetam de forma mais acentuada países com baixa classificação de crédito; o valor do spread representativo do risco-país mostrou-se superelástico à variação da taxa de juros de longo prazo do Tesouro norte-americano no período da amostra.

  14. Measuring the gradualist approach to internationalization: Empirical evidence from the wine sector.

    Science.gov (United States)

    Clavel San Emeterio, Mónica; Fernández-Ortiz, Rubén; Arteaga-Ortiz, Jesús; Dorta-González, Pablo

    2018-01-01

    The objective of this paper is to fill a gap in the literature on internationalization, in relation to the absence of objective and measurable performance indicators for the process of how firms sequentially enter external markets. To that end, this research develops a quantitative tool for use as a performance indicator of gradualness for firms entering external markets at a sectoral level. The performance indicator is based on firms' export volumes, number of years operating in the export market, geographic areas targeted for export and when exports began to each area. The indicator is tested empirically in the wine sector. The main contribution of this study is the creation of a reliable international priority index, which can serve more widely as a valuable tool because of its potential use in other industry sectors and geographic areas, and which would allow the analysis of how geographically differentiated internationalization strategies develop.

  15. Is the Internet making markets more efficient? The evidence according to price indicators in Spain

    Directory of Open Access Journals (Sweden)

    Ferran Sabate

    2009-04-01

    Full Text Available It has been theorized that low search costs associated with e-commerce imply greater levels of efficiency relative to the conventional retail channels. Multiple empirical studies confirm this hypothesis concerning price level, although the evidence is mixed relative to price dispersion. This article empirically compares the efficiency of the Internet with the conventional retail channel through 4 price indicators for the CD market. The results, based on 1,603 prices collected in Spain, are surprising. The conventional channel shows greater efficiency for both posted and final prices. These findings together with the coincident results of other reviewed studies would suggest key factors related to the development of e-commerce. Implications of the study and future considerations are discussed.

  16. THE HERDING BEHAVIOR ON SMALL CAPITAL MARKETS: EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Andreea Pece

    2014-07-01

    Full Text Available The evolution of financial markets is influenced by the speculative bubbles and by the occurance of financial crisis. The speculative bubbles are formed on the markets when take place an unsustainable growth in the price of a financial asset, which leads to a high level of instability and to the rise of financial crashes. One of the cause of speculative bubbles is the herding behavior of investors characterized by trading in the same direction on the market, the same stocks, in the same period of time, or when they ignore the private information and trades similar with other investors, which may lead to incorrect trading decision. The aim of this paper is to test the existence of herding behavior on the Romanian stock market and the impact of the subprime financial crisis on the behavior of investors. We have analyzed the Romanian stock market on sector level by using firm level data. The statistical methodology used in this paper was proposed by Chang et al. (2000 and uses the cross sectional absolute deviation of returns (CSAD as a measure of return dispersion.The results indicate the existence of herding behavior of investors in various sectors, both for upper and lower markets. We also conclude that during the subprime crisis, is no evidence of herding, due to the fact that the impact of the crisis was transmitted globally.

  17. Efficiency of crude oil markets: Evidences from informational entropy analysis

    International Nuclear Information System (INIS)

    Ortiz-Cruz, Alejandro; Rodriguez, Eduardo; Ibarra-Valdez, Carlos; Alvarez-Ramirez, Jose

    2012-01-01

    The role of crude oil as the main energy source for the global economic activity has motivated the discussion about the dynamics and causes of crude oil price changes. An accurate understanding of the issue should provide important guidelines for the design of optimal policies and government budget planning. Using daily data for WTI over the period January 1986–March 2011, we analyze the evolution of the informational complexity and efficiency for the crude oil market through multiscale entropy analysis. The results indicated that the crude oil market is informationally efficient over the scrutinized period except for two periods that correspond to the early 1990s and late 2000s US recessions. Overall, the results showed that deregulation has improved the operation of the market in the sense of making returns less predictable. On the other hand, there is some evidence that the probability of having a severe US economic recession increases as the informational efficiency decreases, which indicates that returns from crude oil markets are less uncertain during economic downturns. - Highlights: ► Entropy concepts are used to characterize crude oil prices. ► An index of market efficiency is introduced. ► Except for periods of economic recession, the crude oil market is informationally efficient.

  18. An empirical analysis of freight rate and vessel price volatility transmission in global dry bulk shipping market

    Directory of Open Access Journals (Sweden)

    Lei Dai

    2015-10-01

    Full Text Available Global dry bulk shipping market is an important element of global economy and trade. Since newbuilding and secondhand vessels are often traded as assets and the freight rate is the key determinant of vessel price, it is important for shipping market participants to understand the market dynamics and price transmission mechanism over time to make suitable strategic decisions. To address this issue, a multi-variate GARCH model was applied in this paper to explore the volatility spillover effects across the vessel markets (including newbuilding and secondhand vessel markets and freight market. Specifically, the BEKK parameterization of the multi-variate GARCH model (BEKK GARCH was proposed to capture the volatility transmission effect from the freight market, newbuilding and secondhand vessel markets in the global dry bulk shipping industry. Empirical results reveal that significant volatility transmission effects exist in each market sector, i.e. capesize, panamax, handymax and handysize. Besides, the market volatility transmission mechanism varies among different vessel types. Moreover, some bilateral effects are found in the dry bulk shipping market, showing that lagged variances could affect the current variance in a counterpart market, regardless of the volatility transmission. A simple ratio is proposed to guide investors optimizing their portfolio allocations. The findings in this paper could provide unique insights for investors to understand the market and hedge their portfolios well.

  19. PROMOTING RURAL DESTINATION BUCOVINA VIA FACEBOOK. AN EMPIRICAL IDENTIFICATION OF SUPPORTING ONLINE MARKETING INITIATIVES

    Directory of Open Access Journals (Sweden)

    Pavel STANCIU

    2016-09-01

    Full Text Available The villages of Bucovina possess a particular charm, mainly through the orthodox churches with heritage value, the deep spiritual character sent both to local communities and tourists, the architecture based on wood handicraft, the manner in which traditions, local customs and crafts are still preserved, the multicultural character, and, not least, the outstanding hospitality of the hosts.Continuous improvement of performance in rural tourism refers to an integrated approach of specific elements in the destination Bucovina, online marketing becoming more present in everyday practice of small entrepreneurs in local tourism. From an empirical point of view, promotion of rural tourism on Facebook and YouTube represents an easy initiative accessible to the general public, which has the ability to create the foundation of a competitive tourism.

  20. Evidence-based Nursing Education - a Systematic Review of Empirical Research

    Science.gov (United States)

    Reiber, Karin

    2011-01-01

    The project „Evidence-based Nursing Education – Preparatory Stage“, funded by the Landesstiftung Baden-Württemberg within the programme Impulsfinanzierung Forschung (Funding to Stimulate Research), aims to collect information on current research concerned with nursing education and to process existing data. The results of empirical research which has already been carried out were systematically evaluated with aim of identifying further topics, fields and matters of interest for empirical research in nursing education. In the course of the project, the available empirical studies on nursing education were scientifically analysed and systematised. The over-arching aim of the evidence-based training approach – which extends beyond the aims of this project - is the conception, organisation and evaluation of vocational training and educational processes in the caring professions on the basis of empirical data. The following contribution first provides a systematic, theoretical link to the over-arching reference framework, as the evidence-based approach is adapted from thematically related specialist fields. The research design of the project is oriented towards criteria introduced from a selection of studies and carries out a two-stage systematic review of the selected studies. As a result, the current status of research in nursing education, as well as its organisation and structure, and questions relating to specialist training and comparative education are introduced and discussed. Finally, the empirical research on nursing training is critically appraised as a complementary element in educational theory/psychology of learning and in the ethical tradition of research. This contribution aims, on the one hand, to derive and describe the methods used, and to introduce the steps followed in gathering and evaluating the data. On the other hand, it is intended to give a systematic overview of empirical research work in nursing education. In order to preserve a

  1. The Market Orientation and Performance Relationship: An Empirical Study in Private Universities

    Directory of Open Access Journals (Sweden)

    Sefnedi Sefnedi

    2017-06-01

    Full Text Available This study examines the empirical link between three dimensions of market orientation, namely, student orientation, competitor orientation and inter-functional coordination, and private university performance in Kopertis X. The study was based on an empirical investigation of private universities located in Indonesia’s provinces of West Sumatera, Riau, Jambi, and Riau Islands. The primary data for the study were collected from a self-administered mail survey of 237 questionnaires from the private university resulting in a sample of 114 usable responses being returned. From the application of the multiple regression analysis it was concluded that all three dimensions of market orientation had a significant impact on private university performance. Student orientation as a predictor variable is the strongest predictor of private university performance then followed by competitor orientation, and inter-functional coordination. Bahasa Indonesia Abstrak: Penelitian ini menguji hubungan empiris antara tiga dimensi orientasi pasar, yaitu, orientasi mahasiswa, orientasi pesaing dan koordinasi antar-fungsional dan kinerja perguruan tinggi swasta di Kopertis X. Penelitian ini didasarkan pada penyelidikan empiris pada universitas swasta yang berada di provinsi Sumatera Barat, Riau, Jambi, dan Kepulaian Riau. Data primer dikumpulkan dari survei dimana dari 237 kuesioner yang disebarkan pada universitas swasta, diperoleh 114 kuesioner yang dikembalikan dan dapat digunakan sebagai sampel. Berdasarkan hasil analisis regresi berganda dapat disimpulkan bahwa ketiga dimensi orientasi pasar memiliki dampak yang signifikan terhadap kinerja perguruan tinggi swasta. Orientasi mahasiswa sebagai variabel prediktor terkuat terhadap kinerja perguruan tinggi swasta kemudian diikuti oleh orientasi pesaing, dan koordinasi antar-fungsional.

  2. A Survey on Agricultural Trade Policies in Bangladesh: theoretical Insights and empirical Evidence

    Directory of Open Access Journals (Sweden)

    Dayal Talukder

    2014-01-01

    Full Text Available The purpose of this paper is to review the theoretical insights and empirical evidence on agricultural trade policies and their impacts on the Bangladesh‟s economy, with a view to presenting both, the positive and negative effects of trade liberalization. Theoretically, while advocates of trade liberalization argue that free trade is an engine of growth and protection leads to wasteful use of resources, critics argue that openness has its costs and sometimes it could be detrimental to the economic development. The empirical evidence in Bangladesh was consistent with the ongoing debate on the effects of trade liberalization on economic development. The evidence remained mixed and loaded with criticisms on the grounds of choice of liberalization determinants, model specifications and methodology, as well as other measurement shortcomings. The review suggests that the literature is inconclusive and outcomes are largely case-specific.

  3. A Survey on Agricultural Trade Policies in Bangladesh: theoretical Insights and empirical Evidence

    Directory of Open Access Journals (Sweden)

    D. Talukder

    2014-06-01

    Full Text Available The purpose of this paper is to review the theoretical insights and empirical evidence on agricultural trade policies and their impacts on the Bangladesh’s economy, with a view to presenting both, the positive and negative effects of trade liberalization. Theoretically, while advocates of trade liberalization argue that free trade is an engine of growth and protection leads to wasteful use of resources, critics argue that openness has its costs and sometimes it could be detrimental to the economic development. The empirical evidence in Bangladesh was consistent with the ongoing debate on the effects of trade liberalization on economic development. The evidence remained mixed and loaded with criticisms on the grounds of choice of liberalization determinants, model specifications and methodology, as well as other measurement shortcomings. The review suggests that the literature is inconclusive and outcomes are largely case-specific

  4. Status Concern and Relative Deprivation in China: Measures, Empirical Evidence and Economic and Policy Implications

    Science.gov (United States)

    Xi, CHEN

    2017-01-01

    Status concern and feelings of relative deprivation affect individual behaviour and well-being. Traditional norms and the alarming inequality in China have made relative deprivation increasingly intense for the Chinese population. This article reviews empirical literature on China that attempts to test the relative deprivation hypothesis, and also reviews the origins and pathways of relative deprivation, compares its economic measures in the literature and summarises the scientific findings. Drawing from solid empirical evidence, the author discusses the important policy implications on redistribution, official regulations and grassroots sanctions, and relative poverty alleviation. PMID:29033479

  5. Determinants of Financing Decisions in Innovative Firms: A Review on Theoretical Backgrounds and Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Mihaela Diaconu

    2016-01-01

    Full Text Available We review some of the main aspects highlighted in the literature on financing innovation. Thetheoretical background related to the distinctive features of innovative firms impacting theirfinancing decisions and the empirical evidence is reviewed. The growing literature on the financingof innovation shows that the theoretical and empirical work are not always constant across thevarious samples and situations faced by firms as a result of generating new findings. We highlightthe interaction between financing choices for innovation and changing internal and externalcondition firms operate.

  6. Stock Market Overreaction and Trading Volume: Evidence from Malaysia

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

    We investigate the stock market overreaction in Bursa Malaysia from January 2000 to October 2010 using weekly data. We find that winner portfolios tend to have negative returns whereas loser portfolios have positive returns for various holding periods from 1 to 52 weeks. Loser stocks experience more persistent and stronger return reversals than winner stocks. The evidence implies that a lower level of overreaction exists for winner stocks. Overall, a loser-winner portfolio yields highly signi...

  7. Agglomeration effects in the labour market: an empirical analysis for Italy

    Directory of Open Access Journals (Sweden)

    Marusca De Castris

    2013-05-01

    Full Text Available Extensive and persistent geographic variability of the unemployment rate within the same region has been attributed to various causes. Some theories identify the “thickness” of markets as the source of positive externalities affecting labour market by improving the ability to match the skills requested by firms with those offered by workers. A recent paper by Gan and Zhang (2006 empirically confirms this hypothesis for the US labour markets. Agglomeration can be defined as aggregation of people, basically measured by city size, or as aggregation of firms, measured by cluster size (employment or number of plants. However, the population location and the industrial location are by far more similar in United States than in Europe and in Italy. Our paper aims to evaluate the effects of agglomeration on the local unemployment rate. The new methodological contribution of the study is the identification of both urban and industrial cluster agglomeration effects, using a wide set of control variables. Adjusting the system for the effects of sectorial and size shocks, as well as those relating to geographic structure and policy interventions, the results of our analysis differ from that for the United States. The study stresses the presence of negative and significant urbanisation externalities. We obtain, instead, positive effects concerning the geographic agglomeration of firms, and their thickness, in a specific area. Furthermore, positive and significant effects can be found in local systems with features of a district. Finally, the model distinguishes the negative effects of urban agglomerations (in terms of population density from positive firm’s agglomerations (in terms of density of local units.

  8. The Role of Empirical Evidence for Transferring a New Technology to Industry

    Science.gov (United States)

    Baldassarre, Maria Teresa; Bruno, Giovanni; Caivano, Danilo; Visaggio, Giuseppe

    Technology transfer and innovation diffusion are key success factors for an enterprise. The shift to a new software technology involves, on one hand, inevitable changes to ingrained and familiar processes and, on the other, requires training, changes in practices and commitment on behalf of technical staff and management. Nevertheless, industry is often reluctant to innovation due to the changes it determines. The process of innovation diffusion is easier if the new technology is supported by empirical evidence. In this sense our conjecture is that Empirical Software Engineering (ESE) serves as means for validating and transferring a new technology within production processes. In this paper, the authors report their experience of a method, Multiview Framework, defined in the SERLAB research laboratory as support for designing and managing a goal oriented measurement program that has been validated through various empirical studies before being transferred to an Italian SME. Our discussion points out the important role of empirical evidence for obtaining management commitment and buy-in on behalf of technical staff, and for making technological transfer possible.

  9. Firm productivity, pollution, and output: theory and empirical evidence from China.

    Science.gov (United States)

    Tang, Erzi; Zhang, Jingjing; Haider, Zulfiqar

    2015-11-01

    Using a theoretical model, this paper argues that as firm productivity increases, there is a decrease in firm-level pollution intensity. However, as productivity increases, firms tend to increase their aggregate output, which requires the use of additional resources that increase pollution. Hence, an increase in productivity results in two opposing effects where increased productivity may in fact increase pollution created by a firm. We describe the joint effect of these two mechanisms on pollution emissions as the "productivity dilemma" of pollution emission. Based on firm-level data from China, we also empirically test this productivity dilemma hypothesis. Our empirical results suggest that, in general, firm productivity has a positive and statistically significant impact on pollution emission in China. However, the impact of productivity on pollution becomes negative when we control for increases in firm output. The empirical evidence also confirms the positive influence of productivity on output, which suggests that the main determinant of pollution is the firm's output. The empirical results provide evidence of the existence of, what we describe as, the productivity dilemma of pollution emission.

  10. Modeling the Dynamics and Spillovers of the Health Labor Market: Evidence from China’s Provincial Panel Data

    Directory of Open Access Journals (Sweden)

    Bin Zhu

    2018-01-01

    Full Text Available Health workforce misdistribution is a major challenge faced by almost all countries. A more profound understanding of the dynamics of the health labor market provides evidence for policy makers to balance health workforce distribution with solid evidence. However, one major deficit of existing theoretical and empirical studies is that they often ignore the intra-regional spillovers of the health labor market. This study builds a theoretical “supply–demand–spillover” model that considers both intra-regional supply and demand-side factors, and inter-regional spillovers, hence providing a theoretical reference point for further in-depth studies. Using spatial econometric panel models, the effect of all determinants and spillovers were empirically measured based on a Chinese panel data set, shedding light on health workforce policies in China.

  11. Effectiveness of Digital Marketing in the Challenging Age: An Empirical Study

    OpenAIRE

    Afrina Yasmin; Sadia Tasneem; Kaniz Fatema

    2015-01-01

    Marketers are faced with new challenges and opportunities within this digital age. Digital marketing is the utilization of electronic media by the marketers to promote the products or services into the market. The main objective of digital marketing is attracting customers and allowing them to interact with the brand through digital media. This article focuses on the importance of digital marketing for both marketers and consumers. We examine the effect of digital marketing on the firms’ sa...

  12. Board diversity in the perspective of financial distress: Empirical evidence from the Netherlands

    Directory of Open Access Journals (Sweden)

    Bernard Santen

    2009-07-01

    Full Text Available This paper analyses the relationship between board diversity (in gender and in nationality and financial distress. A summary of the theory behind board diversity precedes an overview of the empirical evidence on the relationship between diversity and company performance. The paper presents empirical research on the relationship between a negative performance measure, financial distress, and diversity on the board. The results show a positive relationship between the presence of foreign non-executive directors and financial distress. It is suggested that this is caused by negative communication and misunderstandings. No relationship is found between the gender of a director and financial distress. On a micro-level, the data do not show evidence for the glass cliff hypothesis.

  13. Does the U.S. exercise contagion on Italy? A theoretical model and empirical evidence

    Science.gov (United States)

    Cerqueti, Roy; Fenga, Livio; Ventura, Marco

    2018-06-01

    This paper deals with the theme of contagion in financial markets. At this aim, we develop a model based on Mixed Poisson Processes to describe the abnormal returns of financial markets of two considered countries. In so doing, the article defines the theoretical conditions to be satisfied in order to state that one of them - the so-called leader - exercises contagion on the others - the followers. Specifically, we employ an invariant probabilistic result stating that a suitable transformation of a Mixed Poisson Process is still a Mixed Poisson Process. The theoretical claim is validated by implementing an extensive simulation analysis grounded on empirical data. The countries considered are the U.S. (as the leader) and Italy (as the follower) and the period under scrutiny is very large, ranging from 1970 to 2014.

  14. How big is the gig? Assessing the preliminary evidence on the effects of digitalization on the labor market

    OpenAIRE

    Eichhorst, Werner; Hinte, Holger; Rinne, Ulf; Tobsch, Verena

    2016-01-01

    This paper assesses the importance of digitalization in Germany and other developed countries with a particular attention to the potential or actual impact it may have on the labor market. Referring to available empirical evidence, we document the already developing transformation of occupations and forms of employment and the role of the platform economy, including the phenomenon of solo self-employment. We then derive current and future challenges for social protection and suggest some idea...

  15. Endogenous Women's Autonomy and the Use of Reproductive Health Services: Empirical Evidence from Tajikistan

    OpenAIRE

    Yusuke Kamiya

    2010-01-01

    Though gender equity is widely considered to be a key to improving maternal health in developing countries, little empirical evidence has been presented to support this claim. This paper investigates whether or not and how female autonomy within the household affects women's use of reproductive health care in Tajikistan, where the situation of maternal health and gender equity is worse compared with neighbouring countries. Estimation is performed using bivariate probit models in which woman's...

  16. The Political Economy of International Emission Trading Scheme Choice: Empirical Evidence

    DEFF Research Database (Denmark)

    Boom, J.T.; Svendsen, Gert Tinggaard

    2000-01-01

    The Kyoto Protocol allows emissions trading. It does however not specify how this is to take place and the discussion on the design of an emissions trading scheme is ongoing. In this paper, we give some empirical evidence on the preference of industry and environmental organizations for internati...... for international emissions trading scheme. Since they may have an influence on decision makers, their opinion is important. Our conclusion is that both industry and environmental organizations prefer credit trading, although for widely different reasons....

  17. Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

    OpenAIRE

    Ignacio Fuentes; Teresa Sastre

    1999-01-01

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

  18. Why borrowers pay premiums to larger lenders: Empirical evidence from sovereign syndicated loans

    OpenAIRE

    Hallak, Issam

    2002-01-01

    All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. I find strong evidence that a larger premium is associated with higher renegotiation probability and information asymmetries. It hardly has any impact on the number of lenders though. Thi...

  19. Empirical Evidence of Stakeholder Management in Sports Clubs: The Impact of the Board of Directors

    OpenAIRE

    Esteve, M.; Di Lorenzo, F.; Inglés, E.; Puig, N.

    2011-01-01

    A major challenge for non-profit sports organizations is how to raise resources from their stakeholders. The present article empirically assesses how the management of stakeholders can affect the resources raised by non-profit sports organizations. The moderating effect of particular characteristics of the Board of Directors is also considered. Evidence is obtained by surveying a large sample of sports clubs from Catalonia, Spain. Results indicate how the quality of relations between sports c...

  20. The Measurement of Central Bank Autonomy; Survey of Models, Indicators, and Empirical Evidence

    OpenAIRE

    Bernard J Laurens; Marco Arnone; Jean-François Segalotto

    2006-01-01

    This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central ba...

  1. Micro-Credit and Rural Poverty: An Analysis of Empirical Evidence

    OpenAIRE

    Chavan, P.; Ramakumar, R.

    2003-01-01

    This paper reviews empirical evidence on NGO-led micro-credit programmes in several developing countries, and compares them with state-led poverty alleviation schemes in India. It shows that micro-credit programmes have brought about a marginal improvement in the beneficiaries' income, though technological improvements are lacking due to its emphasis on ‘survival skills'. Also, in Bangladesh the practice of repayment of Grameen Bank loans by making fresh loans from moneylenders has resulted ...

  2. GENDER EQUALITY ON CORPORATE BOARDS: TOWARDS A MORE INCLUSIVE AND RESPONSIBLE SOCIETY EMPIRICAL EVIDENCE FROM CROATIA

    OpenAIRE

    Tipurić, Darko; Lovrinčević, Marina; Lovrinčević Šelamov, Ana

    2015-01-01

    Gender diversity issues are receiving great attention worldwide. Empirical evidence suggests that stronger women representation on boards is positively related to financial performance. Across Europe, initiatives for greater women representation on boards are undertaken. They vary from one country to another and include proposals in national codes, voluntary initiatives, demands for disclosure of nomination policies and legal quotas for women on company boards. Recent data show that women acc...

  3. CSR Disclosures in the Mining Industry: Empirical Evidence from Listed Mining Firms in Indonesia

    OpenAIRE

    Rina Asmeri; Tika Alvionita; Ardi Gunardi

    2017-01-01

    Companies that are involved in CSR strive to meet the expectations of stakeholders. Therefore, CSR and CSR reporting are tools of legitimacy to demonstrate its obedience (legitimacy theory). This study aims to look at empirical evidence on the effect of profitability and environmental performance on CSR disclosure. This study examined the target population of mining companies listed on the Indonesian Stock Exchange that included the CSR reporting in the 2010-2014 annual report, obtained a sam...

  4. Compliance costs caused by agency action? Empirical evidence and implications for tax compliance

    OpenAIRE

    Eichfelder, Sebastian; Kegels, Chantal

    2012-01-01

    The compliance costs of private taxpayers are not only affected by the tax law itself but also by its implementation through the tax authorities. In this paper we analyze the effect of the tax authorities on the burden of complying with tax regulations. Using survey data of Belgian businesses and controlling for potential endogeneity, we find empirical evidence that tax authority behavior is an important cost driver. According to our estimate, a customer-unfriendly tax administration increase...

  5. Internal and external market orientation as organizational resources - consequences for market and financial performance

    OpenAIRE

    Boris Snoj; Vladimir Gabrijan; Borut Milfelner

    2010-01-01

    The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market o...

  6. Adoption of a service innovation in the business market : An empirical test of supply-side variables

    NARCIS (Netherlands)

    Frambach, Ruud T.; Barkema, Harry G.; Nooteboom, Bart; Wedel, Michel

    1998-01-01

    The objective of this article is to assess the influence of variables over which suppliers have control (supply-side variables) on the adoption of innovations in addition to adopter-side variables. The empirical study focused on the adoption of electronic banking in the Dutch business market. A

  7. Adoption of a service innovation in the business market : An empirical test of supply-side variables

    NARCIS (Netherlands)

    Frambach, RT; Nooteboom, B; Wedel, M; Barkema, H.W.

    The objective of this article is to assess the influence of variables over which suppliers have control (supply-side variables) on the adoption gf innovations in addition to adopter-side variables. The empirical study focused on the adoption of electronic banking in the Dutch business market. A

  8. Exogenous empirical-evidence equilibria in perfect-monitoring repeated games yield correlated equilibria

    KAUST Repository

    Dudebout, Nicolas; Shamma, Jeff S.

    2014-01-01

    This paper proves that exogenous empirical-evidence equilibria (xEEEs) in perfect-monitoring repeated games induce correlated equilibria of the associated one-shot game. An empirical-evidence equilibrium (EEE) is a solution concept for stochastic games. At equilibrium, agents' strategies are optimal with respect to models of their opponents. These models satisfy a consistency condition with respect to the actual behavior of the opponents. As such, EEEs replace the full-rationality requirement of Nash equilibria by a consistency-based bounded-rationality one. In this paper, the framework of empirical evidence is summarized, with an emphasis on perfect-monitoring repeated games. A less constraining notion of consistency is introduced. The fact that an xEEE in a perfect-monitoring repeated game induces a correlated equilibrium on the underlying one-shot game is proven. This result and the new notion of consistency are illustrated on the hawk-dove game. Finally, a method to build specific correlated equilibria from xEEEs is derived.

  9. Exogenous empirical-evidence equilibria in perfect-monitoring repeated games yield correlated equilibria

    KAUST Repository

    Dudebout, Nicolas

    2014-12-15

    This paper proves that exogenous empirical-evidence equilibria (xEEEs) in perfect-monitoring repeated games induce correlated equilibria of the associated one-shot game. An empirical-evidence equilibrium (EEE) is a solution concept for stochastic games. At equilibrium, agents\\' strategies are optimal with respect to models of their opponents. These models satisfy a consistency condition with respect to the actual behavior of the opponents. As such, EEEs replace the full-rationality requirement of Nash equilibria by a consistency-based bounded-rationality one. In this paper, the framework of empirical evidence is summarized, with an emphasis on perfect-monitoring repeated games. A less constraining notion of consistency is introduced. The fact that an xEEE in a perfect-monitoring repeated game induces a correlated equilibrium on the underlying one-shot game is proven. This result and the new notion of consistency are illustrated on the hawk-dove game. Finally, a method to build specific correlated equilibria from xEEEs is derived.

  10. Empirical Essays on the Labor Market Outcomes of PhD Graduates

    DEFF Research Database (Denmark)

    Pedersen, Heidi Skovgaard

    that PhDs accelerate growth. A major objective has been to direct more PhDs to the industry to use their skills to monetize knowledge. However, we have limited evidence on how PhDs are absorbed into the labor market, how the market values PhD labor, and how PhDs value the possibility to work......During the past decade, policy makers have accentuated the need for more PhDs to drive innovation and use their research skills to push the technological frontier. The public sector in Denmark has financially supported a doubling of the number of enrolled PhD students based on a strong belief...... in the private sector. The dissertation investigates determinants of labor market decisions among recent cohorts of PhDs in Denmark to assess how the increasing number of PhDs is absorbed into the economy. Based on econometric models, it examines what factors trigger individual career decisions and supply...

  11. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  12. Multifractal features of EUA and CER futures markets by using multifractal detrended fluctuation analysis based on empirical model decomposition

    International Nuclear Information System (INIS)

    Cao, Guangxi; Xu, Wei

    2016-01-01

    Basing on daily price data of carbon emission rights in futures markets of Certified Emission Reduction (CER) and European Union Allowances (EUA), we analyze the multiscale characteristics of the markets by using empirical mode decomposition (EMD) and multifractal detrended fluctuation analysis (MFDFA) based on EMD. The complexity of the daily returns of CER and EUA futures markets changes with multiple time scales and multilayered features. The two markets also exhibit clear multifractal characteristics and long-range correlation. We employ shuffle and surrogate approaches to analyze the origins of multifractality. The long-range correlations and fat-tail distributions significantly contribute to multifractality. Furthermore, we analyze the influence of high returns on multifractality by using threshold method. The multifractality of the two futures markets is related to the presence of high values of returns in the price series.

  13. It’s Personal: Biology Instructors Prioritize Personal Evidence over Empirical Evidence in Teaching Decisions

    Science.gov (United States)

    Andrews, Tessa C.; Lemons, Paula P.

    2015-01-01

    Despite many calls for undergraduate biology instructors to incorporate active learning into lecture courses, few studies have focused on what it takes for instructors to make this change. We sought to investigate the process of adopting and sustaining active-learning instruction. As a framework for our research, we used the innovation-decision model, a generalized model of how individuals adopt innovations. We interviewed 17 biology instructors who were attempting to implement case study teaching and conducted qualitative text analysis on interview data. The overarching theme that emerged from our analysis was that instructors prioritized personal experience—rather than empirical evidence—in decisions regarding case study teaching. We identified personal experiences that promote case study teaching, such as anecdotal observations of student outcomes, and those that hinder case study teaching, such as insufficient teaching skills. By analyzing the differences between experienced and new case study instructors, we discovered that new case study instructors need support to deal with unsupportive colleagues and to develop the skill set needed for an active-learning classroom. We generated hypotheses that are grounded in our data about effectively supporting instructors in adopting and sustaining active-learning strategies. We also synthesized our findings with existing literature to tailor the innovation-decision model. PMID:25713092

  14. A Survey of Undergraduate Marketing Programs: An Empirical Analysis of Knowledge Areas and Metaskills

    Science.gov (United States)

    Finch, David; Nadeau, John; O'Reilly, Norm

    2018-01-01

    Scholars suggest that the dynamic nature of marketing has put both the marketing profession and marketing education at a crossroads. This study is an analysis of marketing programs by conceptual knowledge and metaskills. In a content analysis of course descriptions for 523 undergraduate marketing courses in Canada from 40 universities, the…

  15. Empirical study on flow experience in China tourism e-commerce market

    Directory of Open Access Journals (Sweden)

    Jianling Wang

    2015-04-01

    Full Text Available Purpose: While tourism e-commerce develops rapidly in China, these channels are truly new to both web providers and web consumers, understanding the nature of these media attaches greater importance. This study investigates the mediation effects of flow experience on the relationship between motivation and behavior intention in tourism e-commerce.Design/methodology/approach: Based on the technology acceptance model, an empirical study is designed to test this relationship.we estimated the measurement model with 13 manifest indicators and 4 latent constructs by CFA to assess the reliability and validity of the construct measures, then tested hypotheses by OLS regression and a formal three-step mediation procedure.Findings: Overall, the results reveal that trust is incorporated in motivation and play it’s role together with other motivations; telepresence and concentration are confirmed in flow experience, and both partially mediated the relationship.Research limitations/implications: This study demonstrates that to improve consumers’ usage adoption, marketers should pay much attention to not only consumers’ motivation but also the areas such as flow experience.Originality/value: This study takes flow experience as a new perspective to explore china tourism e-commerce, estimates its measurement and tests its roles between motivation and behavior intention.

  16. Empirical properties of inter-cancellation durations in the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Gao-Feng eGu

    2014-03-01

    Full Text Available Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a $q$-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA, centered detrending moving average (CDMA and multifractal detrended fluctuation analysis (MF-DFA methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

  17. GSM Marketing Service Providers Operations and Customers Satisfaction in Nigeria: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Adebisi Sunday Abayomi

    2011-06-01

    Full Text Available This study has been carried out on the GSM arm of the Nigerian Telecomunication sectorto primarily investigate the level of satisfaction that the subscribers of GSM service providers haveenjoyed in the seven years of operations in Nigeria. In testing this empirically, MTN, GLOBACOMand ZAIN were selected as case studies. 600 questionnaires were administered on the subscribers ofthese GSM service providers in the Six States of the South-Western Nigeria using the purposivesampling technique. In analyzing the collated data, three hypotheses were tested with the use ofPercentages, T-test, F-test, [at 95% confidence limit], Cross-tabulation [using the ‘Eta’ Directionalmeasure] and statistical charts. The results from the SPSS 16 output rejected the Null hypotheses.This further indicated that, the various factors that determined the level of subscribers’ satisfactionwere statistically significant. The study therefore concluded that, subscribers in Nigeria aredissatisfied with the services of their service providers hence, the need for the regulatory body; NCCto ensure that subscribers interests are protected. The study then suggested that,, the GSM serviceproviders should reposition themselves to give adequate value to subscribers money incommensuration with their own gains from the Nigeria Telecommunications market.

  18. Marketing management capabilities of SMEs: an empirical analysis in the EU

    OpenAIRE

    Banterle, Alessandro; Carraresi, Laura; Stranieri, Stefanella

    2008-01-01

    SMEs, that represent the greater part of European food firms producing traditional food products (TFPs), meet difficulties in adapting their strategies to market changes, and in competing with big enterprises. Marketing management capabilities play a key role in good SMEs performance in the market. The purpose of this paper is to evaluate the marketing capabilities of SMEs that produce TFPs. The theoretical framework considers the Market Orientation approach and marketing management capabilit...

  19. An empirical study on consumer intention to participate in mobile marketing in China

    OpenAIRE

    Junhong He; Depeng Zhang; Yixia Mao

    2013-01-01

    Mobile marketing is a kind of marketing activities through personal mobile devices. In recent years, mobile marketing is widely carried out in China. However, many enterprises which carried out mobile marketing did not achieve the desired effects. One of the reasons is that consumers? intention to participate in mobile marketing is not high. The article constructed the model of factors influencing consumers? intention to participate in mobile marketing on the basis of literature research. The...

  20. Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries

    OpenAIRE

    Mahir Binici; Yin-Wong Cheung; Kon S. Lai

    2011-01-01

    This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity. Nonetheless, previous empirical studies often fail to account for productivity effects, and their results may overstate the role of market competition. This study shows that inflation decreases with greater market competitiveness even after controlling for produ...

  1. Empirical investigation of purchasing power parity for Turkey: Evidence from recent nonlinear unit root tests

    Directory of Open Access Journals (Sweden)

    Dilem Yıldırım

    2017-06-01

    Full Text Available This study explores the empirical validity of the purchasing power parity (PPP hypothesis between Turkey and its four major trading partners, the European Union, Russia, China and the US. Accounting for the nonlinear nature of real exchange rates, we employ a battery of recently developed nonlinear unit root tests. Our empirical results reveal that nonlinear unit root tests deliver stronger evidence in favour of the PPP hypothesis when compared to the conventional unit root tests only if nonlinearities in real exchange rates are correctly specified. Furthermore, it emerges from our findings that the real exchange rates of the countries having a free trade agreement are more likely to behave as linear stationary processes.

  2. Like grandparents, like parents: Empirical evidence and psychoanalytic thinking on the transmission of parenting styles.

    Science.gov (United States)

    De Carli, Pietro; Tagini, Angela; Sarracino, Diego; Santona, Alessandra; Bonalda, Valentina; Cesari, Paola Elena; Parolin, Laura

    2018-01-01

    The authors discuss the issue of intergenerational transmission of parenting from an empirical and psychoanalytic perspective. After presenting a framework to explain their conception of parenting, they describe intergenerational transmission of parenting as a key to interpreting and eventually changing parenting behaviors. Then they present (1) the empirical approach aimed at determining if there is actually a stability across generations that contributes to harsh parenting and eventually maltreatment and (2) the psyphoanalytic thinking that seeks to explain the continuity in terms of representations and clinical phenomena. The authors also discuss the relationship between the attachment and the caregiving systems and hypothesize a common base for the two systems in childhood experience. Finally, they propose the psychoanalytic perspective as a fruitful theoretical framework to integrate the evidence for the neurophysiological mediators and moderators of intergenerational transmission. Psychoanalytically informed research can provide clinically relevant insights and hypotheses to be tested.

  3. Collective animal navigation and migratory culture: from theoretical models to empirical evidence

    Science.gov (United States)

    Dell, Anthony I.

    2018-01-01

    Animals often travel in groups, and their navigational decisions can be influenced by social interactions. Both theory and empirical observations suggest that such collective navigation can result in individuals improving their ability to find their way and could be one of the key benefits of sociality for these species. Here, we provide an overview of the potential mechanisms underlying collective navigation, review the known, and supposed, empirical evidence for such behaviour and highlight interesting directions for future research. We further explore how both social and collective learning during group navigation could lead to the accumulation of knowledge at the population level, resulting in the emergence of migratory culture. This article is part of the theme issue ‘Collective movement ecology’. PMID:29581394

  4. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  5. Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

    Directory of Open Access Journals (Sweden)

    Kai Chang

    2013-01-01

    Full Text Available Under departures from the cost-of-carry theory, traded spot prices and conditional volatility disturbed from futures market have significant impacts on futures price of emissions allowances, and then we propose time-varying hedge ratios and hedging effectiveness estimation using ECM-GARCH model. Our empirical results show that conditional variance, conditional covariance, and their correlation between between spot and futures prices exhibit time-varying trends. Conditional volatility of spot prices, conditional volatility disturbed from futures market, and conditional correlation of market noises implied from spot and futures markets have significant effects on time-varying hedge ratios and hedging effectiveness. In the immature emissions allowances market, market participants optimize portfolio sizes between spot and futures assets using historical market information and then achieve higher risk reduction of assets portfolio revenues; accordingly, we can obtain better hedging effectiveness through time-varying hedge ratios with departures from the cost-of-carry theory.

  6. The gains and losses of collusion: An empirical research on the market behaviors of China’s power enterprises

    Directory of Open Access Journals (Sweden)

    Ruize Gao

    2015-05-01

    Full Text Available Purpose: Collusion is a common behavior of oligarch enterprises aiming to get an advantage in market competition. The purpose of the thesis is to use the empirical research methods to explore positive or negative effects that the electricity generation manufacturers’ collusion has caused at the macro level of Market Economy and the micro level of enterprises’ behaviors. Design/methodology/approach: The designed research model in the thesis is an extension of Porter’s model (Porter, 1984. It applies a more advanced measurement method, FIML. In the example of price bidding project that started by electricity generation enterprises of China’s power industry, the thesis analyzes the relevant price data of subordinate power plants of China’s five power generation groups in pilots of price bidding Policy. Findings: It is found in the thesis that power generation enterprises are facing collusion issues in the market. To be exact, it is such a situation in which non-cooperative competition and collusion alternate. Under the competition, market is relatively steady, thus forming a lower network price. It is helpful to the development of the whole industry. However, once Cartel is formed, the price will rise and clash with power enterprises and transmission-distribution companies concerning the interests conflicts. At the same time, a higher power price will form in the market, making consumers suffer losses. All of these are bad for industry development. Not only the collusion of power enterprises affects power price but also the market power that caused by long-time Cartel will reduce the market entrant in electricity generation. Market resources are centralized in the hands of Cartel, causing a low effective competition in the market, which has passive effects on users. Implications: The empirical research also indicates that collusion undoubtedly benefits the power enterprises that involved. As a cooperation pattern, collusion can lead to

  7. Mixed and Complex Mixed Migration during Armed Conflict: Multidimensional Empirical Evidence from Nepal.

    Science.gov (United States)

    Williams, Nathalie E

    Historically, legal, policy, and academic communities largely ascribed to a dichotomy between forced and voluntary migration, creating a black and white vision that was convenient for legal and policy purposes. More recently, discussions have begun addressing the possibility of mixed migration, acknowledging that there is likely a wide continuum between forced and voluntary, and most migrants likely move with some amount of compulsion and some volition, even during armed conflict. While the mixed migration hypothesis is well-received, empirical evidence is disparate and somewhat blunt at this point. In this article, I contribute a direct theoretical and causal pathway discussion of mixed migration. I also propose the complex mixed migration hypothesis, which argues that not only do non-conflict related factors influence migration during conflict, but they do so differently than during periods of relative peace. I empirically test both hypotheses in the context of the recent armed conflict in Nepal. Using detailed survey data and event history models, results provide strong evidence for both mixed migration and complex mixed migration during conflict hypotheses. These hypotheses and evidence suggest that armed conflict might have substantial impacts on long-term population growth and change, with significant relevance in both academic and policy spheres.

  8. Evolving Importance of Securities Market to Ensure Economic Growth: Evidence from Armenia

    Directory of Open Access Journals (Sweden)

    Salnazaryan Ashot

    2017-12-01

    Full Text Available This research aims to reveal the importance of securities market in ensuring economic growth in Armenia. In order to make the research more substantial, we also examined the impact of other financial market segments, such as insurance market and credit market, on the economic growth. To estimate the relationship between financial market segments and economic growth, an empirical research was conducted using correlation and regression techniques. The research reveals that the most significant impact on the economic growth among Armenian financial market segments has the credit market of Armenia. There is no significant relationship between economic growth and insurance, as well as corporate securities market. It is pointed out in the research, that the evolving importance of the role of securities market in the economic growth is not yet demonstrated in Armenia, which, perhaps, results from the absence of interaction between securities market and economy in Armenia.

  9. Can Big Data Help Predict Financial Market Dynamics?: Evidence from the Korean Stock Market

    Directory of Open Access Journals (Sweden)

    Dong-Jin Pyo

    2017-06-01

    Full Text Available This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

  10. A generalized preferential attachment model for business firms growth rates. I. Empirical evidence

    Science.gov (United States)

    Pammolli, F.; Fu, D.; Buldyrev, S. V.; Riccaboni, M.; Matia, K.; Yamasaki, K.; Stanley, H. E.

    2007-05-01

    We introduce a model of proportional growth to explain the distribution P(g) of business firm growth rates. The model predicts that P(g) is Laplace in the central part and depicts an asymptotic power-law behavior in the tails with an exponent ζ = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. We test the model at different levels of aggregation in the economy, from products, to firms, to countries, and we find that the predictions are in good agreement with empirical evidence on both growth distributions and size-variance relationships.

  11. Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India

    Directory of Open Access Journals (Sweden)

    Sharma Chandan

    2017-08-01

    Full Text Available This paper examines the effect of monetary policy shocks on exchange rate in a Multiple Indicator Approach (MIA framework. This study has employed a monetary policy index of key monetary policy instruments in India (Bank rate, Cash Reserve Ratio, Repo and Reverse Repo rates. The study finds the empirical evidence for puzzling behavior of price level and exchange rate. Both price and exchange rate increase initially in response to a contractionary policy shock. Policy shocks affect output, inflation and exchange rate to an appreciable extent over a forecasting horizon of one year.

  12. CSR Disclosures in the Mining Industry: Empirical Evidence from Listed Mining Firms in Indonesia

    Directory of Open Access Journals (Sweden)

    Rina Asmeri

    2017-06-01

    Full Text Available Companies that are involved in CSR strive to meet the expectations of stakeholders. Therefore, CSR and CSR reporting are tools of legitimacy to demonstrate its obedience (legitimacy theory. This study aims to look at empirical evidence on the effect of profitability and environmental performance on CSR disclosure. This study examined the target population of mining companies listed on the Indonesian Stock Exchange that included the CSR reporting in the 2010-2014 annual report, obtained a sample of 18 companies. By using multiple regression analysis test, there is no significant influence between profitability to CSR disclosure, whilst environmental performance has effect on CSR disclosure.

  13. Examining evidence of ‘shift-contagion’ in African stock markets: A CoVaR-copula approach

    Directory of Open Access Journals (Sweden)

    Gideon Boako

    2017-12-01

    Full Text Available This paper examines for the first time contagion to African stock markets with particular attention to the quantification of, and testing for the impact of (extreme downside movements in foreign exchange and developed stock markets on the (extreme downside risks in Africa stock markets. Using data of weekly periodicity, the empirical analysis captured the pre, during (both turmoil and acute, and post periods of the 2007–2009 global financial crisis. We analyzed contagion by comparing (extreme downside cumulative mean distribution conditional value-at-risk (CoVaR values for African stock markets for successive periods and tested for significance of contagion using the Kolmogorov–Smirnoff (KS bootstrap technique. We used the KS statistic to test the hypothesis of equality or no systemic impact between the conditional African stock market return quantiles (for different successive sub-samples. CoVaR values are computed from four copula specifications — Gaussian, Student-t, Gumbel and Rotated Gumbel. By situating the empirical analysis within the shift-contagion thesis, we found evidence of contagion from some exchange rate and developed equity markets to African stocks only in the acute and the post-crisis periods. The findings are consistent with the view that global shocks propagation to developing markets may stagger during crisis and intensify post-crisis. A practical implication from the results is that given the relatively scarce resources and levels of technological know-how available to African governments, efforts to wean the continent’s equity markets from adverse effects of global market crashes should be geared towards plans and programmes to mitigate the shocks not at the early stages but latter stages, where the effects to Africa could be pronouncedly felt.

  14. How does crisis affect efficiency? An empirical study of East Asian markets

    OpenAIRE

    Syed Aun R. Rizvi; Shaista Arshad

    2016-01-01

    Much research has been undertaken in the Efficient Market Hypothesis (EMH) over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent ...

  15. Labor market modeling recognizing latent job attributes and opportunity constraints : an empirical analysis of labor market behavior of Eritrean women

    OpenAIRE

    Arneberg, Marie W.; Dagsvik, John K.; Jia, Zhiyang

    2002-01-01

    Abstract: This paper analyzes labor market behavior of urban Eritrean women with particular reference to the impact of education, earnings and labor market opportunities. Unlike traditional models of labor supply, which assume that work can be supplied freely in the labor market, we develop a framework that explicitly takes into account the notion of job opportunities and observable sets of feasible jobs. The framework is formulated within a random utility setting in which unob...

  16. 6 essays about auctions: a theoretical and empirical analysis. Application to power markets

    International Nuclear Information System (INIS)

    Lamy, L.

    2007-06-01

    This thesis is devoted to a theoretical and empirical analysis of auction mechanisms. Motivated by allocation issues in network industries, in particular by the liberalization of the electricity sector, it focus on auctions with externalities (either allocative or informational) and on multi-objects auctions. After an introduction which provides a survey of the use and the analysis of auctions in power markets, six chapters make this thesis. The first one considers standard auctions in Milgrom-Weber's model with interdependent valuations when the seller can not commit not to participate in the auction. The second and third chapters study the combinatorial auction mechanism proposed by Ausubel and Milgrom. The first of these two studies proposes a modification of this format with a final discount stage and clarifies the theoretical status of those formats, in particular the conditions such that truthful reporting is a dominant strategy. Motivated by the robustness issues of the generalizations of the Ausubel-Milgrom and the Vickrey combinatorial auctions to environments with allocative externalities between joint-purchasers, the second one characterizes the buyer-sub-modularity condition in a general model with allocative identity-dependent externalities between purchasers. In a complete information setup, the fourth chapter analyses the optimal design problem when the commitment abilities of the principal are reduced, namely she can not commit to a simultaneous participation game. The fifth chapter is devoted to the structural analysis of the private value auction model for a single-unit when the econometrician can not observe bidders' identities. The asymmetric independent private value (IPV) model is identified. A multi-step kernel-based estimator is proposed and shown to be asymptotically optimal. Using auctions data for the anglo-french electric Interconnector, the last chapter analyses a multi-unit ascending auctions through reduced forms. (author)

  17. Foreign institutional investments in India: An empirical analysis of dynamic interactions with stock market return and volatility

    Directory of Open Access Journals (Sweden)

    Vaishali S. Dhingra

    2016-12-01

    Full Text Available This paper investigates interactions of foreign institutional investments with market returns and market volatility in India using both static and dynamic models based on daily data. The findings of both models show foreign investors as positive feedback traders while investing in the Indian market, and as negative feedback traders during their withdrawal. Using the impulse response functions based on vector autoregression, we find strong evidence that foreign institutional investments destabilise the market, particularly with selling activities, as they significantly increase the volatility.

  18. What factors drive interest rate spread of commercial banks? Empirical evidence from Kenya

    Directory of Open Access Journals (Sweden)

    Maureen Were

    2014-12-01

    Full Text Available The paper empirically investigates the determinants of interest rate spread in Kenya's banking sector based on panel data analysis. The findings show that bank-specific factors play a significant role in the determination of interest rate spreads. These include bank size, credit risk as measured by non-performing loans to total loans ratio, return on average assets and operating costs, all of which positively influence interest rate spreads. On the other hand, higher bank liquidity ratio has a negative effect on the spreads. On average, big banks have higher spreads compared to small banks. The impact of macroeconomic factors such as real economic growth is insignificant. The effect of the monetary policy rate is positive but not highly significant. The results largely reflect the structure of the banking industry, in which a few big banks control a significant share of the market.

  19. From Strategic Planning to City Branding: Some Empirical Evidence in Italy

    Directory of Open Access Journals (Sweden)

    Paolo Rizzi

    2010-04-01

    Full Text Available In a globalized world where places compete with each other, the image of the city plays a crucial role to attract tourists and investors, and to make citizens stay with satisfaction and avoid their moving away. By exploring the connections and implications between theory and empirical outcomes of some Italian cities as to its attractiveness for tourists and investors, this paper intends to offer a useful overview both for academicians and practitioners. The purpose is not only to go through the extensive literature on strategic planning place marketing and city branding, but to focus specifically on some Italian cases (Turin, Genoa, Venice, Piacenza, where the application of the above mentionedinstruments has provided interesting results to compare.

  20. Intra- and Inter-Regional Return and Volatility Spillovers Across Emerging and Developing Markets: Evidence from Stock Indices and Stock Index Futures

    OpenAIRE

    Yarovaya, Larisa; Brzeszczynski, Janusz; Lau, Marco Chi Keung

    2016-01-01

    We provide empirical evidence on the patterns of intra- and inter-regional transmission of information across 10 developed and 11 emerging markets in Asia, the Americas, Europe and Africa using both stock indices and stock index futures. The main transmission channels are examined in the period from 2005 to 2014 through the analysis of return and volatility spillovers around the most recent crises based on the generalized vector autoregressive framework. Our findings demonstrate that markets ...

  1. An empirical study of real estate stock return behavior on the Nordic markets : – A 2003-2013 study

    OpenAIRE

    Mäki, David; Lundström, Martin

    2013-01-01

    The financial crisis has made the stock markets a very turbulent place. Investors have therefore begun searching for stable and profitable investments. Nordic real estate has for decades steadily increased in value and the stocks of real estate companies are said to be less risky than the market. This has led to a view of them being a safe haven for risk adverse investors. Very few empirical studies have been done on how these supposedly safe stocks actually behave in the Nordic countries. Th...

  2. WHAT IS THE PURPOSE OF ISO 9000 CERTIFICATION? EMPIRICAL EVIDENCE FROM FRENCH MICRO-DATA

    Directory of Open Access Journals (Sweden)

    Sanja Pekovic

    2008-03-01

    Full Text Available The ISO 9000 certification is often associated with quality approach, and activities that are by now widely diffused throughout business. The statistical research shows that quality management practice is one of the most utilized tools because in 1997, more than a third of industrial firms have received the quality certification. Regarded like an investment in a diploma, investment in quality norms can at the same time be a function of improvement of the company's competence and can also make a signal on the market. In our research, we want to understand those two functions of the ISO 9000 certification and to see how they act in the company and on the market. The paper will explore two possible functions of the certification and will analysis the consequences for the firms. The research will use national statistics sources and case research for the empirical investigation to identify the internal characteristics of ISO 9000 adoption. Also, it will use C.O.I database (Organizational Changes and Computerization of 1997 and E.A.E. database (Annual Survey of Industry. In this research, the empirical results show that ISO certification has a part of increase the level of firm's export. Moreover, the firms that have recently adopted the ISO certification invest more in quality than those that have adopted ISO certification more ago. The results show that the firms from same sector of activity "are pushed" to adopt certification. At the end, the results show that, the probability that the firm adopt ISO certification increase with firm's size.

  3. INTERNAL AND EXTERNAL DETERMINANTS OF COMMERCIAL BANKS PROFITABILITY: EMPIRICAL EVIDENCE FROM BULGARIA AND ROMANIA

    Directory of Open Access Journals (Sweden)

    FIRTESCU BOGDAN

    2015-07-01

    Full Text Available Our study focuses on commercial banks which are operating in Bulgaria and Romania, two countries whose banking sectors have registered major structural changes in the transition to a market economy and which are showing some similarities. Similar to other EU countries, the financial system from Bulgaria and Romania is dominated by the banking sector, which holds the largest share of total assets. Thus, we can say that health, strength and performance of the banking sector are of major importance for the sustainable economic development of states, but also for efficient transmission of monetary policy decisions on the real economy. The paper aims to identify the key factors that affect bank profitability and to evaluate empirically their contribution to a sample of 29 commercial banks in Bulgaria and Romania, for the period 2003-2012. Our research is based on data from the Bureau Van Dijk database, the World Bank and the European Central Bank and uses panel data estimation techniques. The dependent variable used in our study is the bank profitability, which is measured by two representative indicators the Return on Average Assets (ROAA and Return on Average Equity (ROAE. Regarding the independent variables, our analysis includes capital adequacy, the loan loss reserve rate, cost to income ratio, the ratio of liquid assets to total assets, the interest expenses to deposits ratio, the non-interest income over total gross revenues, bank size, the GDP per capita growth, inflation rate, domestic bank credit to private sector and banking industry concentration. The results of our empirical study shows that among the variables considered, the loan loss reserve rate, the ratio of cost to income, GDP per capita growth and domestic bank credit to the private sector, have a significant impact on bank profitability, results in line with our expectations, but also with the results of other empirical studies.

  4. Bacterial clonal diagnostics as a tool for evidence-based empiric antibiotic selection.

    Directory of Open Access Journals (Sweden)

    Veronika Tchesnokova

    Full Text Available Despite the known clonal distribution of antibiotic resistance in many bacteria, empiric (pre-culture antibiotic selection still relies heavily on species-level cumulative antibiograms, resulting in overuse of broad-spectrum agents and excessive antibiotic/pathogen mismatch. Urinary tract infections (UTIs, which account for a large share of antibiotic use, are caused predominantly by Escherichia coli, a highly clonal pathogen. In an observational clinical cohort study of urgent care patients with suspected UTI, we assessed the potential for E. coli clonal-level antibiograms to improve empiric antibiotic selection. A novel PCR-based clonotyping assay was applied to fresh urine samples to rapidly detect E. coli and the urine strain's clonotype. Based on a database of clonotype-specific antibiograms, the acceptability of various antibiotics for empiric therapy was inferred using a 20%, 10%, and 30% allowed resistance threshold. The test's performance characteristics and possible effects on prescribing were assessed. The rapid test identified E. coli clonotypes directly in patients' urine within 25-35 minutes, with high specificity and sensitivity compared to culture. Antibiotic selection based on a clonotype-specific antibiogram could reduce the relative likelihood of antibiotic/pathogen mismatch by ≥ 60%. Compared to observed prescribing patterns, clonal diagnostics-guided antibiotic selection could safely double the use of trimethoprim/sulfamethoxazole and minimize fluoroquinolone use. In summary, a rapid clonotyping test showed promise for improving empiric antibiotic prescribing for E. coli UTI, including reversing preferential use of fluoroquinolones over trimethoprim/sulfamethoxazole. The clonal diagnostics approach merges epidemiologic surveillance, antimicrobial stewardship, and molecular diagnostics to bring evidence-based medicine directly to the point of care.

  5. Bacterial clonal diagnostics as a tool for evidence-based empiric antibiotic selection.

    Science.gov (United States)

    Tchesnokova, Veronika; Avagyan, Hovhannes; Rechkina, Elena; Chan, Diana; Muradova, Mariya; Haile, Helen Ghirmai; Radey, Matthew; Weissman, Scott; Riddell, Kim; Scholes, Delia; Johnson, James R; Sokurenko, Evgeni V

    2017-01-01

    Despite the known clonal distribution of antibiotic resistance in many bacteria, empiric (pre-culture) antibiotic selection still relies heavily on species-level cumulative antibiograms, resulting in overuse of broad-spectrum agents and excessive antibiotic/pathogen mismatch. Urinary tract infections (UTIs), which account for a large share of antibiotic use, are caused predominantly by Escherichia coli, a highly clonal pathogen. In an observational clinical cohort study of urgent care patients with suspected UTI, we assessed the potential for E. coli clonal-level antibiograms to improve empiric antibiotic selection. A novel PCR-based clonotyping assay was applied to fresh urine samples to rapidly detect E. coli and the urine strain's clonotype. Based on a database of clonotype-specific antibiograms, the acceptability of various antibiotics for empiric therapy was inferred using a 20%, 10%, and 30% allowed resistance threshold. The test's performance characteristics and possible effects on prescribing were assessed. The rapid test identified E. coli clonotypes directly in patients' urine within 25-35 minutes, with high specificity and sensitivity compared to culture. Antibiotic selection based on a clonotype-specific antibiogram could reduce the relative likelihood of antibiotic/pathogen mismatch by ≥ 60%. Compared to observed prescribing patterns, clonal diagnostics-guided antibiotic selection could safely double the use of trimethoprim/sulfamethoxazole and minimize fluoroquinolone use. In summary, a rapid clonotyping test showed promise for improving empiric antibiotic prescribing for E. coli UTI, including reversing preferential use of fluoroquinolones over trimethoprim/sulfamethoxazole. The clonal diagnostics approach merges epidemiologic surveillance, antimicrobial stewardship, and molecular diagnostics to bring evidence-based medicine directly to the point of care.

  6. Markets in Education: An Analytical Review of Empirical Research on Market Mechanisms in Education. OECD Education Working Papers, No. 52

    Science.gov (United States)

    Waslander, Sietske; Pater, Cissy; van der Weide, Maartje

    2010-01-01

    In the last three decennia, many governments have introduced market mechanisms in education. They have done so by enhancing parental choice and encouraging school competition, through policies like abolishing catchment areas, creating voucher programmes and setting up charter schools. These market mechanisms have given rise to fierce debates in…

  7. Empirical evidence on the demand for carve-outs in employment group mental health coverage.

    Science.gov (United States)

    Salkever, David S.; Shinogle, Judith A.

    2000-06-01

    BACKGROUND AND AIMS OF THE STUDY: The use of specialized behavioral health companies to manage mental/health benefits has become widespread in recent years. Recent studies have reported on the cost and utilization impacts of behavioral health carve-outs. Yet little previous research has examined the factors which lead employer-based health plans to adopt a carve-out strategy for mental health benefits. The examination of these factors is the main focus of our study. Our empirical analysis is also intended to explore several hypotheses (moral hazard, adverse selection, economies of scale and alternate utilization management strategies) that have recently been advanced to explain the popularity of carve-outs. METHODS: The data for this study are from a survey of employers who have long-term disability contracts with one large insurer. The analysis uses data from 248 employers who offer mental health benefits combined with local market information (e.g. health care price proxies, state tax rates etc), state regulations (mental health and substance abuse mandate and parity laws) and employee characteristics. Two different measures of carve-out use were used as dependent variables in the analysis: (1) the fraction of health plans offered by the employer that contained carve-out provisions and (2) a dichotomous indicator for those employers who included a carve-out arrangement in all the health plans they offered. RESULTS: Our results tended to support the general cost-control hypothesis that factors associated with higher use and/or costs of mental health services increase the demand for carve-outs. Our results gave less consistent support to the argument that carve-outs are demanded to control adverse selection, though only a few variables provided a direct test of this hypothesis. The role of economies of scale (i.e., group size) and the effectiveness of alternative strategies for managing moral hazard costs (i.e., HMOs) were confirmed by our results. DISCUSSION: We

  8. Relevant factors for the impact of social media marketing strategies: Empirical study of the internet travel agency sector

    OpenAIRE

    Lebherz, Philipp Robert

    2011-01-01

    Projecte final de carrera fet en col.laboració amb Karlsruher Institut für Technologie English: Final proyect with the topic "relevant factors for the impact of social media marketing strategies - an empirical study of the internet travel agency sector" at Faculty of Informatics and the chair of management. Supervised by Ferran Sabaté and Antonio Cañabate. Student Philipp Lebherz.

  9. China’s Land Market Auctions: Evidence of Corruption?

    Science.gov (United States)

    Cai, Hongbin; Henderson, J. Vernon; Zhang, Qinghua

    2013-01-01

    This paper studies the urban land market in China in 2003—2007. In China, all urban land is owned by the state. Leasehold use rights for land for (re)development are sold by city governments and are a key source of city revenue. Leasehold sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type which we call a “two stage auction”. The latter type of auction seems more subject to corruption, and to side deals between potential bidders and the auctioneer. Absent corruption, theory suggests that two stage auctions would most likely maximize sales revenue for properties which are likely to have relatively few bidders, or are “cold”, which would suggest negative selection on property unobservables into such auctions. However, if such auctions are more corruptible, that could involve positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall, sales prices are lower for two stage auctions, and there is strong evidence of positive selection. The price difference is explained primarily by the fact that two stage auctions typically have just one bidder, or no competition despite the vibrant land market in Chinese cities. PMID:25506125

  10. If It Works for Pills, Can It Work for Skills? Direct-to-Consumer Social Marketing of Evidence-Based Psychological Treatments.

    Science.gov (United States)

    Friedberg, Robert D; Bayar, Hasan

    2017-06-01

    The emergence of evidence-based psychological treatments (EVPTs) is a scientific success story, but unfortunately the application of these empirically supported procedures has been slow to gain ground in treatment-as-usual settings. This Open Forum commentary argues that direct-to-consumer (DTC) marketing, which has worked well in communicating the advantages of various medicines, should perhaps be considered for use in social marketing of EVPTs. DTC marketing of pharmaceuticals is a long-standing advertising strategy in the United States. In fact, DTC marketing of psychotropic medicines is quite a success story. The authors recommend various strategies for using marketing science to devise DTC advertising of EVPTs, discuss previous research on DTC campaigns, and describe initiatives launched in the United Kingdom and Europe to promote EVPTs. Suggestions for evaluating and regulating DTC marketing of EVPTs are included. Finally, the potential for DTC marketing of EVPTs to increase mental health literacy and reduce health disparities is explored.

  11. An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

    Institute of Scientific and Technical Information of China (English)

    Wang Zhen; Liu Zhenhai; Chen Chao

    2007-01-01

    This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.

  12. Empirical evaluation of the efficiency of the Iberian power futures market

    Directory of Open Access Journals (Sweden)

    Álvaro Capitán Herráiz

    2008-12-01

    Full Text Available Market efficiency is analysed for the Iberian Power Futures Market and other European Power Markets, as well as other fuel markets through evaluation of ex-post Forward Risk Premium. The equilibrium price from compulsory call auctions for distribution companies within the framework of the Iberian Power Futures Market is not optimal for remuneration purposes as it seems to be slightly upward biased, though such a premium is not significant (only around 2% above the average of Settlement Prices. In the period considered (August 2006 to September 2008, monthly futures contracts behave similarly to quarterly contracts. Average risk premia have been positive in power and natural gas markets but negative in oil and coal markets. Different hypotheses are tested regarding increasing volatility with maturity and regarding Forward Risk Premium correlations (negative with variance of spot prices during delivery period and positive with skewness of spot prices during delivery period. Enlarged data sets are recommended for stronger test results. Energy markets tend to show limited levels of market efficiency. Regarding the emerging Iberian Power Futures Market, price efficiency is improved with market development and with further integration of European Regional Power Markets.

  13. Preparation for Careers in International Marketing: An Empirical Investigation of Students' Attitudes and Perceptions.

    Science.gov (United States)

    Shannon, J. Richard; And Others

    1995-01-01

    A survey of 1,135 college students tested 4 hypotheses concerning the attitudes of marketing majors and nonmarketing majors (including nonbusiness majors) toward international marketing and business. Results suggest that, despite recognition of the increasing importance of international marketing to the future of American business, American…

  14. Why do women choose or reject careers in academic medicine? A narrative review of empirical evidence.

    Science.gov (United States)

    Edmunds, Laurel D; Ovseiko, Pavel V; Shepperd, Sasha; Greenhalgh, Trisha; Frith, Peggy; Roberts, Nia W; Pololi, Linda H; Buchan, Alastair M

    2016-12-10

    Women are under-represented in academic medicine. We reviewed the empirical evidence focusing on the reasons for women's choice or rejection of careers in academic medicine. Using a systematic search, we identified 52 studies published between 1985, and 2015. More than half had methodological limitations and most were from North America. Eight main themes were explored in these studies. There was consistent evidence for four of these themes: women are interested in teaching more than in research; participation in research can encourage women into academic medicine; women lack adequate mentors and role models; and women experience gender discrimination and bias. The evidence was conflicting on four themes: women are less interested in research than men; women lose commitment to research as their education and training progress; women are deterred from academic careers by financial considerations; and women are deterred by concerns about work-life balance. Inconsistency of findings across studies suggests significant opportunities to overcome barriers by providing a more enabling environment. We identified substantial gaps in the scientific literature that could form the focus of future research, including shifting the focus from individuals' career choices to the societal and organisational contexts and cultures within which those choices are made; extending the evidence base to include a wider range of countries and settings; and testing the efficacy of interventions. Copyright © 2016 Elsevier Ltd. All rights reserved.

  15. STOCK MARKET AND TAX REVENUE COLLECTION IN MALAYSIA: EVIDENCE FROM COINTEGRATION AND CAUSALITY TESTS

    OpenAIRE

    Roshaiza Taha

    2013-01-01

    This study empirically examined the relationship between stock market performance and taxation in Malaysia over the period 1980 to 2008. The Gregory Hansen methodology was utilized to examine which tax collected by Malaysia’s Government most impacted stock market performance in Malaysia. The results show that stock market performance contributes most to the changes in company tax revenue as compared to personal taxes and real property gain taxes. In addition, the analysis detects a signific...

  16. Does Automation Improve Stock Market Efficiency? Evidence from Ghana

    OpenAIRE

    Mensah, Justice T.; Pomaa-Berko, Maame; Adom, Philip Kofi

    2012-01-01

    As a burgeoning capital market in an emerging economy, automation of the stock market is regarded as a major step towards integrating the financial market as a conduit for economic growth. The automation of the Ghana Stock Exchange (GSE) in 2008 is expected among other things to improve the efficiency of the market. This paper therefore investigates the impact of the automation on the efficiency of the GSE within the framework of the weak-form Efficient Market Hypothesis (EMH) using daily mar...

  17. Reflection of the Cointegration Relation among the Stock Markets on the Portfolio Choices: An Empirical Application for Fragile Five Countries

    Directory of Open Access Journals (Sweden)

    Gulfen Tuna

    2016-12-01

    Full Text Available The aim of this study is to examine the long-term relationship between each pair of the countries separate from those in the Stock Markets of Fragile Five Countries and determine the optimal portfolio options for each of the BIITS countries according to the pieces of evidence obtained. Thus, the reflection of the concertedness among financial markets to the optimal portfolio options has been studied. Accordingly, long term relationships between each pair of BIITS countries have been investigated with monthly price value between June 2006 and July 2015 by means of Maki Cointegration Test. Optimal portfolio options have been established according to the Markowitz Model considering the long-term relationships between the markets. The pieces of evidence obtained show that lower-risk portfolios than the ones in their own national markets can be established in BIITS countries by applying international diversification

  18. Bid-Ask Spreads, Trading Volume and Return Volatility: Intraday Evidence from Indian Stock Market

    Directory of Open Access Journals (Sweden)

    Rashmi Ranjan Paital

    2016-01-01

    Full Text Available This paper empirically examines the relationship between stock return volatility, trading volume and bid-ask spread within the scope of mixture of distribution hypothesis (MDH and sequential information arrival hypothesis (SIAH in the Indian stock market using high frequency 5-minute data set over the period of 2 July 2012 to 31 December 2012. This is the first kind of study in India using bid-ask spread as an additional information variable along with trading volume to investigate the relationship with stock return volatility. Our empirical findings provide evidence of a positive contemporaneous relationship between return volatility and trading volume, and also between return volatility and bid-ask spread. Moreover, the results of Granger causality test show that the information content of trading volume and bid-ask spread are useful for predicting stock return volatility. Our results indicate that information arrival to investors tends to follow a sequential rather than a simultaneous process. This finding is consistent with the sequential information arrival hypothesis and contradicts the mixture of distribution hypothesis.

  19. No evidence of chaos but some evidence of dependence in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Shintani, Mototsugu

    2003-01-01

    This paper uses recent advances in the field of applied econometrics and tools from dynamical systems theory to test for random walks and chaos in the US stock market, using daily observations on the Dow Jones Industrial Average (from January 3, 1928 to October 18, 2000 - a total of 18,490 observations). In doing so, we follow the recent contribution by Whang and Linton [J Econometr 91 (1999) 1] and construct the standard error for the Nychka et al. [J Roy Statist Soc B 54 (1992) 399] dominant Lyapunov exponent, thereby providing a statistical test of chaos. We find statistically significant evidence against low-dimensional chaos and point to the use of stochastic models and statistical inference in the modeling of asset markets

  20. No evidence of chaos but some evidence of dependence in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos E-mail: serletis@ucalgary.ca; Shintani, Mototsugu E-mail: mototsugu.shintani@vanderbilt.edu

    2003-07-01

    This paper uses recent advances in the field of applied econometrics and tools from dynamical systems theory to test for random walks and chaos in the US stock market, using daily observations on the Dow Jones Industrial Average (from January 3, 1928 to October 18, 2000 - a total of 18,490 observations). In doing so, we follow the recent contribution by Whang and Linton [J Econometr 91 (1999) 1] and construct the standard error for the Nychka et al. [J Roy Statist Soc B 54 (1992) 399] dominant Lyapunov exponent, thereby providing a statistical test of chaos. We find statistically significant evidence against low-dimensional chaos and point to the use of stochastic models and statistical inference in the modeling of asset markets.

  1. Measuring and testing natural gas and electricity markets volatility : evidence from Alberta's deregulated markets

    International Nuclear Information System (INIS)

    Serletis, A.; Shahmoradi, A.

    2005-01-01

    A number of innovative methods for modelling spot wholesale electricity prices have recently been developed. However, these models have primarily used a univariate time series approach to the analysis of electricity prices. This paper specified and estimated a multivariate GARCH-M model of natural gas and electricity price changes and their volatilities, using data over the deregulated period between January 1996 to November 2004 from Alberta's spot power and natural gas markets. The primary objective of the model was to investigate the relationship between electricity and natural gas prices. It was noted that the model allows for the possibilities of spillovers and asymmetries in the variance-covariance structure for natural gas and electricity price changes, and also for the separate examination of the effects of the volatility of anticipated and unanticipated changes in natural gas and electricity prices. Section 2 of the paper provided a description of the model used to test for causality between natural gas and electricity price changes, while section 3 discussed the data and presented the empirical results. It was concluded that there is a bidirectional causality between natural gas and electricity price changes. However, neither anticipated nor unanticipated natural gas price volatility causes electricity price changes. Anticipated electricity price volatility has a causal effect on natural gas. 10 refs., 2 tabs., 3 figs

  2. Religious Europe, Russia and Serbia: Past and present (Arguments of empirical evidence: The case of Europe

    Directory of Open Access Journals (Sweden)

    Blagojević Mirko

    2008-01-01

    Full Text Available The author has envisaged to publish three articles in three issues of "Philosophy and Society" magazine in which, relying on the empirical scientific evidence, plans to reveal the scope and level of religiousness in some European countries, then to study the case of Russia in a separate text and finally to analyze religiousness of people in Serbia and their attachment to the church and religion. This sequence of publication has its own logics looking forward to the empirical research called "European Values Study" - a longitudinal and international comparative survey of human values - in almost all European countries including, for the first time, Serbia in 2008, the author first aims to present results of previous sociological research which are representative for the area of Europe, and then for the Orthodox area in the country with the highest number of Orthodox believers in the world. Therefore, in the last article the author will be able to compare the religious situation in Serbia not only with the (non-religious Europe but the (non-religious Orthodox Russia as well.

  3. The effect of economic development on population health: a review of the empirical evidence.

    Science.gov (United States)

    Lange, Simon; Vollmer, Sebastian

    2017-01-01

    Economic growth is considered an important determinant of population health. Relevant studies investigating the effect of economic growth on health outcomes were identified from Google Scholar and PubMed searches in economics and medical journals. Additional resources generated through economic growth are potentially useful for improving population health. The empirical evidence on the aggregate effect of economic growth on population health is rather mixed and inconclusive. The causal pathways from economic growth to population health are crucial and failure or success in completing the pathways explains differences in empirical findings. Future research should investigate how additional resources can more effectively reach those in need and how additional resources can be used more efficiently. It is particularly relevant to understand why preventive health care in developing countries is very price elastic whereas curative health care is very health inelastic and how this understanding can inform public health policy. © The Author 2017. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com

  4. Women's autonomy and reproductive health care utilisation: empirical evidence from Tajikistan.

    Science.gov (United States)

    Kamiya, Yusuke

    2011-10-01

    Women's autonomy is widely considered to be a key to improving maternal health in developing countries, whereas there is no consistent empirical evidence to support this claim. This paper examines whether or not and how women's autonomy within the household affects the use of reproductive health care, using a household survey data from Tajikistan. Estimation is performed by the bivariate probit model whereby woman's use of health services and the level of women's autonomy are recursively and simultaneously determined. The data is from a sample of women aged 15-49 from the Tajikistan Living Standard Measurement Survey 2007. Women's autonomy as measured by women's decision-making on household financial matters increase the likelihood that a woman receives antenatal and delivery care, whilst it has a negative effect on the probability of attending to four or more antenatal consultations. The hypothesis that women's autonomy and reproductive health care utilisation are independently determined is rejected for most of the estimation specifications, indicating the importance of taking into account the endogenous nature of women's autonomy when assessing its effect on health care use. The empirical results reconfirm the assertion that women's status within the household is closely linked to reproductive health care utilisation in developing countries. Policymakers therefore need not only to implement not only direct health interventions but also to focus on broader social policies which address women's empowerment. Copyright © 2011 Elsevier Ireland Ltd. All rights reserved.

  5. Climate change and the collapse of the Akkadian empire: Evidence from the deep sea

    Energy Technology Data Exchange (ETDEWEB)

    Cullen, H.M.; Menocal, P.B. de; Hemming, S.; Hemming, G.; Brown, F.H.; Guilderson, T.; Sirocko, F.

    2000-04-01

    The Akkadian empire ruled Mesopotamia from the headwaters of the Tigris-Euphrates Rivers to the Persian Gulf during the late third millennium B.C. Archeological evidence has shown that this highly developed civilization collapsed abruptly near 4,170 {+-} 150 calendar yr B.P., perhaps related to a shift to more arid conditions. Detailed paleoclimate records to test this assertion from Mesopotamia are rare, but changes in regional aridity are preserved in adjacent ocean basins. The authors document Holocene changes in regional aridity using mineralogic and geochemical analyses of a marine sediment core from the Gulf of Oman, which is directly downwind of Mesopotamian dust source areas and archeological sites. Results document a very abrupt increase in eolian dust and Mesopotamian aridity, accelerator mass spectrometer radiocarbon dates to 4,025 {+-} 125 calendar yr B.P., which persisted for {approximately} 300 yr. Radiogenic (Nd and Sr) isotope analyses confirm that the observed increase in mineral dust was derived from Mesopotamian source areas. Geochemical correlation of volcanic ash shards between the archeological site and marine sediment record establishes a direct temporal link between Mesopotamian aridification and social collapse, implicating a sudden shift to more arid conditions as a key factor contributing to the collapse of the Akkadian empire.

  6. An Empirical Research on Non-Economic Factors That Effects Individuals Stock Market Participation Preferences

    Directory of Open Access Journals (Sweden)

    Ali BAYRAKDAROĞLU

    2015-12-01

    Full Text Available The purpose of this study, understanding the direct participation of depositors in Turkey to stock markets according to some social and behavioral factors. Because of unable to explain stock market and risk free assets market participation differences even with risk premium and low level of stock market participation led us to consider some social factors like financial literacy, risk perception, trust, short and long term market expectations. This study was conducted on 329 students Business Administration department at Faculty of Economics and Administrative Sciences of Muğla Sıtkı Koçman University by using survey technique. The data were analyzed by logistic regression showed that social factors like risk perception, financial literacy, trust to financial institutions, short and long term expectations affects the stock market participation preferences.

  7. The role of confidence in the evolution of the Spanish economy: empirical evidence from an ARDL model

    Directory of Open Access Journals (Sweden)

    Pablo Castellanos García

    2014-12-01

    Full Text Available The aim of this paper is to verify the existence and to determine the nature of long-term relationships between economic agents’ confidence, measured by the Economic Sentiment Index (ESI, with some of the "fundamentals" of the Spanish economy. In particular, by modeling this type of relations, we try to determine whether confidence is a dependent (explained or independent (explanatory variable. Along with confidence, in our model we incorporate variables such as risk premium of sovereign debt, financial market volatility, unemployment, inflation, public and private debt and the net lending/net borrowing of the economy. For the purpose of obtaining some empirical evidence on the exogenous or endogenous character of the above mentioned variables an ARDL (Autoregressive-Distributed Lag model is formulated. The model is estimated with quarterly data of the Spanish economy for the period 1990-2012. Our findings suggest that: (a unemployment is the dependent variable, (b there is an inverse relationship between ESI in Spain and unemployment; and (c the Granger causality goes from confidence to unemployment.

  8. Response Asymmetry in Spillover Volatility: an Empirical Study in the Indonesia and Singapore Stock Market

    OpenAIRE

    Siti Saadah

    2013-01-01

    Following the blueprint of the ASEAN integration 2015, the integration of the financial markets in this region will increase. This study investigates the existence of a volatility spillover from the Singaporean stock market into Indonesia, including its transmission pattern. Singapore, as an advanced country in the ASEAN region, has played an important role as the information leader in the market of this region, so that it is very possible that the shocks in the Singapore’s stock mark...

  9. An Empirical Study on Marketing Effectiveness Evaluation of Green Food Industry

    OpenAIRE

    Yazhou Xiong; Qianxia Lu; Rui Wang

    2015-01-01

    This study aims to evaluate the marketing effectiveness of green food industry in Hubei Province via fuzzy comprehensive evaluation. Based on the cost basis of analysis of present situation, an evaluation system of marketing effectiveness evaluation on green food industry is established from three aspects, including the industry factor, policy factor and marketing performance factor. And fuzzy comprehensive evaluation method is used to make the quantitative research, analyze the major obstacl...

  10. LUXURY BRANDS IN THE DIGITAL AGE: AN EMPIRICAL ANALYSIS OF THE EFFECTIVENESS OF DIGITAL MARKETING STRATEGIES

    OpenAIRE

    Yu, Shubin

    2017-01-01

    The rise of the internet technology has drawn the attention of many luxury marketers and researchers. Digital marketing is regarded as “activities, institutions, and processes facilitated by digital technologies for creating, communicating and delivering value for customers and other stake-holders” (Kannan & Li, 2017, p. 23). Digital marketing enhances value for customers and creates customer equity and firm value (Kannan & Li, 2017). For luxury brands, it is not a big problem to integrate ce...

  11. An Empirical Study of Affiliate Marketing Disclosures on YouTube and Pinterest

    OpenAIRE

    Mathur, Arunesh; Narayanan, Arvind; Chetty, Marshini

    2018-01-01

    While disclosures relating to various forms of Internet advertising are well established and follow specific formats, endorsement marketing disclosures are often open-ended in nature and written by individual publishers. Because such marketing often appears as part of publishers' actual content, ensuring that it is adequately disclosed is critical so that end-users can identify it as such. In this paper, we characterize disclosures relating to affiliate marketing---a type of endorsement based...

  12. CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

    Directory of Open Access Journals (Sweden)

    Aysun Ficici

    2012-01-01

    Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

  13. Response Asymmetry in Spillover Volatility: An Empirical Study in the Indonesia and Singapore Stock Market

    Directory of Open Access Journals (Sweden)

    Siti Saadah

    2013-07-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Following the blueprint of the ASEAN integration 2015, the integration of the financial markets in this region will increase. This study investigates the existence of a volatility spillover from the Singaporean stock market into Indonesia, including its transmission pattern. Singapore, as an advanced country in the ASEAN region, has played an important role as the information leader in the market of this region, so that it is very possible that the shocks in the Singapore’s stock market will be transmitted to another stock market in this region. Using TGARCH (1,1 model specification regarding the data of the daily return of the Indonesia market index (IHSG for the period of January 2008 – August 2012, it is observed that the shock that took place in the Singapore stock market is immediately transmitted to the Indonesia stock market with two important asymmetric patterns. The transmission of the shock from the Singapore stock exchange becomes stronger when this market (1 experiences a negative return, and (2 is in the bearish phase.  Normal 0 false false false EN-US X-NONE X-NONE Why autobiographical memories for traumatic and emotional events might differ: theoretical arguments and empirical evidence.

    Science.gov (United States)

    Sotgiu, Igor; Rusconi, Maria Luisa

    2014-01-01

    The authors review five arguments supporting the hypothesis that memories for traumatic and nontraumatic emotional events should be considered as qualitatively different recollections. The first argument considers the objective features of traumatic and emotional events and their possible influence on the formation of memories for these events. The second argument assumes that traumatic memories distinguish from emotional ones as trauma exposure is often associated with the development of psychological disorders involving memory disturbances. The third argument is that traumatic experiences are more likely than emotional experiences to be forgotten and recovered. The fourth argument concerns the possibility that emotional memories are socially shared more frequently than traumatic memories. A fifth argument suggests that trauma exposure may impair selected brain systems implicated in memory functions. Theoretical and empirical evidence supporting these claims is reviewed. In the conclusions, the authors illustrate future research directions and discuss some conceptual issues related to the definitions of traumatic event currently employed by memory researchers.

  14. Financial development and economic growth: literature survey and empirical evidence from sub-Saharan African countries

    Directory of Open Access Journals (Sweden)

    Songul Kakilli Acaravci

    2011-08-01

    Full Text Available In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in Sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 Sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.

  15. Vertical Integration of Hospitals and Physicians: Economic Theory and Empirical Evidence on Spending and Quality.

    Science.gov (United States)

    Post, Brady; Buchmueller, Tom; Ryan, Andrew M

    2017-08-01

    Hospital-physician vertical integration is on the rise. While increased efficiencies may be possible, emerging research raises concerns about anticompetitive behavior, spending increases, and uncertain effects on quality. In this review, we bring together several of the key theories of vertical integration that exist in the neoclassical and institutional economics literatures and apply these theories to the hospital-physician relationship. We also conduct a literature review of the effects of vertical integration on prices, spending, and quality in the growing body of evidence ( n = 15) to evaluate which of these frameworks have the strongest empirical support. We find some support for vertical foreclosure as a framework for explaining the observed results. We suggest a conceptual model and identify directions for future research. Based on our analysis, we conclude that vertical integration poses a threat to the affordability of health services and merits special attention from policymakers and antitrust authorities.

  16. Innovation in clean coal technologies. Empirical evidence from firm-level patent data

    Energy Technology Data Exchange (ETDEWEB)

    Kruse, Juergen [Koeln Univ. (Germany). Dept. of Economics; Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Wetzel, Heike [Kassel Univ. (Germany). Inst. of Economics

    2016-02-15

    This article empirically analyzes supply-side and demand-side factors expected to a.ect innovation in clean coal technologies. Patent data from 93 national and international patent offices is used to construct new firm-level panel data on 3,648 clean coal innovators over the time period 1978 to 2009. The results indicate that on the supply-side a firm¡¯s history in clean coal patenting and overall propensity to patent positively a.ects clean coal innovation. On the demand-side we find strong evidence that environmental regulation of emissions, that is CO{sub 2}, NO{sub X} and SO{sub 2}, induces innovation in both efficiency improving combustion and after pollution control technologies.

  17. Information overload, choice deferral, and moderating role of need for cognition: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Luis Eduardo Pilli

    2016-03-01

    Full Text Available ABSTRACT Choice deferral due to information overload is an undesirable result of competitive environments. The neoclassical maximization models predict that choice avoidance will not increase as more information is offered to consumers. The theories developed in the consumer behavior field predict that some properties of the environment may lead to behavioral effects and an increase in choice avoidance due to information overload. Based on stimuli generated experimentally and tested among 1,000 consumers, this empirical research provides evidence for the presence of behavioral effects due to information overload and reveals the different effects of increasing the number of options or the number of attributes. This study also finds that the need for cognition moderates these behavioral effects, and it proposes psychological processes that may trigger the effects observed.

  18. An Empirical Research on Marketing Strategies of Different Risk Preference Merchant

    Directory of Open Access Journals (Sweden)

    Quan Chen

    2018-01-01

    Full Text Available Holiday merchandise has unique demand characteristics, unofficial start data, and a limited life cycle. In an intensely competitive market, individual merchants are able to get more sales opportunities if they display their products earlier. In this study, a time-variant variance and time-variant expected market demand model are introduced to investigate the order strategies that are used by risk-averse holiday merchants. Our results show that risk preference, market uncertainty, and market power have a significant effect on the merchant’s market strategies. Risk-averse merchants prefer to enhance forecast accuracy rather than using an early-display advantage. They can even give up their early-display advantage if they are faced with increased market uncertainty and small market power. Compared with the fixed purchase cost, the time-sensitive purchase cost can stimulate the merchant to purchase in advance, but this can decrease the merchant’s profit. Consequently, risk-averse merchants always display their merchandise later, decrease the order quantity, and, finally, miss the market opportunity.

  19. How does crisis affect efficiency? An empirical study of East Asian markets

    Directory of Open Access Journals (Sweden)

    Syed Aun R. Rizvi

    2016-03-01

    Full Text Available Much research has been undertaken in the Efficient Market Hypothesis (EMH over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent years, the Asian markets have experienced a phenomenal boom in attracting foreign capital inflow, with Singapore evolving into a global financial hub in terms of banking and financial services. Scepticism and cautious nature raises the question of whether these stock markets are efficient enough for further investment and development. Our study is unique in nature, as we focus on the efficiency of these market in response to crisis periods, comparing it with their pre-crisis period, both in shorter term of 1 year as well as longer term of 5 years post and pre crisis period. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency measure for comparative analysis with its own past. The findings put forth a notion of generally a deteriorating and negative impact of the Asian financial crisis, while the sub-prime crisis impact varies based on the economic structure of the economies. The findings concur with the mainstream literature and similar studies for other countries and region.

  1. Price jumps in Visegrad-country stock markets: an empirical analysis

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Novotný, Jan

    2012-01-01

    Roč. 13, č. 2 (2012), s. 184-201 ISSN 1566-0141 R&D Projects: GA ČR(CZ) GA402/08/1376 Grant - others:UK(CZ) GAUK 271111 Institutional support: PRVOUK-P23 Keywords : Central European stock markets * financial markets * price jumps Subject RIV: AH - Economics Impact factor: 1.167, year: 2012

  2. British Students' Perceptions of Ethical Issues in International Marketing: An Empirical Investigation.

    Science.gov (United States)

    Amin, Sammy G.

    1996-01-01

    A survey investigated 122 British business students' perceptions of ethics in international marketing practices, particularly as they are affected by demographic characteristics. In response to 12 specific scenarios, students indicated relatively liberal attitudes. Implications for global marketing specialists and for business education are…

  3. What factors determine use of quality-related marketing research information? an empirical investigation

    NARCIS (Netherlands)

    Birgelen, van M.; Ruyter, de J.C.; Wetzels, M.G.M.

    2001-01-01

    For effective total quality management (TQM), internal, process-related, as well as external, market-oriented, information is crucial. In particular, external marketing information seems to be very valuable since customers are the ultimate evaluators of the quality of an organization. In this paper,

  4. WEAK EFFICIENCY ON THE STOCK EXCHANGE MARKET: AN EMPIRICAL STUDY ON ISE

    Directory of Open Access Journals (Sweden)

    SİBEL DUMAN ATAN

    2013-06-01

    Full Text Available Markets which returns of share certificate are reflected completely whole information, describe as effective. In a weak-form efficiency market, all past price activity were reflected with current price and it isn’t obtaining an above the normal return to use with past price activity in markets. In this paper, we aim to provide the efficiency level of ISE market using fifteen minutes and session frequency data for the 03 January 2003 – 30 December 2005 period. In order to test the efficiency of ISE we use firstly ADF and KPSS unit root tests and secondly ELW fractionally integrated estimator developed by Shimotsu and Philips (2005. According to application we found that ISE is weakly efficient market.

  5. Employee benefits in multinational firms: Empirical evidence for Romania and Serbia

    Directory of Open Access Journals (Sweden)

    Caran Margareta

    2015-01-01

    Full Text Available The paper aims to analyze post-employment benefits provided by multinational firms, focusing on retirement advantages and pension systems in Romania and Serbia from a comparative empirical perspective. Economic literature highlights the essential role played by pension schemes in assuring a proper level of income after retirement, thus reducing poverty and increasing productivity, with significant positive implications upon overall economic activity. our research is based on developing several double-log fixed and random effects models, as well as a dynamic and distributed lags model, using a panel structure over the 2005- 2013 period and a complex set of indicators (national accounts - GDP total and per capita; labor market - employment, unemployment, productivity, earnings; secondary and tertiary education; pension specific data - general beneficiaries, old age and survivor pensioners, total and by gender, and pension expenses as percentage of GDP. The results show that pensions represent an incentive for employees leading to an increase in resource productivity. At the same time, old age pensions are positively shaping economic growth and employment for the two countries considered, significantly reducing the poverty rate for pensioners. Nevertheless, the two pensions systems are modelled by the economic activity, educational background of employees, as well as by the level of net earnings.

  6. Empirical evidences of owners’ managerial behaviour - the case of small companies

    Science.gov (United States)

    Lobontiu, G.; Banica, M.; Ravai-Nagy, S.

    2017-05-01

    In a small firm, the founder or the owner-manager often leaves his or her own personal “stamp” on the way things are done, finding solutions for the multitude of problems the firm faces, and maintaining control over the firm’s operations. The paper aims to investigate the degree to which the owner-managers are controlling the operations of their firm on a day-to-day basis or even getting involved into the management of the functional areas. Our empirical research, conducted on a sample of 200 small and medium-sized enterprises (SME) from the North-Western Romania, Maramures (NUTS3 level - RO114), shows that owner-managers tend to be all-powerful, making decisions based on their experience. Furthermore, the survey highlights the focus of owner-managers on two functional areas, namely the production, and sales and marketing. Finally, the correlation analysis states that in the case of small firms, the owner-manager is more involved in managing the functional areas of the firm, as compared to the medium-ones.

  7. Dynamic analysis of interhospital collaboration and competition: empirical evidence from an Italian regional health system.

    Science.gov (United States)

    Mascia, Daniele; Di Vincenzo, Fausto; Cicchetti, Americo

    2012-05-01

    Policymakers stimulate competition in universalistic health-care systems while encouraging the formation of service provision networks among hospital organizations. This article addresses a gap in the extant literature by empirically analyzing simultaneous collaboration and competition between hospitals within the Italian National Health Service, where important procompetition reforms have been implemented. To explore how rising competition between hospitals relates to their propensity to collaborate with other local providers. Longitudinal data on interhospital collaboration and competition collected in an Italian region from 2003 to 2007 are analyzed. Social network analysis techniques are applied to study the structure and dynamics of interhospital collaboration. Negative binomial regressions are employed to explore how interhospital competition relates to the collaborative network over time. Competition among providers does not hinder interhospital collaboration. Collaboration is primarily local, with resource complementarity and differentials in the volume of activity and hospital performance explaining the propensity to collaborate. Formation of collaborative networks among hospitals is not hampered by reforms aimed at fostering market forces. Because procompetition reforms elicit peculiar forms of managed competition in universalistic health systems, studies are needed to clarify whether the positive association between interhospital competition and collaboration can be generalized to other health-care settings. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  8. Burst and inter-burst duration statistics as empirical test of long-range memory in the financial markets

    Science.gov (United States)

    Gontis, V.; Kononovicius, A.

    2017-10-01

    We address the problem of long-range memory in the financial markets. There are two conceptually different ways to reproduce power-law decay of auto-correlation function: using fractional Brownian motion as well as non-linear stochastic differential equations. In this contribution we address this problem by analyzing empirical return and trading activity time series from the Forex. From the empirical time series we obtain probability density functions of burst and inter-burst duration. Our analysis reveals that the power-law exponents of the obtained probability density functions are close to 3 / 2, which is a characteristic feature of the one-dimensional stochastic processes. This is in a good agreement with earlier proposed model of absolute return based on the non-linear stochastic differential equations derived from the agent-based herding model.

  9. Hot money and China's stock market volatility: Further evidence using the GARCH-MIDAS model

    Science.gov (United States)

    Wei, Yu; Yu, Qianwen; Liu, Jing; Cao, Yang

    2018-02-01

    This paper investigates the influence of hot money on the return and volatility of the Chinese stock market using a nonlinear Granger causality test and a new GARCH-class model based on mixed data sampling regression (GARCH-MIDAS). The empirical results suggest that no linear or nonlinear causality exists between the growth rate of hot money and the Chinese stock market return, implying that the Chinese stock market is not driven by hot money and vice versa. However, hot money has a significant positive impact on the long-term volatility of the Chinese stock market. Furthermore, the dependence between the long-term volatility caused by hot money and the total volatility of the Chinese stock market is time-variant, indicating that huge volatilities in the stock market are not always triggered by international speculation capital flow and that Chinese authorities should further focus on more systemic reforms in the trading rules and on effectively regulating the stock market.

  10. Firm-Specific Marketing Capital and Job Satisfaction of Marketers: Evidence from Vietnam

    Science.gov (United States)

    Nguyen, Tho D.; Nguyen, Trang T. M.

    2011-01-01

    Purpose: Based on the resource-based view of the firm, this study aims to examine antecedents and outcomes of firm-specific marketing capital pool invested by marketers in a transition market, Vietnam. Design/methodology/approach: A sample of 528 marketers in Ho Chi Minh City was surveyed to test the theoretical model. Structural equation…

  11. An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia

    Directory of Open Access Journals (Sweden)

    Lazarov Darko

    2016-12-01

    Full Text Available This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects and a dynamic panel model (Generalized Method of Moments – GMM, while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime.

  12. Executing A Customer Relationship Management Programme In An Emerging Market: An Empirical Approach

    Directory of Open Access Journals (Sweden)

    Akinyele Samuel

    2013-05-01

    Full Text Available Retail financial services in all markets, including emerging markets, are undergoing major transaction, driven by change, deregulation and customer sophistication. Customer service and specifically relationship management in particular, are crucial to attaining a sustainable competitive advantage in the marketplace. The execution of a one- to- one programme within an emerging economy is the focus of this paper, specifically in the financial services environment. The steps in the execution of customer relationship management (CRM as proposed by Peppers, Rogers and Dorf (1999b are examined and the effect on customer service in an emerging market is investigated. The findings indicates that there are positive associations with these steps and customer service.

  13. Impact of climate change on human infectious diseases: Empirical evidence and human adaptation.

    Science.gov (United States)

    Wu, Xiaoxu; Lu, Yongmei; Zhou, Sen; Chen, Lifan; Xu, Bing

    2016-01-01

    Climate change refers to long-term shifts in weather conditions and patterns of extreme weather events. It may lead to changes in health threat to human beings, multiplying existing health problems. This review examines the scientific evidences on the impact of climate change on human infectious diseases. It identifies research progress and gaps on how human society may respond to, adapt to, and prepare for the related changes. Based on a survey of related publications between 1990 and 2015, the terms used for literature selection reflect three aspects--the components of infectious diseases, climate variables, and selected infectious diseases. Humans' vulnerability to the potential health impacts by climate change is evident in literature. As an active agent, human beings may control the related health effects that may be effectively controlled through adopting proactive measures, including better understanding of the climate change patterns and of the compound disease-specific health effects, and effective allocation of technologies and resources to promote healthy lifestyles and public awareness. The following adaptation measures are recommended: 1) to go beyond empirical observations of the association between climate change and infectious diseases and develop more scientific explanations, 2) to improve the prediction of spatial-temporal process of climate change and the associated shifts in infectious diseases at various spatial and temporal scales, and 3) to establish locally effective early warning systems for the health effects of predicated climate change. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

  14. EMPIRICAL TESTING OF MODIFIED BLACK-SCHOLES OPTION PRICING MODEL FORMULA ON NSE DERIVATIVE MARKET IN INDIA

    Directory of Open Access Journals (Sweden)

    Ambrish Gupta

    2013-01-01

    Full Text Available The main objectives of this paper are to incorporate modification in Black-Scholes option pricing model formula by adding some new variables on the basis of given assumption related to risk-free interest rate, and also shows the calculation process of new risk-free interest rate on the basis of modified variable. This paper also identifies the various situations in empirical testing of modified and original Black-Scholes formula with respect to the market value on the basis of assumed and calculated risk-free interest rate.

  15. An Empirical Analysis of Equilibrium Pricing and Advertising in the Ready-To-Eat Cereal Market

    OpenAIRE

    Michael Cohen; Adam Rabinowitz

    2012-01-01

    We introduce a model of dynamic price and advertising competition and use the model to investigate a popular segment of the Ready-To-Eat Cereal Market. It is well understood that advertising is a key non-price strategic demand determinant in differentiated product markets. Two popular and compatible models for the role of advertising have emerged. One model specifies advertising as a determinant of a consumer's level of product awareness (informative) and the other model specifies advertising...

  16. Marketing management capabilities and price setting: An empirical analysis in the EU traditional food sector

    OpenAIRE

    Banterle, Alessandro; Cavaliere, Alessia; Stranieri, Stefanella; Carraresi, Laura

    2009-01-01

    In the EU, small and medium sized enterprises (SMEs), which constitute the majority of firms in the food industry, are fighting for survival as they face growing market competition from large firms (Knight, 2000). On the other hand, market opportunities for SMEs are connected to the evolution of consumer preferences toward food quality, especially for traditional food products (O’Reilly and Haines, 2004). To profit from such opportunities SMEs need to adapt their strategies, focussing on cons...

  17. A MACROPRUDENTIAL SUPERVISION MODEL. EMPIRICAL EVIDENCE FROM THE CENTRAL AND EASTERN EUROPEAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Trenca Ioan

    2013-07-01

    Full Text Available One of the positive effects of the financial crises is the increasing concern of the supervisors regarding the financial system’s stability. There is a need to strengthen the links between different financial components of the financial system and the macroeconomic environment. Banking systems that have an adequate capitalization and liquidity level may face easier economic and financial shocks. The purpose of this empirical study is to identify the main determinants of the banking system’s stability and soundness in the Central and Eastern Europe countries. We asses the impact of different macroeconomic variables on the quality of capital and liquidity conditions and examine the behaviour of these financial stability indicators, by analyzing a sample of 10 banking systems during 2000-2011. The availability of banking capital signals the banking system’s resiliency to shocks. Capital adequacy ratio is the main indicator used to assess the banking fragility. One of the causes of the 2008-2009 financial crisis was the lack of liquidity in the banking system which led to the collapse of several banking institutions and macroeconomic imbalances. Given the importance of liquidity for the banking system, we propose several models in order to determine the macroeconomic variables that have a significant influence on the liquid reserves to total assets ratio. We found evidence that GDP growth, inflation, domestic credit to private sector, as well as the money and quasi money aggregate indicator have significant impact on the banking stability. The empirical regression confirms the high level of interdependence of the real sector with the financial-banking sector. Also, they prove the necessity for an effective macro prudential supervision at country level which enables the supervisory authorities to have an adequate control over the macro prudential indicators and to take appropriate decisions at the right time.

  18. Empirical evidence for multi-scaled controls on wildfire size distributions in California

    Science.gov (United States)

    Povak, N.; Hessburg, P. F., Sr.; Salter, R. B.

    2014-12-01

    Ecological theory asserts that regional wildfire size distributions are examples of self-organized critical (SOC) systems. Controls on SOC event-size distributions by virtue are purely endogenous to the system and include the (1) frequency and pattern of ignitions, (2) distribution and size of prior fires, and (3) lagged successional patterns after fires. However, recent work has shown that the largest wildfires often result from extreme climatic events, and that patterns of vegetation and topography may help constrain local fire spread, calling into question the SOC model's simplicity. Using an atlas of >12,000 California wildfires (1950-2012) and maximum likelihood estimation (MLE), we fit four different power-law models and broken-stick regressions to fire-size distributions across 16 Bailey's ecoregions. Comparisons among empirical fire size distributions across ecoregions indicated that most ecoregion's fire-size distributions were significantly different, suggesting that broad-scale top-down controls differed among ecoregions. One-parameter power-law models consistently fit a middle range of fire sizes (~100 to 10000 ha) across most ecoregions, but did not fit to larger and smaller fire sizes. We fit the same four power-law models to patch size distributions of aspect, slope, and curvature topographies and found that the power-law models fit to a similar middle range of topography patch sizes. These results suggested that empirical evidence may exist for topographic controls on fire sizes. To test this, we used neutral landscape modeling techniques to determine if observed fire edges corresponded with aspect breaks more often than expected by random. We found significant differences between the empirical and neutral models for some ecoregions, particularly within the middle range of fire sizes. Our results, combined with other recent work, suggest that controls on ecoregional fire size distributions are multi-scaled and likely are not purely SOC. California

  19. Stock market and macroeconomic variables : evidences from Lithuania

    OpenAIRE

    Pilinkus, Donatas

    2009-01-01

    The stock market has been historically viewed as a reliable instrument to indicate economic processes. However, contemporary papers reveal the controversy of the issue. A clear understanding of stock market determinants is vital for investors, regulators, and academic researchers. Therefore, future researches are required to further explore this issue. The present paper analyzes relationships between a group of macroeconomic variables and the Lithuanian stock market index, i.e. OMX Vilnius in...

  20. Liquidity and the business cycle: Empirical evidence from the Greek banking sector

    Directory of Open Access Journals (Sweden)

    Vogiazas Sophocles

    2013-01-01

    Full Text Available In the aftermath of the global financial turmoil the negative market sentiment and the challenging macroeconomic environment in Greece have severely affected the banking sector, which faces funding and liquidity challenges, deteriorating asset quality, and weakening profitability. This paper aims to investigate how banks’ liquidity interacted with solvency and the business cycle during the period 2004-2010. To this end a panel of 17 Greek banks is utilized which, in conjunction with cointegrating techniques and one-way static and dynamic panel models, explores the presence and the strength of the relationship between banks’ liquidity and the business cycle, while allowing for the role of banks’ solvency. Addressing the liquidity risk of the Greek banking sector and the liquidity-solvency nexus remains largely an uncharted area. The results generated provide clear-cut evidence on the linkages between banks’ market liquidity and the business cycle, as reflected in the real GDP and the effective exchange rate. Yet the results display a transmission channel that runs from banks’ solvency to liquidity and from country risk to bank risk.

  1. Firms and Financial Markets : Empirical Studies on the Informational Value of Dividends, Governance and Financial Reporting

    NARCIS (Netherlands)

    H.C. van Beusichem (Henry)

    2016-01-01

    textabstractThis dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of

  2. Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

    We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

  3. Firms and financial markets: empirical studies on the information value of dividends, governance and financial reporting

    NARCIS (Netherlands)

    van Beusichem, Herman Clasinus

    2016-01-01

    This dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of dividend-paying firms has

  4. Do acquisitions by electric utility companies create value? Evidence from deregulated markets

    International Nuclear Information System (INIS)

    Kishimoto, Jo; Goto, Mika; Inoue, Kotaro

    2017-01-01

    In the early 1990s, the United Kingdom (the UK) initiated widespread reforms in the electricity industry through a series of market liberalization policies. Several other countries have subsequently followed the lead and restructured their electricity industry. A major outcome of the deregulation effort is the spate of takeovers, both domestic and global, by electric utility companies. With the entry of new players and increasing competition, the business environment of the electricity industry has changed dramatically. This study analyzes the economic impact of mergers and acquisitions (M&As) in the electric utility industry after deregulation. We have examined acquisitions that took place between 1998 and 2013 in the United States, Canada, the UK, Germany, and France. Although previous studies showed no evidence of a positive effect on acquiring firms through M&As, we find that acquisitions by electric utility companies increased the acquiring firms’ share value and improved their operating performance, primarily through efficiency gains after the deregulation. These results are consistent with the empirical evidence and implications presented by Andrade et al. (2001) that M&A created value for the shareholders of the acquiring and target combined firms. - Highlights: • This study examined mergers and acquisitions (M&A) in electric utility industry. • The sample covered M&A between 1998 and 2013 in North America and Europe. • We found M&A significantly increased acquiring firms’ share value and operating performance. • Deregulation policy realized gains for shareholders without incurring costs for consumers.

  5. A spatio-temporal synchronization of periodic markets: evidence ...

    African Journals Online (AJOL)

    This study seeks to identify the 'rings' of periodic market days in Akwa Ibom State, using eighteen periodic markets as case study The entire landmass of the state was covered with a network of grids. These grids were numbered and a table of random numbers was used in selecting a target population of eighteen ...

  6. A spatio-temporal synchronization of periodic markets: Evidence ...

    African Journals Online (AJOL)

    This study seeks to identify the 'rings' of periodic market days in Akwa Ibom State, using eighteen ... numbers was used in selecting a target population of eighteen communities in the hinterland of the state. ... The rural/traditional markets deal on low order goods and are mainly agricultural ... AJOL African Journals Online.

  7. Stocks for the long run? : Evidence from emerging markets

    NARCIS (Netherlands)

    Spierdijk, Laura; Umar, Zaghum

    2014-01-01

    We estimate the myopic (single-period) and intertemporal hedging (long-run) demand for stocks in 20 growth-leading emerging market economies during the 1999-2012 period. We consider two types of investors: a domestic investor who invests in emerging-market assets only (with returns in local

  8. An empirical study on market timing theory: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Nasiri

    2012-09-01

    Full Text Available One of the most important issues in financing corporate is to find appropriate method to make a wise selection between getting loans and increasing the number of shares. There are different theories for making appropriate financing methods. The primary purpose of this paper is to investigate this issue based on market timing theory. The proposed model of this paper chooses selective companies from Tehran Stock Exchange. The proposed model of this paper uses regression analysis on two different models. The primary purpose of the first model given in this paper is to study the effect of market timing theory. In this part of survey, we measure the effect of the ratio of market value to book value on the sources of financing firms though increase in equities. Based on the results, we can conclude that as the ratio of market value to book value increases, firms tend to increase their equity though an increase to the number of shares. The first hypothesis of this paper is confirmed. The second model is associated with the relationship with mean ratio of market value on weighted book value and Leverage and the results of this paper do not confirm such relationship.

  9. An empirical investigation on factors influencing choice of foreign market by media firms

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farhangi

    2014-02-01

    Full Text Available This study examines a number of factors suggested in the literature as important determinants of the foreign market selection. Key strategic factors are determined as four groups: host-country characteristics, firm-specific factors, competitive situation and content adaptation. In this study, multiple regression and path analysis are used. To test the model with modeling techniques, the necessary data from 29 media firms were used. It is based on a questionnaire, which has provided several insights into market selection elements. Our findings indicate that all components of the host country, exporting companies, competitive situation and the content adaptation could influence positively the selection of foreign market. The results also indicate that the adaptation of content was the most effective in choosing a foreign market. In addition, cross-cultural adaptation is an important component in selection of foreign markets. The results also suggest that the causal relationships between the independent variables are positive and significant, while the relationship between the content adaptation and the competitive situation has not been confirmed.

  10. Immigration Restrictions as Active Labor Market Policy: Evidence from the Mexican Bracero Exclusion

    OpenAIRE

    Clemens, Michael A.; Lewis, Ethan Gatewood; Postel, Hannah M.

    2017-01-01

    An important class of active labor market policy has received little rigorous impact evaluation: immigration barriers intended to improve the terms of employment for domestic workers by deliberately shrinking the workforce. Recent advances in the theory of endogenous technical change suggest that such policies could have limited or even perverse labor-market effects, but empirical tests are scarce. We study a natural experiment that excluded almost half a million Mexican 'bracero' seasonal ag...

  11. Electricity markets evolution with the changing generation mix: An empirical analysis based on China 2050 High Renewable Energy Penetration Roadmap

    International Nuclear Information System (INIS)

    Zou, Peng; Chen, Qixin; Yu, Yang; Xia, Qing; Kang, Chongqing

    2017-01-01

    Highlights: • How electricity markets are evolving with the changing generation mix is studied. • China 2050 High Renewable Energy Penetration Roadmap are empirically analysed. • A multi-period Nash-Cournot model is established to study the market equilibrium. • Energy storages are analysed and compared to reveal their impacts on the equilibrium. - Abstract: The power generation mix are significantly changing due to the growth of stricter energy policies. The renewables are increasingly penetrating the power systems and leading to more clean energy and lower energy prices. However, they also require much more flexibilities and ancillary services to handle their uncertainties and variabilities. Thus, the requirements for regulation and reserve services may dramatically increase while the supplies of these services, which are mainly from the traditional thermal plants, remain almost invariant. This changing situation will cause higher regulation and reserve prices and impact the profit models and revenue structures of the traditional plants. How electricity markets are actually evolving with the changing generation mix? Can enough backup power plants be given adequate economic incentives and thus remained with the increasing renewables and the decreasing energy prices and productions? Can de-carbonization be fully performed in power systems? To explicitly answer the question, this paper uses a multi-period Nash-Cournot equilibrium model to formulate the evolution of power markets incorporating different types of generators, including thermal units, hydro units, wind farms, solar stations and energy storage systems. The price changes in the co-optimized energy, regulation and reserve markets, and the profit changes of various generators are studied. And the variabilities and uncertainties of renewable generation sources are considered in dynamically determining the requirements of regulation and reserve services. Based on the China 2050 High Renewable Energy

  12. The determinants of domestic water demand. Empirical evidence from Emilia-Romagna municipal data

    International Nuclear Information System (INIS)

    Mazzanti, Massimiliano; Montini, Anna

    2004-01-01

    This paper presents empirical evidence on the determinants of water demand for domestic use in one Italian region, the Emilia Romagna, by using municipal data. Two main stems in urban/domestic demand analysis cab be found in the empirical literature. The first deals with the estimation of price or income demand elasticities in the short and the long run. The price demand elasticities can be used for water demand managements purpose while the income price elasticities can be useful in the forecasting process of the water requirements. The second one deals with the estimate of customer willingness to pay increasing in water service quality in holistic sense or concerning single characteristics of the service: safety, flavour, continuity, appearance, pollution rate and cost. The aim of the analysis in this case the elicitation of the direct use, indirect use and non-use values associated to the water resource consumption, by means of direct or indirect techniques. In this paper we focused the analysis in the first stem of the empirical literature in which a cross section data set is required. The paper explores the topic problems of the estimating process whit the analysis of the empirical literature (with particular regard to investigations that use municipal data) and with the analysis of the econometric problems related to the demand estimate. The theoretical model for the water demand analysis is also presented and discussed. Two datasets have been implemented: one with 125 municipalities and four years, the other with 40 municipalities and eleven years. Both the databases bring together municipal water consumption and tariffs data provided by local water utilities and other municipal data (inhabitants, surface, household, income, etc.) stemming from official sources. The econometric analysis is based on both fixed effects, performing better than random effects models, and dynamic panel models. The estimated coefficient of the tariff variable arises always

  13. Determinants of marketing performance: empirical study at National Commercial Bank in Jakarta Indonesia.

    Science.gov (United States)

    Limakrisna, Nandan; Yoserizal, Syahril

    2016-01-01

    Indonesian banking industry has experienced up and down as can be seen after Pakto '88, in which the number of new banks grew rapidly, but after the 1997-1998 financial crisis, a lot of banks were liquidated due to the deteriorating financial condition and violation of the precautionary principles by bank management. The purpose of this research is to determine and analyze the effects of good corporate governance, information technology, HR competencies on competitive advantage and its implication on marketing performance. The method used in this research was a descriptive survey and explanatory survey with a sample size of 320 respondents, and the data analysis methods used are structural equation modeling. Based on the results of the research, the findings obtained from good corporate governance, information technology, HR competencies have a significant effect on competitive advantage on the performance of marketing. However, when seen in part, competitive advantage has a dominant effect on marketing performance.

  14. An empirical survey to measure the impact of different factors on the success of electronic marketing

    Directory of Open Access Journals (Sweden)

    Saeed Sehhat

    2012-10-01

    Full Text Available Internet marketing plays an important role in today business enterprises. Today, many invest more and more to increase their abilities on providing better services on the internet. In this paper, we study the impact of five factors namely awareness from the site, site attractiveness, promotional effectiveness, effectiveness and Shopping impacts and effectiveness and loyalty on the success of electronic marketing. We have distributed a questionnaire consists of various questions and distributed them among 984 people and received 595 in Likert scale. The Cronbach alphas for all five sets of questions were well above the minimum desired level. We implement a multi regression function and the results confirm that all five mentioned factors impact the sales of e-marketing, significantly.

  15. The economics of renewable electricity market integration. An empirical and model-based analysis of regulatory frameworks and their impacts on the power market

    Energy Technology Data Exchange (ETDEWEB)

    Nicolosi, Marco

    2012-07-01

    As power systems increase in complexity due to higher shares of intermitting RES-E, so increase the requirements for power system modeling. This thesis shows empirically, with examples from Germany and Texas, that the increasing RES-E share strongly affects current power market operation. The markets further create price signals, which lead to system adaptations in the long-run. To get an estimate of the adaptation effects, 'The High Temporal Resolution Electricity Market Analysis Model' (THEA) has been developed. In a first application for the ERCOT market in Texas, particular model attributes are tested and compared to some complexity reducing approaches, i.e. the reduction of temporal resolution and the reduction of operational constraints. In both cases, the results show significant differences compared to the results when the full spectrum of THEA's capabilities is utilized. The ERCOT case study additionally shows that the adaptation to RES-E in an isolated, mainly thermal-based power system is quite severe. Market signals which underline this conclusion are the severely reduced value of wind energy, the increasing curtailment and the strong shift towards peak-oriented generating capacities. The second application of THEA models the German power market with its interconnected markets. This analysis increases the complexity significantly by modeling a well interconnected system, increasing the amount of different RES-E technologies and adding CAES investment options. In order to assess the impact on the different system component's supply, demand and grid infrastructure, specific measures are applied to compare several scenarios. Each scenario represents a policy option, which either reduces or increases the flexibility of the power system. The scenario comparisons capture the effects of a lower RES-E share, a larger baseload capacity fleet, higher interconnector capacities, various RES-E support scheme designs and the capability of RES-E to

  16. Risk aversion, time preference and health production: theory and empirical evidence from Cambodia.

    Science.gov (United States)

    Rieger, Matthias

    2015-04-01

    This paper quantifies the relationship between risk aversion and discount rates on the one hand and height and weight on the other. It studies this link in the context of poor households in Cambodia. Evidence is based on an original dataset that contains both experimental measures of risk taking and impatience along with anthropometric measurements of children and adults. The aim of the paper is to (i) explore the importance of risk and time preferences in explaining undernutrition and (ii) compare the evidence stemming from poor households to strikingly similar findings from industrialized countries. It uses an inter-generational approach to explain observed correlations in adults and children that is inspired by the height premium on labor markets. Parents can invest in the health capital of their child to increase future earnings and their consumption when old: better nutrition during infancy translates into better human capital and better wages, and ultimately better financial means to take care of elderly parents. However this investment is subject to considerable uncertainty, since parents neither perfectly foresee economic conditions when the child starts earning nor fully observe the ability to transform nutritional investments into long-term health capital. As a result, risk taking households have taller and heavier children. Conversely, impatience does not affect child health. In the case of adults, only weight and the body mass index (BMI), but not height, are positively and moderately correlated with risk taking and impatience. Copyright © 2014 Elsevier B.V. All rights reserved.

  17. Empirical analysis of the spot market implications of price-responsive demand

    International Nuclear Information System (INIS)

    Siddiqui, A.S.

    2006-01-01

    Although electricity is theoretically an inelastic good in the short term, the steep slope of the supply stack implies that even modest response by demand could translate into reduced capacity requirements and significant price decreases. This article examined the effect of price-responsive demand strategies in an actual deregulated electricity industry. Auction data from the New York Independent System Operator (NYISO) day-ahead electricity market were used to form supply stacks for various zones. A simple linear demand function was used to determine the effect of price responsiveness on equilibrium spot market price and consumption. The aim was to quantify the benefits from the pricing protocol and to determine whether modest levels of price elasticity can significantly lower prices and consumption. Market-clearing prices and quantities were estimated using various supply curves in order to quantify the responsiveness necessary to achieve given price reductions. Price response was induced in the demand curve by varying its slope. Estimates were then used to estimate the average level of slope needed to reduce the average market-clearing price during the year by a certain percentage. Results showed that an average slope of -50.04 was necessary for prices to be reduced by 25 per cent. Results also showed that necessary price responses can be ascertained for any desired reduction in the market-clearing price or quantity. Although price responsiveness unambiguously reduces the spot market price and quantity, its effect on the forward price is not yet clear. It was concluded that a separate analysis of peak hours may reveal the effectiveness of enhanced price response. 8 refs., 1 tab., 8 figs

  18. Impact of Green Marketing on Purchase Intention: An Empirical Study from Pakistan

    OpenAIRE

    Muhammad Rizwan; Arslan Aslam; Mujeeb ur Rahman; Naqash Ahmad; Usman Sarwar; Tehseen Asghar

    2013-01-01

    The purpose of this study is to know the role of green perceived value, green risk and green trust on purchase intention of green product. This study applies four basic concepts of green market i.e green perceived value, green perceived risk, green perceived trust and green purchase intention. In addition, this study emphasizes this use of green marketing in different big firms all over the world. There was a survey upon this research with the help of questionnaire taking the view of the peop...

  19. AirAsia In The Malaysian Domestic Airline Market: Empirical Analysis Of Strategy

    OpenAIRE

    Mok Kim Man; Jainurin Bin Justine

    2011-01-01

    This paper will examine the results of the strategic actions of AirAsia in the Malaysian domestic airline market. Firstly, the paper will provide a general background of the airline industry, in particular the Malaysian domestic airline market and a summary of an analysis of the industry using Michael Porters Five Forces Analysis. Secondly, the paper will provide a brief background of AirAsia and Malaysia Airlines. Thirdly, the paper will analyse the results of AirAsias strategy vis--vis oper...

  20. Relationships between oil price shocks and stock market: An empirical analysis from China

    International Nuclear Information System (INIS)

    Cong Ronggang; Wei Yiming; Jiao Jianlin; Fan Ying

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index

  1. Relationships between oil price shocks and stock market: An empirical analysis from China

    DEFF Research Database (Denmark)

    Cong, Ronggang; Wei, Yi-Ming; Jiao, Jian-Ling

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing...... index and some oil companies. Some “important” oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain...

  2. Empirical evidence about inconsistency among studies in a pair‐wise meta‐analysis

    Science.gov (United States)

    Turner, Rebecca M.; Higgins, Julian P. T.

    2015-01-01

    This paper investigates how inconsistency (as measured by the I2 statistic) among studies in a meta‐analysis may differ, according to the type of outcome data and effect measure. We used hierarchical models to analyse data from 3873 binary, 5132 continuous and 880 mixed outcome meta‐analyses within the Cochrane Database of Systematic Reviews. Predictive distributions for inconsistency expected in future meta‐analyses were obtained, which can inform priors for between‐study variance. Inconsistency estimates were highest on average for binary outcome meta‐analyses of risk differences and continuous outcome meta‐analyses. For a planned binary outcome meta‐analysis in a general research setting, the predictive distribution for inconsistency among log odds ratios had median 22% and 95% CI: 12% to 39%. For a continuous outcome meta‐analysis, the predictive distribution for inconsistency among standardized mean differences had median 40% and 95% CI: 15% to 73%. Levels of inconsistency were similar for binary data measured by log odds ratios and log relative risks. Fitted distributions for inconsistency expected in continuous outcome meta‐analyses using mean differences were almost identical to those using standardized mean differences. The empirical evidence on inconsistency gives guidance on which outcome measures are most likely to be consistent in particular circumstances and facilitates Bayesian meta‐analysis with an informative prior for heterogeneity. © 2015 The Authors. Research Synthesis Methods published by John Wiley & Sons, Ltd. © 2015 The Authors. Research Synthesis Methods published by John Wiley & Sons, Ltd. PMID:26679486

  3. Is economic growth good or bad for the environment? Empirical evidence from Korea

    International Nuclear Information System (INIS)

    Baek, Jungho; Kim, Hyun Seok

    2013-01-01

    The effects of economic growth on the environment in Korea, for a given level of energy consumption, and fossil fuels and nuclear energy in electricity production, are examined in a dynamic cointegration framework. To that end, the autoregressive distributed lag (ARDL) approach is used. We find empirical evidence supporting the existence of the environmental Kuznets curve (EKC) hypothesis for Korea; that is, economic growth indeed plays a favorable role in influencing environmental outcomes. It is also found that, in both the short- and long-run, nuclear energy has a beneficial effect on environmental quality, whereas fossil fuels in electricity production and energy consumption have a detrimental effect on the environment. - Highlights: ► We examine the validity of the environmental Kuznets curve hypothesis for Korea. ► The model includes the roles of energy consumption and electricity production. ► We find the existence of the EKC hypothesis for Korea. ► Nuclear energy is found to have a beneficial effect on the environment. ► Fossil fuels and energy consumption have a detrimental effect on the environment

  4. A study of the information seeking behaviour of hospital pharmacists: empirical evidence from Greece.

    Science.gov (United States)

    Kostagiolas, Petros A; Aggelopoulou, Vasiliki A; Niakas, Dimitris

    2011-12-01

    Hospital pharmacists need access to high-quality information in order to constantly update their knowledge and improve their skills. In their modern role, they are expected to address three types of challenges: scientific, organizational and administrative, thus having an increased need for adequate information and library services. This study investigates the information-seeking behaviour of public hospital pharmacists providing evidence from Greece that could be used to encourage the development of effective information hospital services and study the links between the information seeking behaviour of hospital pharmacists and their modern scientific and professional role. An empirical research was conducted between January and February 2010 with the development and distribution of a structured questionnaire. The questionnaire was filled in and returned by 88 public hospital pharmacists from a total of 286 working in all Greek public hospitals, providing a response rate of 31%. The hospital pharmacists in Greece are in search of scientific information and, more particularly, pharmaceutical information (e.g., drug indications, storage, dosage and prices). The Internet and the National Organization of Medicines are their main information sources, while the lack of time and organized information are the main obstacles they have to face when seeking information. The modern professional role of hospital pharmacists as invaluable contributors to efficient and safer healthcare services may be further supported through the development of specialized libraries and information services within Greek public hospitals. © 2011 The authors. Health Information and Libraries Journal © 2011 Health Libraries Group.

  5. The lending channel and budget balance: empirical evidences from Central and Eastern European economies

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel MOINESCU

    2013-03-01

    Full Text Available The study aims to deepen the analysis on the indirect dependence of government budget balance on private sector credit flow in the countries of Central and Eastern Europe. The added value of this approach consists of two elements. First, the analysis suggests developing the traditional analytical framework of assessing risks to public finance stability by including second round effects of negative fiscal impulses on credit to private sector during recession periods. Second, the study provides empirical evidence on the importance of economic growth transmission channel for the impact of credit accelerator effects on primary deficit. At the same time, nonperforming loans channel proved to be insignificant, especially in relation to the persistency of last year’s budget deficit and the effects of budget allocations pro-cyclicality. However, loan portfolio quality seems to be more relevant in the case of public debt service, through its influence on the evolution of the yield on long-term government securities that is closely related to sovereign risk premium. Nevertheless, strengthening the financial safety net by the introduction of resolution funds will most probably break the link investors saw between credit portfolio quality and the impending increase in budget spending. This expected development across not only CEE countries, but at the EU level also, will facilitate the isolation of sovereign risk premium from non-performing loans’ dynamics.

  6. Literary and Documentary Evidence for Lay Medical Practice in the Roman Republic and Empire.

    Science.gov (United States)

    Draycott, Jane

    2016-01-01

    The majority of surviving ancient medical literature was written by medical practitioners and produced for the purpose of ensuring the effective diagnosis and treatment of their patients, suggesting an audience of medical professionals ranging from instructors to students. This has led historians to concentrate on the professional medical practitioner and their theories, methods and practices, rather than on lay medical practitioners, or even patients themselves. This chapter seeks to redress this imbalance, and examine the ancient literary and documentary evidence for lay medical theories, methods and practices in the Roman Republic and Empire in an attempt to reconstruct the experiences of lay medical practitioners and their patients. The Roman agricultural treatises of Cato, Varro and Columella, papyri and ostraca from Egypt, and tablets from Britain are investigated, and it is established that the individual's personal acquisition of knowledge and expertise, not only from medical professionals and works of medical literature, but also from family members and friends, and through trial and error, was considered fundamental to domestic medical practice.

  7. Hypnosis Treatment of Gastrointestinal Disorders: A Comprehensive Review of the Empirical Evidence.

    Science.gov (United States)

    Palsson, Olafur S

    2015-10-01

    Hypnotherapy has been investigated for 30 years as a treatment for gastrointestinal (GI) disorders. There are presently 35 studies in the published empirical literature, including 17 randomized controlled trials (RCTs) that have assessed clinical outcomes of such treatment. This body of research is reviewed comprehensively in this article. Twenty-four of the studies have tested hypnotherapy for adult irritable bowel syndrome (IBS) and 5 have focused on IBS or abdominal pain in children. All IBS hypnotherapy studies have reported significant improvement in gastrointestinal symptoms, and 7 out of 10 RCTs in adults and all 3 RCTs in pediatric patient samples found superior outcomes for hypnosis compared to control groups. Collectively this body of research shows unequivocally that for both adults and children with IBS, hypnosis treatment is highly efficacious in reducing bowel symptoms and can offer lasting and substantial symptom relief for a large proportion of patients who do not respond adequately to usual medical treatment approaches. For other GI disorders the evidence is more limited, but preliminary indications of therapeutic potential can be seen in the single randomized controlled trials published to date on hypnotherapy for functional dyspepsia, functional chest pain, and ulcerative colitis. Further controlled hypnotherapy trials in those three disorders should be a high priority. The mechanisms underlying the impact of hypnosis on GI problems are still unclear, but findings from a number of studies suggest that they involve both modulation of gut functioning and changes in the brain's handling of sensory signals from the GI tract.

  8. Energy Innovations-GHG Emissions Nexus: Fresh Empirical Evidence from OECD Countries

    International Nuclear Information System (INIS)

    Álvarez-Herránz, Agustín; Balsalobre, Daniel; Cantos, José María; Shahbaz, Muhammad

    2017-01-01

    This study explores the impact of improvements in energy research development (ERD) on greenhouse gas (GHG) emissions using environmental Kuznets curve hypothesis for 28 OECD countries over the period of 1990–2014. In doing so, we have employed a panel data where public budget in energy research development and demonstration (ERD&D) has transformed into a finite inverted V-lag distribution model developed by De Leeuw (1962). This model considers that energy innovation accumulates in time and presents empirical evidence, how energy innovation contributes in reducing energy intensity and environmental pollution as well. Our results indicate that energy innovation measures require lapses of time to reach their full effect i.e. innovation applied to measures for environmental correction does not reach its whole effect immediately, requiring instead a certain amount of time to pass. Innovation policies have recommended for improving environmental quality. - Highlights: • This study analyses the impact of public budget in energy RD&D for 28 OECD countries on environmental quality. • Energy innovation contributes positively to reduce greenhouse gas emissions. • Advances in energy technology seem to be the key of improved environmental quality.

  9. Do modified audit opinions have economic consequences? Empirical evidence based on financial constraints

    Directory of Open Access Journals (Sweden)

    Zhiwei Lin

    2011-09-01

    Full Text Available We present a framework and empirical evidence to explain why, on average, 11% of listed firms in China received modified audit opinions (MAOs between 1992 and 2009. We argue that there are two reasons for this phenomenon: strong earnings management incentives lower firms’ financial reporting quality and soft budget constraints weaken the information and governance roles of audit opinions. We find that firms’ financial constraints eased after receiving MAOs, which suggests that MAOs have limited economic consequences. Further analysis shows that this phenomenon predominantly exists in government-controlled firms and firms that receive MAOs for the first time. We also find that MAOs have not influenced financial constraints after 2006. Finally, we find that MAOs did not affect borrowing cash flows from banks until 2005, suggesting that MAOs did not start affecting bank financing until that year. We also find that firms receive more related-party financing after receiving MAOs. Our results indicate that a limited effect on bank financing and increased related-party financing reduce the effect of MAOs on financial constraints.

  10. More Health Expenditure, Better Economic Performance? Empirical Evidence From OECD Countries

    Science.gov (United States)

    Wang, Fuhmei

    2015-01-01

    Recent economic downturns have led many countries to reduce health spending dramatically, with the World Health Organization raising concerns over the effects of this, in particular among the poor and vulnerable. With the provision of appropriate health care, the population of a country could have better health, thus strengthening the nation’s human capital, which could contribute to economic growth through improved productivity. How much should countries spend on health care? This study aims to estimate the optimal health care expenditure in a growing economy. Applying the experiences of countries from the Organization for Economic Co-Operation and Development (OECD) over the period 1990 to 2009, this research introduces the method of system generalized method of moments (GMM) to derive the design of the estimators of the focal variables. Empirical evidence indicates that when the ratio of health spending to gross domestic product (GDP) is less than the optimal level of 7.55%, increases in health spending effectively lead to better economic performance. Above this, more spending does not equate to better care. The real level of health spending in OECD countries is 5.48% of GDP, with a 1.87% economic growth rate. The question which is posed by this study is a pertinent one, especially in the current context of financially constrained health systems around the world. The analytical results of this work will allow policymakers to better allocate scarce resources to achieve their macroeconomic goals. PMID:26310501

  11. Obstacles to prior art searching by the trilateral patent offices: empirical evidence from International Search Reports.

    Science.gov (United States)

    Wada, Tetsuo

    Despite many empirical studies having been carried out on examiner patent citations, few have scrutinized the obstacles to prior art searching when adding patent citations during patent prosecution at patent offices. This analysis takes advantage of the longitudinal gap between an International Search Report (ISR) as required by the Patent Cooperation Treaty (PCT) and subsequent national examination procedures. We investigate whether several kinds of distance actually affect the probability that prior art is detected at the time of an ISR; this occurs much earlier than in national phase examinations. Based on triadic PCT applications between 2002 and 2005 for the trilateral patent offices (the European Patent Office, the US Patent and Trademark Office, and the Japan Patent Office) and their family-level citations made by the trilateral offices, we find evidence that geographical distance negatively affects the probability of capture of prior patents in an ISR. In addition, the technological complexity of an application negatively affects the probability of capture, whereas the volume of forward citations of prior art affects it positively. These results demonstrate the presence of obstacles to searching at patent offices, and suggest ways to design work sharing by patent offices, such that the duplication of search costs arises only when patent office search horizons overlap.

  12. State ownership and firm performance: Empirical evidence from Chinese listed companies

    Directory of Open Access Journals (Sweden)

    Mei Yu

    2013-06-01

    Full Text Available While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of non-financial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in 2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously non-tradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.

  13. More Health Expenditure, Better Economic Performance? Empirical Evidence From OECD Countries

    Directory of Open Access Journals (Sweden)

    Fuhmei Wang PhD

    2015-08-01

    Full Text Available Recent economic downturns have led many countries to reduce health spending dramatically, with the World Health Organization raising concerns over the effects of this, in particular among the poor and vulnerable. With the provision of appropriate health care, the population of a country could have better health, thus strengthening the nation’s human capital, which could contribute to economic growth through improved productivity. How much should countries spend on health care? This study aims to estimate the optimal health care expenditure in a growing economy. Applying the experiences of countries from the Organization for Economic Co-Operation and Development (OECD over the period 1990 to 2009, this research introduces the method of system generalized method of moments (GMM to derive the design of the estimators of the focal variables. Empirical evidence indicates that when the ratio of health spending to gross domestic product (GDP is less than the optimal level of 7.55%, increases in health spending effectively lead to better economic performance. Above this, more spending does not equate to better care. The real level of health spending in OECD countries is 5.48% of GDP, with a 1.87% economic growth rate. The question which is posed by this study is a pertinent one, especially in the current context of financially constrained health systems around the world. The analytical results of this work will allow policymakers to better allocate scarce resources to achieve their macroeconomic goals.

  14. The Effect of Biogas Production on Farmland Rental Prices: Empirical Evidences from Northern Italy

    Directory of Open Access Journals (Sweden)

    Eugenio Demartini

    2016-11-01

    Full Text Available In the last decade, increased environmental awareness has prompted the adoption of incentives for exploiting renewable energy sources. Among these, biogas production has received a certain attention in developed countries. Nonetheless, the subsidies provided have posed the problem of an activity (the production of bioenergy that engages in direct competition with food and feed production for limited resources, like agricultural land. Even if this competition may be softened by allocating marginal land and/or using dedicated non-agricultural crops, empirical evidence shows that biogas plants have been developed in highly-productive agricultural areas, using increasing amounts of maize silage as feedstock. Thus, studies aimed at measuring the effect of biogas production on agricultural activities are needed in order to avoid this socially undesirable outcome. The paper presents an econometric estimation of the impact of biogas plants on farmland rental values of a Northern Italian rural area. Results show that biogas has a non-linear effect on rental prices, suggesting that incentive schemes specifically accounting for plants’ dimensions and technologies would improve the social sustainability of the bioenergy sector and its coexistence with agricultural activity.

  15. The role of sleep hygiene in promoting public health: A review of empirical evidence.

    Science.gov (United States)

    Irish, Leah A; Kline, Christopher E; Gunn, Heather E; Buysse, Daniel J; Hall, Martica H

    2015-08-01

    The ineffectiveness of sleep hygiene as a treatment in clinical sleep medicine has raised some interesting questions. If it is known that, individually, each specific component of sleep hygiene is related to sleep, why wouldn't addressing multiple individual components (i.e., sleep hygiene education) improve sleep? Is there still a use for sleep hygiene? Global public health concern over sleep has increased demand for sleep promotion strategies accessible to the population. However, the extent to which sleep hygiene strategies apply outside clinical settings is not well known. The present review sought to evaluate the empirical evidence for sleep hygiene recommendations regarding exercise, stress management, noise, sleep timing, and avoidance of caffeine, nicotine, alcohol, and daytime napping, with a particular emphasis on their public health utility. Thus, our review is not intended to be exhaustive regarding the clinical application of these techniques, but rather to focus on broader applications. Overall, though epidemiologic and experimental research generally supported an association between individual sleep hygiene recommendations and nocturnal sleep, the direct effects of individual recommendations on sleep remains largely untested in the general population. Suggestions for clarification of sleep hygiene recommendations and considerations for the use of sleep hygiene in nonclinical populations are discussed. Copyright © 2014 Elsevier Ltd. All rights reserved.

  16. An Empirical Study of the Factors Influencing Consumer Behaviour in the Electric Appliances Market

    Directory of Open Access Journals (Sweden)

    Małgorzata Łatuszyńska

    2012-08-01

    Full Text Available This study contributes to a deeper understanding of the impact of different factors on consumer buying behaviour. It analyses the relationship between several independent variables, such as cultural, social, personal, psychological and marketing mix factors, and consumer behaviour (as the dependent variable in the electric appliances market. The purpose of this study is to determine the factors affecting consumer preferences and behaviour in the electric appliances market in Iraq. The data employed to analyse the factors influencing consumers’ purchase decision-making processes were obtained through a questionnaire that was conducted in December 2011 in Basra, a city in southern Iraq. The major findings of the study indicated that, overall, the set of independent variables are weakly associated with the dependent variable. However, the in-depth analysis found that social factors, physical factors, and marketing mix elements are strongly associated with consumer buying behaviour. These analyses make it possible to discover consumer decision-making rules. The results may assist producers and retailers in understanding consumer behaviour and improving consumer satisfaction.

  17. Graduates' personality characteristics and labor market entry an empirical study among dutch economics graduates

    NARCIS (Netherlands)

    Semeijn, J; Boone, C; van der Velden, R; van Witteloostuijn, A; van Velden, R.K.W.

    In this study, we explore the value of personality characteristics in explaining success in labor market entry with a sample of graduates in economics from Maastricht University (the Netherlands). Specifically, the paper addresses the following twofold research question: does personality explain

  18. Adding value through health claims: an empirical analysis of the Italian yogurt market

    NARCIS (Netherlands)

    Bimbo, Francesco

    2017-01-01

    In recent years policymakers have aimed to increase the general awareness regarding the link between diet and health, providing food companies with an opportunity to add health-enhancing features in order to differentiate their products. The European market of these products, referred to here as

  19. Dimensioning the Elephant : An Empirical Analysis of the IPv4 Number Market

    NARCIS (Netherlands)

    Mueller, M.; Kuerbis, B.; Asghari, H.

    2012-01-01

    One of the most important but least-studied aspects of Internet policy is the emergence of a trading market for previously allocated Internet number blocks. Without unique Internet protocol numbers for the networks and devices attached, the Internet simply doesn’t work. The original Internet

  20. The Application of Marketing Theory to Community College Faculty Recruitment: An Empirical Test.

    Science.gov (United States)

    Winter, Paul A.

    1996-01-01

    Reviews literature on faculty recruitment at community colleges. Describes a study using job-marketing theory and Winter's educational recruitment model to assess reactions to recruitment advertisements for a business faculty position. Reports that participants responded favorably to emphases on academic transfer program content. Discusses…

  1. Alternative Specifications for the Lévy Libor Market Model: An Empirical Investigation

    DEFF Research Database (Denmark)

    Skovmand, David; Nicolato, Elisa

    This paper introduces and analyzes specications of the Lévy Market Model originally proposed by Eberlein and Özkan (2005). An investigation of the term structure of option implied moments rules out the Brownian motion and homogeneous Lévy processes as suitable modeling devices, and consequently a...

  2. University-Industry Collaboration from a Relationship Marketing Perspective: An Empirical Analysis in a Spanish University

    Science.gov (United States)

    Frasquet, Marta; Calderon, Haydee; Cervera, Amparo

    2012-01-01

    Building relationships between universities and industry bodies is of prime importance for creating value for universities' stakeholders. This paper focuses on relationships in relation to undergraduate internship programmes in the Social Sciences. Using the relationship marketing approach, we analyze this type of collaboration of firms with a…

  3. Sustainability of financial professional services through marketing strategy- an empirical research

    Directory of Open Access Journals (Sweden)

    Dutescu Adriana

    2017-07-01

    Full Text Available All types of companies providing financial professional services use, formally or informally, marketing principles and tools for the development of their business, in order to straighten their sustainability. By the end of 2009, in Romania, the financial professional services market has had a relatively constant and predictable development, the mandatory nature of these services being their most important promoter. This article presents the results of a survey aimed to highlight the impact of different marketing principles, techniques and tools on the sustainability of financial professional services in accounting and audit nowadays. The research is based on a questionnaire circulated to professionals with the relevant expertise in the financial-accounting domain. The number of responses obtained was considered meaningful, allowing the research results to be extrapolated to the entire studied population. The respondents, whose anonymity was respected, had multiple choice answers for most of the questions and also having the option of opened answers. The main findings of our research are a starting point in providing solutions to improve the sustainability of financial professional services through a coherent, innovative and effective marketing strategy.

  4. Concepts of price fairness: empirical research into the Dutch coffee market

    NARCIS (Netherlands)

    Drs. Robert Bart Gielissen; Prof. Dr. Johan Graafland

    2009-01-01

    This paper researches perceptions of the concept of price fairness in the Dutch coffee market. We distinguish four alternative standards of fair prices based on egalitarian, basic rights, capitalistic and libertarian approaches. We investigate which standards are guiding the perceptions of price

  5. Education and labor market activity of women: an age-group specific empirical analysis

    NARCIS (Netherlands)

    Münch, C.; van Wijnbergen, S.

    2009-01-01

    We analyze the determinants of female labor market participation for different age-groups in the European Union. We show that female participation is positively affected by tertiary education at any age. But upper secondary education increases participation only up to an age of 40 while after that

  6. Do regulatory mechanisms promote competition and mitigate market power? Evidence from Spanish electricity market

    International Nuclear Information System (INIS)

    Moutinho, Victor; Moreira, António C.; Mota, Jorge

    2014-01-01

    This paper estimates the relationships between bidding quantities, marginal cost and market power measures in the Spanish wholesale electricity market for two different regulatory periods: 2002–2005 and 2006–2007. Using panel econometric techniques we find differences in the impacts on bidding strategies for both periods. Hence, the marginal cost and the market power measures affect bid and net quantities. The market power measures also suggest that the coefficient is consistently positive and highly significant for both periods. Moreover, the market power and marginal costs have mixed effects according to the models proposed for both periods. In addition, our results point to the effectiveness of the different effects of mitigating the market power in the Spanish electricity market. For the 2006–2007 period, the proposed causal relationships are partially validated by the cointegration results, which assumes there is a significant causality between the Lerner Index and the marginal cost. - Highlights: • Competition and regulation in the Spanish electricity market. • Net supplier and net demander behavior in the spot market. • Panel cointegration methods used: FMOLS, PMG, MG, DFE and DOLS. • The price cap regulation is effective in mitigating market power. • Market power and marginal cost have positive effects on bidding strategies

  7. Does NVIX matter for market volatility? Evidence from Asia-Pacific markets

    Science.gov (United States)

    Su, Zhi; Fang, Tong; Yin, Libo

    2018-02-01

    Forecasting financial market volatility is an important issue in the area of econophysics, and revealing the determinants of the market volatility has drawn much attentions of the academics. In order to better predict market volatilities, we use news-based implied volatility (NVIX) to measure uncertainty, and examine the predictive power of NVIX on the stock market volatility in both long and short-term among Asia-Pacific markets via GARCH-MIDAS model. We find that NVIX does not well explain long-term volatility variants in the full sample period, and it is positively associated with market volatility through a subsample analysis starting from the Financial Crisis. We also find that NVIX is more efficient in determining short-term volatility than the long-term volatility, indicating that the impact of NVIX is short-lived and information that investors concern could be quickly reflected in the stock market volatilities.

  8. “Non-Aviation” activities and the introduction of new thinking and ideas in the airport business: Empirical evidence from an Italian case study

    Directory of Open Access Journals (Sweden)

    Vincenzo Fasone

    2012-05-01

    Full Text Available Purpose: This paper aims to describe the main changes occurring in the airport industry with particular attention to the increasing relevance of the non-aviation activities. In fact, during the most recent decades, the airport business has evolved into a dynamic and competitive industry. In order to reduce their deficits airport management policies have progressively favoured the commercial aspects in order to produce greater profit margins. In many countries, greater management elasticity in business administration has occurred, and important modifications have been introduced in the national and international regulations according to a market oriented perspective.Design/methodology/approach: The method used is the case study approach and the analysis utilizes empirical data originating from the airport in Olbia.Findings: Findings show how the choice to invest in the non-aviation sector can be ascribed to the strategic orientation adopted by airport managers.Originality/value: Empirical evidence can highlight certain trends in the industry, whose values can lead to a core definition of the new paths of development for the airport business to follow in the non-aviation dimension, and identifying at the same time innovative business ideas for opening up new market scenarios.

  9. Evidence of the overconfidence bias in the Egyptian stock market in different market states

    Directory of Open Access Journals (Sweden)

    Ayman H. Metwally

    2015-11-01

    Full Text Available Traditional finance theories fail to explain several anomalies observed in security markets. High levels of market turnover are among the most challenging market puzzles that have been documented in many security markets. Several studies assert the correlation between past market return and current market turnover. Behavioral finance theories assume that overconfidence bias is the reason behind this relation. Hence, this paper aims to study the impact of overconfidence – a behavioral bias stemming from the second building block of behavioral finance “cognitive psychology” and affecting traders’ beliefs and thereby their trading behavior in form of excessive trading. DeBondt and Tahler (1995. The study tests the overconfidence bias in the Egyptian Stock market during the period from 2002 till 2012 on the aggregate market level trough examining the relation between market returns and market turnover in different market states, seeking to document or deny whether overconfidence bias encourages investors to trade or not . The whole period is divided into four sub periods; two tranquil upward trending (2005-2005 and (2005-2008 and two volatile and down ward trending (financial crisis 2008-2010 and the (Egyptian Revolution Period 2010-2012 A quantitative research using secondary data and applying time series statistical techniques is designed. The research is following Statman et al. (2006 methodology. Time series analysis, which is based on four statistical techniques; mainly Vector Auto Regression, Optimal Lag Selection, Impulse Response Function and Granger Causality Tests are being used. Market Turnover ratios are used as proxies for overconfidence. The research finds a significant impact of past market return on current turnover in lag1, then turns negative in lag 2, and returns back positive in lag3, then remains positive and significant until lag5. This is in line with the overconfidence and self-attribution theory of Denial et al

  10. The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship

    NARCIS (Netherlands)

    J.H. Block (Jörn); C.O. Fisch (Christian); M. van Praag (Mirjam)

    2016-01-01

    textabstractInnovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very

  11. The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behavior and consequences of innovative entrepreneurship

    NARCIS (Netherlands)

    Block, J.O.; Fisch, C.O.; van Praag, M.

    2017-01-01

    Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very scattered

  12. Do People Overestimate Their Information Literacy Skills? A Systematic Review of Empirical Evidence on the Dunning-Kruger Effect

    Science.gov (United States)

    Mahmood, Khalid

    2016-01-01

    This systematic review has analyzed 53 English language studies that assessed and compared peoples' self-reported and demonstrated information literacy (IL) skills. The objective was to collect empirical evidence on the existence of Dunning-Kruger Effect in the area of information literacy. The findings clearly show that this theory works in this…

  13. E-shopping and its relationship with in-store shopping : empirical evidence from the Netherlands and the USA

    NARCIS (Netherlands)

    Farag, Sendy; Krizek, K.J.; Dijst, M.J.

    2006-01-01

    Despite considerable examination of the impact of telecommunications on travel, little empirical evidence sheds light on the impact of e-shopping on travel—a recent and increasingly popular form of telecommunications. This paper analyses determinants of online buying and their relationship with

  14. The effectiveness of social marketing interventions for health improvement: what's the evidence?

    Science.gov (United States)

    Gordon, Ross; McDermott, Laura; Stead, Martine; Angus, Kathryn

    2006-12-01

    To review the effectiveness of social marketing interventions designed to improve diet, increase physical activity, and tackle substance misuse. This article describes three reviews of systematic reviews and primary studies that evaluate social marketing effectiveness. All three reviews used pre-defined search and inclusion criteria and defined social marketing interventions as those which adopted six key social marketing principles. The reviews provide evidence that social marketing interventions can be effective in improving diet, increasing exercise, and tackling the misuse of substances like alcohol, tobacco, and illicit drugs. There is evidence that social marketing interventions can work with a range of target groups, in different settings, and can work upstream as well as with individuals. Social marketing provides a very promising framework for improving health both at the individual level and at wider environmental and policy-levels. Problems with research design, lack of conceptual understanding or implementation are valid research concerns.

  15. Labour Market Dynamics in Times of Crisis: Evidence from Africa ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... from Kenya, researchers will track how the labour trajectories for men and women change over time, and the links between firm outcomes and labour markets. ... Addressing Africa's unmet need for family planning by intensifying sexual and ...

  16. Social Interaction and Stock Market Participation: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhifeng Liu

    2014-01-01

    Full Text Available Current research on the impact of social interaction on the stock market participation only involves the traditional way of social interaction, and this paper further investigates the modern social interaction effects on the stock market participation and its activeness. The sample containing 150 Chinese counties is selected, and we apply grouping analysis and linear regression to conclude that social interaction has positive influence on the stock market participation and its activeness. Both traditional and modern social interaction ways affect the stock market participation and its activeness to the similar extent, so modern social interaction is of the same importance. Controlling for the respondents’ age, wealth, and education level, the above conclusion still holds.

  17. The Announcement Effect: Evidence from Open Market Desk Data

    OpenAIRE

    Oscar Jorda; Selva Demiralp; Holly Liu; Jeffrey Williams

    2003-01-01

    This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast errors in the Treasury balance to compute the elasticity of the federal funds rate to these errors and thus to obtain a measure of the liquidity effect. Similarly, one can view daily deviations of the ...

  18. Volatility Informed Trading in the Options Market: Evidence from India

    Directory of Open Access Journals (Sweden)

    Rajesh Pathak

    2015-12-01

    Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

  19. Institutions and international investments: Evidence from China and other emerging markets

    NARCIS (Netherlands)

    Zhang, Y.

    2011-01-01

    This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and

  20. How do land rental markets affect household income? Evidence from rural Jiangsu, P.R. China

    NARCIS (Netherlands)

    Zhang, Lan; Feng, Shuyi; Heerink, Nico; Qu, Futian; Kuyvenhoven, Arie

    2018-01-01

    The development of land rental markets in developing countries attracts much attention, but little is known about its impact on household income. This study empirically examines the effects of land rental decisions of farm households on their income and income components, i.e. farm, off-farm and