Almost saturatedD-optimal main effect plans and allied results

The theory of unimodular matrices has been applied to deriveD-optimal main effect plans fors ₁ ×s ₂ factorials ins ₁ +s ₂ runs. Plans with highA-efficiency have also been given.     

Are survey forecasts of individual and institutional investor sentiments rational?

We examine the effects of rational risk factors on investor sentiments. We find that institutional investor sentiments are more rational than individual investor sentiments. There are significant positive effects of, market return and dividend yield and negative effect of inflation on both types of sentiments. These risk factors have stronger effects on institutional than individual investor sentiments. Also, there are significant effects of term spread and HML on the institutional investor sentiments. The evidence suggests that linkages between sentiments and stock return stems from a combination of rational outlook and noise i.e. expectations that are not fully justified by information.     

Foreign competition for shares and the pricing of information asymmetry: Evidence from equity market liberalization

Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing of information asymmetry as countries remove regulatory restrictions on foreign ownership. Our study provides novel evidence on the link between the degree of competitiveness of equity markets and the price of information asymmetry. The work also furthers our understanding of the economic consequences of foreign stock ownership.     

Nutrient consumption in India: Evidence from a village study

Adequate nutrition is generally regarded as a core dimension in any evaluation of well‐being. In the context of India, a country with a high prevalence of poor nutrition, there is a dearth of nutrition studies with adequate coverage and comparability. Using primary data on food consumption from a village in a poorer state of India, we study the consumption of five key nutrients, namely, calories, protein, carbohydrates, calcium and iron. Among the various determinants of nutrition, we find that expenditure has a significant impact on nutrition and the expenditure elasticity of nutrition is comparatively high for all the key nutrients. By correcting for potential endogeneity, we demonstrate a causal link from expenditure and food subsidy provided by the public distribution system to nutritional intake. There is some evidence that household characteristics such as household size and gender of the household head matter for nutrition; however, they are not robust under various specifications.     

Revisiting the link between financial development and industrialization: evidence from low and middle income countries

Annals of Finance - The paper uses a dynamic panel model to analyze the relationship between financial development and industrialization in the context of low and middle income countries between...     

Inefficient incentives and nonprice allocations: Experimental evidence from big‐box restaurants

Queues are puzzling because they are consistent with wasted profit in equilibrium. Standard rationales trace the puzzle to the pricing of goods. This article uses field experimental evidence from large‐scale restaurants to trace the puzzle to the pricing of labor. The customary wage contract in these settings fosters congestion and longer queues because it can encourage workers to emphasize the quality rather than quantity of output. To study this problem, the field experiment pays waiters bonuses for customer volume on days with excess demand, in addition to the tips and hourly wages they customarily receive. The experimental contract shortens queues substantially, generating surplus gains for consumers with no discernible cost in terms of perceived service quality. Workers earn more via the bonuses and because they earn more in tips. Short‐run profits increase by at least 49%. There is no discernible reduction in long‐run profit. The firm reverted to the baseline contract on excess demand days after many months of evidence, even after acknowledging the gains from the experimental contract. The evidence suggests the puzzle may partly be explained by inefficient wage contracting.     

On Ethical Violations in Microfinance Backed Small Businesses: Family and Household Welfare

Journal of Business Ethics - The microfinance business model focuses largely on lending to the woman in the household, rather than the man. The belief is that women are more trustworthy borrowers...     

On the Viability of Fixing Leaky Supply Chains for the Poor Through Benefit Transfers: A Call for Joint Distribution

Supply chain managers have yet to solve the conundrum of profitably distributing and selling to the poorest consumers. Most prevailing methods of addressing this problem take one of two contrasting approaches—that is, (1) price subsidization or (2) benefits/cash transfers. The former has been heavily studied in the literature with the consensus being that it is highly inefficient and prone to leaks. We investigate the viability of the latter by focusing on how branching out to reach the poorest customers impacts the performance of banks. Results indicate that the impacts of this approach are deleterious, thereby questioning its commercial scalability. Therefore, we argue that this approach may also have only limited potential in terms of being an effective, large‐scale solution to the problem of access for the poor. Instead, a third approach to achieve scalable Bottom of the Pyramid growth and development needs to be considered—cultivating partnerships through joint distribution.