Will elders provide for their grandchildren? Unconditional cash transfers and educational expenditures in Bolivia

We take advantage of repeated cross‐sectional household surveys and a sharp discontinuity created by the introduction of an unconditional cash transfer to elders in Bolivia, to evaluate its impact on educational expenditures on children within a household. We find positive and significant impacts of the program at the aggregate level. We also find that the program has stronger effects on indigenous populations as well as on female and rural populations. Our results are robust to a series of falsification tests, survey structure, model specification, and estimation methods.     

Short-Run and Long-Run Effects of Copper Mining on Peru’s Recent Economic Growth

Peru is the second-largest producer and exporter of copper in the world. This paper proposes a novel approach to assess short-run and long-run effects of copper on Peru’s recent economic growth. Annual data over the 2014–2018 period were used to calculate a Mining Contribution Index (MCI). An institutional quality indicator of the World Competitiveness Index of the World Economic Forum measured the dependence of Peruvian economic growth on mining and the quality of its institutions, respectively. Then, monthly data during the period 2005–2018 were used to run vector autoregressive (VAR) and vector error correction (VEC) models to measure copper’s effects on the country’s economy over time. VAR-VEC models included copper production, exports, international price, investment, taxes paid by producing companies, and Peru’s gross domestic product (GDP). Stationarity and causality of variables were verified with the Augmented Dickey-Fuller and Granger tests, respectively. Due to the presence of non-stationary variables, a VEC model was implemented to forecast short- and long-run effects. The main results show that real GDP responds to copper output and other related explanatory variables differently, depending upon the instrument applied. Peruvian GDP has increased dependence on copper mining. The quality of its institutions could explain the presence of Dutch Disease or resource curse theory. Short- and long-run effects of copper output on GDP were generally statistically non-significant. GDP was statistically significant in relation to other mining variables, such as copper exports and the international price of copper.

     

Performance Measures in Dose-Finding Experiments

In the first phase of pharmaceutical development, and assuming that the probability of positive response increases with dose, the main statistical goal is to estimate a percentile of the dose–response function for a given target value $\mathrm{\Gamma }$. We compare the Maximum Likelihood and centred isotonic regression estimators of the target dose and we discuss several performance criteria to assess inferential precision, the amount of toxicity exposure and the trade-off between them for a set of some exemplary adaptive designs. We compare these designs using graphical tools. Several scenarios are considered using simulation, including the use of several start-up rules, the change of slope of the dose-toxicity function at the target dose and also different theoretical models, as logistic, normal or skew-normal distribution functions.     

Social Media managerial implications for budget accommodation venues: use of Social Media platforms more effectively and efficiently

Quality & Quantity - Social Media has transformed people’s lives and behaviour. Over the past decade it has also transformed the Tourism Industry. Despite this triumph, insufficient...     

On the relationship between sectorial and institutional structural changes

Successful development processes involve not only ‘sectorial structural change’, shifts of factors between different productive sectors, but also, ‘institutional structural change’, shifts of factors from unproductive activities (predation) to productive ones. This paper analyzes the feedback process between the sectorial and the institutional structural changes in a model in which the labor share in agriculture is lower than in other sectors. Along the transition sectorial structural change emerges: employment in agriculture declines. Consequently, total labor share increases, raising the reward for working (while discouraging predation) and so, fostering institutional structural change. This, in turn, encourages capital accumulation, promoting sectorial structural change. This feedback mechanism widens differences in productivity and institutions among countries. Whereas zero-cost policies aimed to build institutions have positive effects, costly policies have uncertain effects due to complex feedback mechanisms.     

Analyst earnings forecast precision and local advantage: evidence from American depositary receipt firms

Prior research has documented a finding that local analysts provide more accurate earnings forecasts than nonlocal analysts in many settings. However, little is known about local and nonlocal analysts’ relative earnings forecast abilities for ADR stocks. In this study, we find that the local advantage disappears for ADR stocks and that nonlocal analysts in fact outperform local ones in this case. We investigate the source of this ‘local disadvantage’ and find evidence against hypotheses based on accounting standards and exchange rates. We document that the local advantage decreases with increased investor interest in foreign firms, consistent with our nonlocal investors’ interest hypothesis.     

Measurement of Variables Involved in the Design of a Training Study: Practical Experience Undertaken in a Sports Organisation

This article describes the process for preparing a survey, which will be used to measure relevant variables, which are involved in a study of training needs in a Spanish sports organisation. The variables which have been considered are: problems and difficulties in carrying work of specific positions; “strong points” in carrying out this work; usefulness of the training received in facing and solving the above-mentioned problems and difficulties; usefulness of the training received in acquiring and strengthening these “strong points” in carrying out work; opinion and suggestions with respect to future training. Due to the applied nature of the study, a data collection methodology was designed which was based on interviews and group discussions with a representative sample of workers. Finally, the predictive capacity of perception, which workers have, of their motivation at work was clearly shown in order to then identify different attitude and conduct patterns.     

Coberturas financieras con derivados y su incidencia en el valor de mercado en empresas colombianas que cotizan en Bolsa

The financial theory (Modigliani & Miller, 1958) rises that risk management was not an issue for companies because shareholders could make their own hedging management through portfolio diversification; however, further studies conflict with that statement and show that corporate financial hedging improves performance and increases the value thereof (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Allayannis & Ofek, 1998). Efficient management of market risks, which is based on the use of financial derivatives, demands strategic and efficient managers in hedging that adds value to the firm, especially in against shocks and imbalances from a macroeconomic and financial nature. Empirical evidence analyzes the performance of the Q-Tobin as an indicator of the effect of hedging strategies of exchange rate associated to the market value. This paper aims to find evidence in Colombia on the effect of using derivatives in the market value of the firm. Its added value lies in the analysis made by economic sectors, identified by CIIU codes and grouped into 5 sectors (Agricultural, Commercial, Industrial or Manufacturing, Services and Construction). The methodology includes several models estimating regression panel data, using a Pooled regression with estimators of fixed and random effects by maximum likelihood estimator. In general, it was found a premium due to hedging, statistically and financially significant, for companies exposed to exchange rate risks that use derivatives by an average of 6.3% on the market value. Moreover, mixed results were found regarding the analyzed variables in the model.     

The end of growth in residential tourism destinations: steady state or sustainable development? The case of Calpe

This article discusses how the slowdown in the real estate market during the most recent economic and financial crisis has affected residential tourism destinations on the Spanish coast. The afore-mentioned crisis, which gave rise to a standstill in residential activity, coincided with the turbulences experienced in the competing destinations of Northern Africa, which brought about a record number of international tourist arrivals to Spain. The resulting situation enables us to explore the future scenario of all the Spanish destinations that, due to the depletion of available land, are reaching their maximum levels of urban growth. Examining the case of Calpe, a destination which is representative of the Spanish Mediterranean, the study analyses whether the foreseeable dynamics for the future are conceptualized in the favourable terms that characterize “sustainable development” or, on the contrary, exhibit negative implications which the classic economists refer to as the “steady state”.     

Offshoring and employment structure in the EU periphery: the case of Spain

The effects of offshoring of production have received a great deal of interest due to their implications on labour markets. However, the main theoretical predictions related to this issue are not always fulfilled in the empirical analysis; according to the Stolper–Samuelson theorem, there seems to be unanimous support for its effects in advanced countries whose production is relocated but not at all for recipient economies of the same. Additionally, there is a lack of empirical evidence in countries specialized in unskilled-labour tasks which are, at the same time, economies with higher relative wages in a global framework such as the Spanish economy. In this sense, the aim of this article is to analyse the effects of material offshoring in the relative composition of employment in the Spanish manufacturing industry during the period 1990–2007. Furthermore, we investigate the effects of immigrant labour and the temporary employment rate due to its increasing relevance in the Spanish economy during the period analysed. Using a generalized methods of moments (GMM) approach, our results suggest that, as opposed to most developed countries, offshoring in Spain has favoured the demand for blue-collar workers. In addition, we confirm that the increase in immigration and the increasing use of temporary contracts have enlarged the share of low-skilled workers.