The impact of exchange rate deviations from relative PPP equilibrium on the U.S. demand for foreign equities

Applying fixed-effects panel data, this study investigates the impact of U.S. dollar exchange rate movements during different exchange rate states (overvaluation and undervaluation) on the monthly real gross and real net purchases of foreign equities by U.S. residents over the post-Plaza Accord period. The foreign equities come from 22 developed and 25 developing countries. Previous research has posited two alternative hypotheses regarding the relationship between exchange rates and foreign investment. These are the wealth effect and the profit-oriented effect. The evidence herein suggests that these two hypotheses coexist. We find robust evidence for a negative relationship between the exchange rate movements of an undervalued U.S. dollar and the demand for foreign equities. For developed countries, the wealth effect dominates the profit-oriented effect when the U.S. dollar is overvalued, while, for developing countries, the profit-oriented effect dominates the wealth effect. The results emphasize the importance of considering exchange rate states derived from a relative PPP equilibrium when analyzing U.S. allocations to foreign equities. The findings with respect to the macroeconomic control variables are mainly in agreement with the predictions of international financial theory. Some of the results, however, disappear or become inconclusive for the period after the bankruptcy of Lehman Brothers. This may be explained by the increased uncertainty in international financial markets following this unprecedented event. The findings are robust with respect to different constructed equilibrium exchange rates.     

The impact of technical consultants on the quality of their clients' products: Evidence from the Bordeaux wine industry

Research summary : Recent research rooted in the resource‐based view of the firm suggests that resources are more likely to create value if they are effectively managed. An underlying assumption of the literature is that firms manage their resources on their own. However, many firms hire consultants to help them do so. In this study, I develop and test hypotheses regarding the impact of technical consultants on the quality of their clients' products. Using data from the Bordeaux wine industry, I find evidence that the use of technical consultants has a positive impact on relative product quality and a negative impact on the extremeness of relative product quality. Moreover, the positive impact of technical consultants on relative product quality is stronger at lower levels of relative resource quality. Managerial summary : Findings from a study in the Bordeaux wine industry indicate that the decision to hire consultants should depend on a firm's strategy. If a firm wants to improve its performance, it should hire consultants. Indeed, the “best practices” of technical consultants are generally more valuable than internally generated knowledge. If a firm wants to achieve outstanding performance, hiring consultants may not be the right decision. Because the “best practices” of technical consultants have more certain performance implications than internally generated knowledge, they decrease the likelihood of extremely low performance. However, their lack of uniqueness also decreases the likelihood of extremely high performance. Finally, the decision to hire consultants should depend on the quality of a firm's resources. Firms with low‐quality resources tend to benefit more from the “best practices” of technical consultants. Copyright © 2016 John Wiley & Sons, Ltd.     

Measurements and determinants of multifaceted poverty in South Africa

Poverty, despite being a multifaceted concept, is commonly measured in either absolute or relative monetary terms. However, it can also be measured subjectively, as people form perceptions on their relative income, welfare and life satisfaction. This is the first study that uses the National Income Dynamics Study data to analyse poverty across various objective and subjective methods. The paper finds that while respondents' poverty status varies across methods, blacks remain the racial group most likely to be defined as poor by at least one method. The multivariate analysis reveals that the impact of some explanatory variables, such as experience of negative events, frequency of crime victimisation, health status and importance of religious activities, is mixed across methods.     

Pay dispersion among the top management team and outside directors: Its impact on firm risk and firm performance

Two key groups central to improving firm performance are the top management team (TMT) and the board of directors. Executives undertake strategic actions, whereas board members fulfill their resource provision and monitoring roles. Drawing on tournament theory and equity theory, we propose that high pay dispersion among outside directors and the TMT is positively associated with strategic risk, whereas high (low) TMT pay dispersion and low (high) outside director pay dispersion are positively associated with firm performance. Our predictor is the unexplained component of horizontal pay dispersion, or the residual of pay dispersion resulting from regressing pay on observable firm, industry, period, and individual characteristics. Our results highlight the importance of unexplained pay dispersion for TMTs, but not for boards of directors, in improving firm performance.     

外资进入影响行业工资差距的路径与异质性研究——来自中国服务业的经验证据

外商直接投资（FDI）可以通过劳动力需求效应和技术溢出效应改变东道国的劳动力就业结构和行业相对劳动生产率，进而影响行业工资差距，并且这种影响具有不确定性；由于投资动机和进入方式的不同，FDI对行业工资差距的影响具有异质性并表现为地区差异。基于中国服务业的经验分析发现：外资进入通过增加低工资行业的相对就业规模和提升高工资行业的相对劳动生产率扩大了行业工资差距，适应中国低技能劳动力丰裕而高技能劳动力相对稀缺的劳动力市场条件；在以垂直型和合资型FDI为主的地区外资进入具有显著的扩大行业工资差距效应，而在以水平型和独资型FDI为主的地区这一影响并不明显。因此，应努力提高劳动力人力资本水平并充分保障低技能劳动力的权益，积极鼓励和引导水平型FDI进入并适度减少垂直型FDI的引入，持续增强企业的技术吸收能力并不断缩小技术差距，进而在高效利用外资的同时缩小行业工资差距。     

Determinants of Intra-GCC Food Trade

Using panel data for six Gulf Cooperation Council (GCC) countries from 1995–2014, we assess the impacts of several major economic variables on intra-GCC food exports, and on GCC food exports to the world. The GCC customs union had minimal impact on intra-GCC food exports, but occasioned a significant reduction in GCC food exports. Unlike GCC food exports, intra-GCC food exports occurred among countries with similar relative factor endowments, in agreement with the Linder Hypothesis. Rising incomes and exchange rates played significant roles in both intra-GCC food exports and GCC food exports, while distance has lost its once-dominant role.     

二阶自回归效应有限时间最优相对保费稳健性

在汽车保险奖惩系统相对保费研究中,需要考虑随机效应的动态异质性。在假设随机效应是一个二阶自回归随机序列的条件下,李俊海、赵振英、常沙沙(2011)给出了有限时间下最优相对保费计算公式,但是没有研究该公式的稳健性。在相同条件下,可以证明该文保费公式的稳健性。     

A true simulation study of three estimators at equal protection of respondents in randomized response sampling

In this study, three different estimators for estimating the proportion of a sensitive attribute in survey sampling are compared at equal protection of the respondents. The three estimators considered are due to Odumade and Singh (2009, Comm. Statist. Theory Methods) , Singh and Sedory (2011, Sociological Methods and Research) and a new estimator obtained by minimizing a chi‐squared distance. A SAS Macro is developed to compare these three estimators using a simulation study at equal protection of the respondents. A set of data from a real face‐to‐face interview was collected using two decks of cards and has been analyzed. The results are discussed.     

浅析波士顿矩阵法的局限

波士顿矩阵法是最常见的业务投资组合分析方法。然而,由于波士顿矩阵法存在诸如市场增长率及相对市场份额分界点划分不合理等现象,忽视了企业各业务间的关联性,且受不符合现代理财观念,不适合小企业及营销环境变化较大的情形等局限。因此,不能单纯依据波士顿矩阵法的结论进行业务投资组合决策。     

区域经济实力的二次相对评价

提高各地区发展经济实力的有效努力程度比评价各地区经济实力更为重要。采用二次相对评价方法,可以消除由于各地区客观经济基础的不同而产生的对评价结果的影响,能够真正体现各地区在发展区域经济实力方面的主观有效努力程度。