Who has terror angst? Perceptions of the effects of terror on the world economy

We examine sources of biased terror perceptions. In particular, we investigate how international experts of the IFO World Economic Survey assess the effect of terror on the world economy and the economy of their own country. The results show that respondents from terror-stricken countries have more favourable views on the effect of terror on the word economy (but not on their own countries). Male respondents and those from democratic and richer countries are likewise more optimistic.     

The effect of rural labor migration on poverty alleviation： a viilage-level study in China

The construction of the new socialist countryside is being carried out in China nowadays. Although lots of successful experience has been gotten, different problems occur in various regions yet. To analyze the relationships among rural labor migration, poverty alleviation and characteristics of migrants is important in considering the effect of rural labor migration on the construction of the new. socialist countryside, Available sampling and typical case study are adopted and 236 questionnaires are collected from four villages in northwest GuangxL China, Daxin, Lixin, Longhe and Yongehang, We analyze the rural labor migration status, characteristics of migrants, remittance situation and income, household income and the ratio of remittance income to total household income. About 2/3 of the households have migrants in surveyed villages. And nearly half of the migration households have only one family member as migrants in the four villages. The migrants mainly comprise male and the younger, with the education level of junior middle school and higher More than half of the migrants are employed in Guangdong Province. But the characteristics of migrants in Yongchang are more diverse. The rural labor migration in the village is extremely active and extensive. And over 60% of the household with family members as migrants have remittance income. The rate in Yongchang is extremely high （80%）, And the income of households with migrants getting remittance income is significantly higher than their counterparts. More than half of their income comes from remittance as far as the former kind of household is concerned And in Yongchang, the rate is nearly 80%. The conclusion is that rural labor migration is popular and extensive in lots of villages. And the migration and remittance play an important role in rural household income, especially in some poor villages. For this kind of village, the rural labor migration may be some ＂compulsory course＂ in rural development. And the rural labor emigration is an essential way in     

The causal effect of compulsory voting laws on turnout: Does skill matter?

A very important, yet unsettled, question is whether mandatory voting affects political participation. This paper exploits a natural experiment to assess the causal impact of compulsory voting on turnout and, more importantly, to test whether the impact is different across skill groups. I find that compulsory voting increases voter turnout by 18 percentage points (28%) and the increase is twice as much in the unskilled citizens than that in the skilled citizens. This study is the first to show, with rigorous empirical evidence, that compulsory voting laws are effective in reducing the skill/socioeconomic gap in political participation. Furthermore, by shaping the electorate, these laws have relevant consequences in terms of the economic policies applied.     

Pro-cyclical effect of sovereign rating changes on stock returns: a fact or factoid?

This article examines the effect of changes in sovereign credit ratings and their outlook on the stock market returns of European countries at different phases of business cycle. Using standard four-factor model, it records a significant average marginal effect of credit rating announcements on stock market returns. Both magnitude and significance of the effect vary with business cycle and across announcement types. However, we do not find evidence of pro-cyclical effect of sovereign rating and outlook changes on stock returns. Our results show that stock markets react more negatively to rating downgrades in recovery phases and more positively to rating upgrades in contractionary period. Both results are statistically significant and robust to various sensitivity tests.     

The effect of immigration on unemployment in Europe: Does the core-periphery dualism matter?

The migrant crisis is one of the most challenging tasks the EU has ever faced. This paper uses a Panel Error Correction Model to assess the direction of the impact of immigration on domestic unemployment, in the short and in the long run, for a sample of 15 EU countries between 1997 and 2016. We test for different effects in core and periphery countries based on differences in macroeconomic fundamentals and labor market characteristics. In the long run, immigration is found to reduce unemployment in peripheral countries only, whereas in the short run, we find that immigration reduces unemployment for the whole sample. However, country-specific coefficients based on interactions with labour market characteristics indicate that short-run impacts are larger in Scandinavian and Anglo-Saxon countries. Conversely, Italy, Greece and Portugal show the smallest impacts. Our results suggest that negative sentiments toward immigration due to labour market competition are mostly unjustified.     

The impact of American depositary receipts on the Japanese index: Do industry effect and size effect matter?

This paper explores whether American Depositary Receipts (ADRs) affect the underlying local index (LD) for Japanese market, and such a phenomenon is considered as an adverse influence. Nonlinear Granger causality and Bayesian factor analysis are employed to investigate the nonlinear relationship between ADR and LD. The results indicate the existence of a nonlinear relationship between ADR and LD by employing Bayesian factor analysis, which has never been employed in the related issues. Next, the linear Granger causality findings reveal that the ADRs, which influence Japanese index, are not affected by industry effect rather than by size effects. Overall, most relationships between ADR and LD are nonlinear while the specific turning points of different firms influence LD. Ultimately, we also provide the related policy and economic implications.     

The wages of motherhood: better or worse?

Data from two British cohort studies show that women with childrenhave lower wages than childless women. We develop an innovativedecomposition of this 'family gap'. The crude pay gap betweenmothers and childless women in their thirties was similar in1978 and 1991, but low pay in part-time work became more importantin explaining this gap, and human capital less so. We find that,among full-time employees, women who broke their employmentat childbirth were subsequently paid less than childless women.In contrast, mothers who maintained employment continuity wereas well paid as childless women, but neither were as well remuneratedas men.     

The migration of professionals within the EU: Any barriers left?

As shown by the intense legislative effort at the European Union level, the mutual recognition of professional qualifications represents an important step towards the completion of the single EU labor market. In this paper we provide the first empirical evidence on the link between intra‐EU mobility and mutual recognition of professional qualifications. Our results show that bilateral EU migration is positively affected by the destination country's rate of recognition of professional qualifications obtained in another EU member state.     

Who gets injured at home? Evidence from older people in France

The study analyses unintentional home and leisure injuries (HLIs) for the French senior population using data from the 2012 wave of the French health, health care and insurance survey. The results of our logit models reveal that health status, age, and risky attitudes are the main characteristics associated with HLIs for older people. When the severity of injuries is taken into consideration, the highest exposure to HLIs concerns the oldest seniors, aged 85 years old or older, with deteriorated health. This result is confirmed in the case of severe indoor HLIs, whereas for severe outdoor injuries, the most vulnerable individuals seem to be younger seniors, that is, 75–79 years old. Moreover, our findings suggest that HLIs, and mainly severe home HLIs, generate a short-term influence on a person's health.     

The effect of financial development on economic growth: evidence from the APEC countries, 1981–2000

Using the modified growth model, this study examines whether financial development would facilitate economic growth among the Asia-Pacific Economic Cooperation (APEC) countries from 1981 to 2000. It focuses on the effects of three aspects of financial development on growth: stock market, banking sector and capital flow. To control for the country-specific effect, the model is further estimated for the developed and developing member countries. Results suggest that among the three financial sectors, only the stock market development shows strong growth-enhancing effect, especially among the developed member countries. This positive relationship remains very robust even after controlling for the simultaneity bias. Thus, there is no evidence to suggest that the level of financial infrastructure development does affect the overall finance–growth relationship observed in this study.     

Innovation or imitation? The effect of spillovers and competitive pressure on firms’ R&D strategy choice

In this paper a firm’s R&D strategy is assumed to be endogenous and allowed to depend on both internal firm characteristics and external factors. Firms choose between two strategies, either they engage in R&D or abstain from own R&D and imitate the outcomes of innovators. This yields three types of equilibria, in which either all firms innovate, some firms innovate and others imitate, or no firm innovates. Firms’ equilibrium strategies crucially depend on external factors. We find that the efficiency of intellectual property rights protection positively affects firms’ incentives to engage in R&D, while excessive competitive pressure has a negative effect. In addition, smaller firms are found to be more likely to become imitators when the product is homogeneous and the level of spillovers is high. Regarding social welfare our results indicate that strengthening intellectual property protection can have an ambiguous effect. In markets characterized by a high rate of innovation a reduction of intellectual property rights protection can discourage innovative performance substantially. However, a reduction of patent protection can also increase social welfare because it may induce imitation. This indicates that policy issues such as the optimal length and breadth of patent protection cannot be resolved without taking into account specific market and firm characteristics.     

On the joint effect of technological and management innovations on performance: increasing or diminishing returns?

Most studies on innovation are aimed at covering technological innovation, neglecting other modes of innovation based on non-technological drivers. The latter, referred to as management innovation, consists of the implementation of new management practices, processes or organisational tasks. This work advances knowledge on the topic by exploring the joint effect of simultaneously introducing technological and management innovations on performance. Based on an analysis of 12,563 Spanish firms drawn from CIS data, our findings suggest that firms frequently pursue the simultaneous or joint introduction of both technological and management innovations and that integration impacts positively on a firm’s performance, evidencing an inverted U-shape that suggest positive but diminishing returns. A theoretical framework using the capability-based view embraces the emerging conversation on management innovation issues and its relationship with the well-researched technological one.     

The effect of managerial ability on dividend policy: how do talented managers view dividend payouts?

We contribute to the literature on dividend policy by relaxing Miller and Modigliani’s (1961) perfect capital market assumptions and incorporating a factor that has not been investigated before, that is, variation in managerial ability. Based on more than 24 000 observations across over 20 years (1989–2011), our results show that firms with more talented executives are more likely to pay dividends and, among firms that pay dividends, pay significantly larger dividends. A rise in managerial ability by one SD raises the propensity to pay dividends by 27% and, for firms that pay dividends, increases dividend payouts by 29%. Our results are consistent with the notion that talented managers, confident in their ability to keep the firm profitable, are more willing to pay larger dividends because they are less concerned about having to reduce dividends in the future. Further analysis shows that our results are not likely vulnerable to endogeneity.     

The effect of functional status impairment on nursing home admission risk among patients with advanced Parkinson’s disease

Abstract

Aims: To estimate the relationship between functional status (FS) impairment and nursing home admission (NHA) risk in Parkinson’s disease (PD) patients, and quantify the effect of advanced PD (APD) treatment on NHA risk relative to standard of care (SoC).

Materials and methods: PD patients were identified in the Medicare Current Beneficiary Survey (MCBS) (1992–2010). A working definition based on the literature and clinical expert input determined APD status. A logit model estimated the relationship between FS impairment and NHA risk. The effect of levodopa-carbidopa intestinal gel (LCIG) on NHA risk relative to SoC was simulated using clinical trial data (control: optimized oral levodopa-carbidopa IR, ClinicalTrials.gov NCT00660387 and NCT0357994).

Results: Non-advanced PD and APD significantly increased NHA risk when controlling for demographics (p?<?0.01). APD status was no longer significant after controlling for FS limitations, implying that FS limitations explain the increased NHA risk in APD patients. Reduced impairment in FS in patients with APD treated with LCIG reduced risk of NHA by 13.5% relative to SoC.

Limitations: This study applies clinical trial results to real-world data. LCIG treatment might have a different effect on NHA risk for the nationally representative population than the effect measured in the trial. Both data sources employ different instruments to measure FS, instrument wording and study follow-up differed, which might bias our estimates. Finally, there lacks consensus on a definition of APD. The prevalence of APD in this study is high, perhaps due to the specific definition used.

Conclusions: Patients with APD experience a higher risk in NHA than those with non-advanced disease. This increased risk in NHA in patients with APD is explained by greater limitations in FS. The relative reduction in risk of NHA for the APD population treated with LCIG is quantitatively similar to doubling Medicaid home care services.     

The effect of MADD on drinking–driving activities: an empirical study

Since its establishment in 1980, MADD (Mothers Against Drunk Driving) has been instrumental in directing our nation's attention to the problems associated with drinking and driving activities. Through its legislative lobbying efforts, educational and victim support activities, MADD strives to increase the expected costs and reduce the expected benefits of driving under the influence of alcohol. The object of this paper is to develop and estimate a model which assesses the consequences of MADD's efforts on the incidence of drinking and driving. Using extensive data collected in California, a simultaneous equations model is estimated. The results suggest that MADD does have a deterrent effect upon the incidence of alcohol related accidents. Moreover, the effect is found to be stronger for alcohol related accidents with a non-fatal injury relative to those with a fatality.     

The Galor–Weil gender-gap model revisited: from home to market

This paper develops an overlapping generations model that incorporates two-sector (market and non-market) production, gender heterogeneity, and fertility choice. We extend the gender-gap model of Galor and Weil (Am Econ Rev 86(3):374–387, 1996) by adding a third use of time, non-market work, into household time allocation. Our model can explain the joint evolution of production structure, household time allocation, and fertility broadly observed in the nineteenth and twentieth centuries in the Western world as part of a single process of economic development: (i) production shifted out of households and into the market, (ii) there was first an increase in the supply of male labor to the market, followed by an increase in the female labor supply; married-female participation in paid work outside the home dramatically increased in the latter half of the twentieth century, and (iii) there has been a two-century long secular decline in fertility, interrupted by a temporary rise in the mid-twentieth century (a baby boom). We also provide a quantitative analysis and examine how well our model replicates the patterns observed in U.S. data.     

Are children an incentive or a disincentive for migration? Evidence from Vietnam

This study analyzes the influence of children on household migration decisions using data on current internal movement in Vietnam a country that has experienced significant rural–urban migration in the recent years. Families with children usually have three migration choices: move together, stay together or send only one parent to work afar. Using an instrumental variable approach, we show that having an additional child reduces the probability of household migration by 0.0115, while it increases the likelihood of fathers’ migration by 0.0121. These effects suggest that households with more children may be less mobile but may have a greater economic need for migration.     

The cause of Danish unemployment: Demand or supply shocks?

We study the Danish unemployment experience 1905–92 using a common trends model with cointegration constraints. To justify the identifying assumptions about the cointegration vectors and the common trends we present a simple macroeconomic model of the labor market. The model determines the long run behavior of labor productivity, employment, unemployment, real product and real consumer wages. The empirical results give support for three cointegration relations and two common trends. Based on the economic model the trends are interpreted as representing labor productivity (technology) and labor supply. With unemployment being nonstationary, the common trends analysis indicates that labor supply shocks is the primary source for explaining the behavior of unemployment. First Version Received: August 1999/Final Version Received: June 2000     

Nonparticipation or Misspecification? The Impacts of Nonparticipation on Dichotomous Choice Contingent Valuation

Dichotomous choice (or Referendum) contingent valuation surveys have become the predominate choice for valuing goods and services otherwise not valued in a standard market (nonmarket goods and services). A number of researchers have recently recommended that dichotomous choice contingent valuation studies include a follow-up question to all no responses to determine whether the no response is a result of unwillingness to pay, or nonparticipation. If the goal of the study is to investigate the impact of covariates on either mean willingness to pay or the probability of nonparticipation, simple identification of indifferent individuals will not suffice. A simulation study shows that existing econometric models designed to account for nonparticipation are extremely sensitive to misspecification bias. Accurate identification of the probability of nonparticipation is hampered by potential misspecification of the distribution of willingness to pay.