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91.
This paper analyses the investment behaviour of Russian farms during the period of economic stabilisation that followed Russia’s financial crisis of 1998, and is the first to apply the error‐correction investment model to describe farms’ investment behaviour in the transitional context. Additionally, the paper employs the error‐correction and the adjustment‐cost model to test for differences in the investment behaviour between various farm categories. The results show that in general Russian farms exhibited an error‐correcting behaviour in the period under investigation. From 1999 to 2005 the output–capital gap was closed by an average rate of 10% per year. Estimates of the adjustment‐cost model show that Russian farm investments are very sensitive to the sales–capital ratio, suggesting that Russian farms exhibit increasing returns to scale and positive expectations about future revenues. Yet, such farm characteristics as ownership structure, access to input markets and also regional specifics were found to be decisive for farm investment not only in the short but long term too. Finally, the results show that the adjustment‐cost model is adequate for the evaluation of differences in short‐term investment behaviour, whereas it is noticeably less powerful for investigating differences in the farms’ long‐term investment behaviour.  相似文献   
92.
ABSTRACT

This paper performs topic modeling using all publicly available CSR (Corporate Social Responsibility) reports for all constituent firms of the major stock market indices of 15 industrialized countries included in MSCI Europe for the sample period from 1999 to 2016. Our text mining results and LDA analyses indicate that ‘employees safety’, ‘employees training support’, ‘carbon emission’, ‘human right’, ‘efficient power’, and ‘healthcare medicines’ are the common topics reported by publicly listed companies in Europe and the UK. There is a clear sector bias with industrial firms emphasizing ‘employee safety’, Utilities concentrating on ‘efficient power’ while consumer discretionary and consumer staples highlighting ‘food waste’ and ‘food packaging.’ To produce these results, we used a battery of python code to organize the hundreds of reports downloaded from Bloomberg and the internet, the latest R-algorithm to estimate LDA (Latent Dirichlet Allocation) model and the LDAvis interactive tool to visualize and refine the LDA model.  相似文献   
93.
Political longevity in young democracies has attracted the attention of scholars and practitioners alike due to several particular characteristics of such democracies, such as a low level of trust, a low level of credibility, corruption, economic difficulties, a less well‐established rule of law and an increased bureaucracy. In such a context, we studied the tenure duration of Romanian ministers since 1989, as well as their accumulated political longevity in ministerial offices. Using proportional hazards regression, we observed some peculiarities in the young Romanian democracy in comparison with more established regimes. We observed that left‐wing majorities tend to increase the probability of seat changes and thus diminish tenure longevity. We also observed that good economic conditions may lead to the substitution of certain types of ministries, while higher inflation rates tend to shorten tenure longevity for Romanian ministers. Moreover, our estimations support the finding that Romanian ministers tend to have shorter tenures as the number of past ministerial functions increases and that the burden of simultaneously managing various ministries significantly contributes to the shorter political longevity of a given minister. Finally, recent ministers have had longer tenures than those in the first years after the fall of communism in Eastern Europe in 1989.  相似文献   
94.
In Romania, the study of jointly owned property (dev?lm??ie) has been of great interest for social scientists during the different political regimes of the country. After the fall of the communist regime and after over 50 years of state ownership, the forests and pasture commons (ob?ti and composeorate) returned to be private property of newly established associative forms. This paper aims to identify and define the contemporary Romanian commons by reference to the general characteristics of social economy organizations. In order to achieve this and obtain a clearer view of the place of the commons in Romania's organizational environment, presentation of some elements of the commons’ institutionalization process after the fall of the communist regime is included. The data used for answering these two objectives comes from the analysis of a database comprising 328 questionnaires applied to board members of commons in Romania and various legal documents. The main argument of the paper is that the restitution process that led to the re‐establishment of the Romanian commons from public property to common private property—marked by hardships, conflicts, misunderstandings or faults—deepened the scarce knowledge of the political actors, general public and other stakeholders in regard to these organizations and perpetuated their unclear position in the organizational field.  相似文献   
95.
We show that in the presence of non-zero pricing errors, the Fama–MacBeth (FM) cross-sectional regression test is very likely to either reject the Capital Asset Pricing Model (CAPM) when it (almost) holds or accept the model when it grossly fails. We investigate the case when pricing errors are correlated with betas and demonstrate that the test performance depends crucially on the correlation, cross-sectional distribution of betas, and several other parameter values. Even when the CAPM holds exactly (pricing errors are zero) the FM test is equally likely to either reject or accept the model when typical sample sizes are used.  相似文献   
96.
Identifying the impact of teacher characteristics on academic achievement has been a salient and reoccurring topic in education. We employ a twin-by-year identification strategy using matched teacher-student data from North Carolina to credibly estimate the impact of teacher characteristics such as experience, certification, and advanced degrees on academic achievement in math and reading. By using within-family variation the estimates from our model improve upon on earlier work by for time varying unobservable family shocks to non-schooling inputs. Our findings reveal that teacher experience and National Board certification have positive and significant effects on achievement in reading and math; however, we find inconclusive effects for advanced degrees. Notably, we show that teacher experience has the largest effects on student achievement, but our effects are smaller than the standard estimates in the literature. Overall, our estimates provide lower upper bounds for these key teacher characteristics.  相似文献   
97.
98.
The profound economic and political changes of the 1990s had detrimental social effects in many domains of life in post-socialist countries, including diminishing life expectancy and growing unhappiness. Despite economic improvements in the second decade of transition, research has documented that happiness lagged behind. We test whether past unemployment experience can explain this ”transition happiness gap in the context of Ukraine”, a country with a painful delayed transition from planned to market economy. We analyze unique longitudinal data for the period 2003–2012. Current unemployment substantially reduces subjective wellbeing, and the effect is roughly 50% larger for men than for women. The effect of past unemployment is significant, but small in magnitude compared to the effect of current unemployment. However, it does correspond to around 8% of the “transition happiness gap” found by Guriev and Melnikov (2017), suggesting that past unemployment experience can be considered as a partial explanation.  相似文献   
99.
The use of resource-based theory (RBT) in marketing research has increased by more than 500% in the past decade, which suggests its importance as a framework for explaining and predicting competitive advantages and performance outcomes. This article provides a comprehensive review of RBT, including a contemporary definitional foundation for relevant terms and assumptions and a synthesis of empirical findings from marketing literature. This multidimensional analysis of RBT also evaluates extant marketing research according to four perspectives: the marketing domains that use RBT, the characteristics and uses of market-based resources that differentiate it from other research contexts, the extension of RBT to the “marketing exchange” as a unit of analysis, and the connection of RBT to related theories. This analysis also reveals some common pitfalls associated with prior research, offers tentative guidelines on how to improve the use of RBT in marketing, and suggests research directions to advance the theorization and empirical testing of RBT in the future.  相似文献   
100.
We propose an alternative measure of the degree to which income status is transmitted from one generation to another. Our indicator of intergenerational income mobility is based on a random coefficient model, which allows for variation in intergenerational mobility across families due to multiplicative unobserved family‐specific characteristics. This alternative measure suggests that intergenerational income persistence is typically stronger than when intergenerational income mobility is measured using the standard elasticity of sons' income with respect to fathers' income. Copyright © 2011 John Wiley & Sons, Ltd.  相似文献   
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