THE DYNAMIC PROPERTIES OF ALTERNATIVE ASSUMPTIONS ON PRICE ADJUSTMENT IN NEW KEYNESIAN MODELS

This paper presents a classification of the different new Phillips curves existing in the literature as a set of choices based on three assumptions: the choice of the structure of price adjustments (Calvo or Taylor), the presence of backward indexation and the type of price contracts (fixed prices or predetermined prices). The paper suggests study of the dynamic properties of each specification, following different monetary shocks on the growth rate of the money stock. We develop the analytical form of the price dynamics, and we display graphics for the responses of prices, output and inflation. We show that the choice made for each of the three assumptions has a strong influence on the dynamic properties. Notably, the choice of the price structure, while often considered as unimportant, is indeed the most influential choice concerning the dynamic responses of output and inflation.     

Intensidad en empleo a largo plazo del crecimiento del producto sectorial en Túnez

Se examina la capacidad a largo plazo de Túnez de generar empleo. Con datos de panel de 15 sectores económicos de 1983–2010, los autores estiman sus elasticidades producto‐empleo a largo plazo utilizando el estimador de media grupal. Según sus resultados, la política económica debería orientarse a los sectores más intensivos en empleo: servicios y manufacturas exportadoras. Destaca la incapacidad del sector minero de absorber mano de obra, por lo que la inversión en el mismo no será productiva; asimismo, el crecimiento sin empleo a largo plazo de la hotelería y restauración induce a pensar que deberían fomentarse más las actividades paraturísticas que las turísticas.     

The Influence of Managerial Ownership on Bank Market Value,Performance, and Risk: Evidence from Banks Listed on the Stoxx Global Index

We follow agency theory to assess the influence of managerial ownership on the market value, performance, and risk of 123 listed banks in 23 countries included in the STOXX Global Index in 2007 and 2010. After controlling for bank characteristics, regulatory restrictions, and macroeconomic conditions, our findings show a positive relation between managerial ownership and both market value (Tobin's Q) and performance (ROA and ROE). Moreover, we find a negative relation between managerial ownership and risk (EDF, NPL/L, and Z‐SCORE). Bank market value and performance is a non‐linear, inverse U‐shaped function of managerial ownership. The negative relation between managerial ownership and bank risk is also non‐linear and U‐shaped. Our results remain robust to reverse causality. In their effort to immunize the global financial system from systemic risks, central banks and practitioners should find our results relevant for regulation purposes.     

OPTIMAL DIVIDEND PAYMENTS WHEN CASH RESERVES FOLLOW A JUMP‐DIFFUSION PROCESS

We consider a model in which a firm faces two types of liquidity risks: a Brownian risk and a Poisson risk. The firm chooses a dividend policy to maximize shareholder value. We characterize the optimal firm value and we show that the optimal dividend policy is a barrier strategy: the firm keeps cash inside when the cash reserves level is less than a critical threshold and pays cash in excess of this threshold. We also analyze the problem of insurance against the Poisson risk. We find that it is optimal for the firm to buy full insurance when its cash reserves are above a critical threshold and not to insure otherwise.     

Whither Islamic Banking?

Islamic banking is visibly on the rise across the globe, supported by a growing clientele, both Muslim and non‐Muslim, although it has yet to demonstrate that it is a viable alternative to conventional banking. Islamic banking is still under the shadow of conventional banking, not only with products that are strikingly similar to those offered by conventional banks, but also with conventional banks having a strong presence as stakeholders in the Islamic banking industry. Islamic banking is still in the early phase of a presumably long evolutionary process, apparently stuck in the initial phase of product differentiation. Islamic banks are competing with conventional banks rather than among themselves, which does not augur well for innovations and creativity, as it tends to keep them preoccupied with modifications of conventional products with Shari'ah compliance. Islamic banks have arrived at a new crossroads. They could either continue on the same path of what may be termed as ‘head‐on competition’ with conventional banks or change their direction in favour of a ‘niche market’ strategy.     

Destination management organizations and destination marketing: adopting the business model of e-portals in engaging travel agents

ABSTRACT

Destination management organizations (DMOs) have an important role in engaging stakeholders in collaboration. Collaborating with stakeholders is useful for both stakeholders and destinations. However, it takes time and needs rigorous coordination to avoid conflicts with stakeholders. This study measures travel agencies’ attitudes towards engaging in online collaboration with DMOs for marketing purposes. It incorporates collaboration and technology acceptance models to predict the attitudes and intentions of travel agents using structural equation modeling. Data were collected from travel agents in Cairo, Egypt, using the random sample technique. This study will be useful for travel and tourism stakeholders and governmental marketing bodies.     

IMF Bank-Restructuring Efficiency Outcomes: Evidence from East Asia

We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation results in slightly improved performance of badly performing banks.

A hierarchical analysis of the green consciousness of the Egyptian consumer

This study investigates the influence of various cultural values and psychological factors on the green purchase behavior of Egyptian consumers. Using a large sample of 1093 consumers, a conceptual model has been developed. The survey results provide reasonable support for the validity of the proposed model. Specifically, the findings from the structural equation model confirm the influence of the consumers' natural environment orientation, ecological knowledge, and environmental concern on their attitudes towards green purchase. Consumers' attitudes toward green purchase, in turn, are also found to affect their actual green purchase behavior via the mediator role of green purchase intention. However, one of the other important findings suggests that the link between intention and actual purchase is weak. In other words, on a declarative level, more and more consumers in Egypt express their concern over the ecological situation and declare their willingness to contribute somehow to the protection of environment by buying green products. However, in reality this concern may not be manifested consistently. © 2007 Wiley Periodicals, Inc.     

The Effects of Process and Content Facilitation Restrictiveness on GSS-Mediated Collaborative Learning

Group Support Systems (GSS) technology, extensively applied in decision-making contexts, is now seeing increased application in the educational sector. Previous work has suggested that GSS applications can have significant positive effects on both the process and the outcome of collaborative learning. This study extends this work to examine the effects of process (high/low) and content (high/low) facilitation restrictiveness on GSS-supported collaborative learning. Our results indicate that content facilitation restrictiveness has no significant bearing on student learning. Process facilitation restrictiveness, on the other hand, is more influential, with knowledge acquisition by students requiring a low restrictive environment.