The nexus between government revenue and government expenditure has been an important topic in public economics. In this paper, we investigate evidence for cointegration and causality between government revenue and government expenditure for nine Asian countries. We use the recently developed bounds testing approach to cointegration and the conventional F-test to examine Granger causality. Our empirical results suggest that for three out of the nine countries government revenue and government expenditure are cointegrated. Our results on the direction of causation are mixed: (a) for Indonesia, Singapore, Sri Lanka in the short-run and for Nepal in both the short- and long-run we find support for the tax-and-spend hypothesis; (b) Indonesia and Sri Lanka are in conformity with the spend-and-tax hypothesis in the long-run; and (c) for other countries there is evidence of neutrality. 相似文献
This article characterizes the systematic risk exposures ofhedge funds using buy-and-hold and option-based strategies.Our results show that a large number of equity-oriented hedgefund strategies exhibit payoffs resembling a short positionin a put option on the market index and therefore bear significantleft-tail risk, risk that is ignored by the commonly used mean-varianceframework. Using a mean-conditional value-at-risk framework,we demonstrate the extent to which the mean-variance frameworkunderestimates the tail risk. Finally, working with the systematicrisk exposures of hedge funds, we show that their recent performanceappears significantly better than their long-run performance. 相似文献
Global competition, rapid changes in technology, and market fragmentation have resulted in shorter product life cycles. In order to remain viable, it is increasingly important for firms to introduce new products frequently. Product design is a complex process that involves coordination of activities among several functional disciplines within the company as well as the customers and the suppliers. Traditionally, the information flow among the various product development stages has been sequential. However, there is increasing evidence to suggest that an integrated approach that considers several stages simultaneously may be superior.This paper provides a decision support tool for implementing such an integrated approach. On the basis of given customer preferences, the paper presents a model for determining the number of new products to be introduced, the exact specifications of these products, and the production processes for efficiently delivering these specifications. These decisions are made in an integrated manner by simultaneously considering the interaction among the various choice variables. A decomposition-based solution procedure is developed that iterates between the product design and process selection decisions while maintaining an effective link between them.In addition to understanding the economic value of adopting the integrated approach to product design, the paper discusses how the proposed model can be used effectively to perform sensitivity analysis with respect to some of the important decision variables. 相似文献
This paper addresses the theoretical and methodological issues in women in management research, as the field emerges out of its adulthood and steps into the age of maturity. The four fundamental issues addressed are (i) the need to conduct extensive research in this area; (ii) the need for synthesizing previous research findings and establishing a solid theory base on which further work can progress; (iii) the appropriate methodologies for generating further knowledge in the area; and (iv) future directions for research on women in management, taking both a basic and applied research perspective.
Dr. Uma Sekaran is Professor of Management and Head of the University Women's Professional Advancement at Southern Illinois University, Carbondale. She has published several books, book chapters, and journal articles, and has been bestowed the Distinguished Research Leadership Award by the International and American Biographical Institutes. She is on the Review Board of the Academy of Management Review. 相似文献
A number of recent studies have shown that earnings information is less useful and value relevant when firms are financially
troubled. This finding has given rise to the consideration of alternatives. In this paper, we examine the contributions of
book value-based proxies (normal earnings and abandonment value) and flow-based proxies (earnings and operating accruals)
to the assessment of the likelihood of emergence from financial distress. Our prior reasoning is that while book value-based
proxies may provide information about potential future cash resources, flow-based proxies, because they capture the progress
of reorganization efforts underway, as opposed to mere potential, should be relatively more useful in assessing the likelihood
of emergence from distress. Our findings are consistent with this explanation. We document that the primary predictors of
emergence are flow-based proxies—in particular, cash from operations, net of earnings. 相似文献
Inter-state disparity has been a perennial feature of Indian agriculture. The study probes if per capita income from agriculture has converged across states and finds evidence in favour of beta convergence. Spatial econometric techniques used indicate significant spatial dependence in agricultural growth. Infrastructure like roads, irrigation, and electricity, diversification in cropping pattern and quality of human capital are found to aid in growth. However, excessive rainfall tends to decrease growth rate in India. The spill-over across states are found to be primarily driven by roads, irrigation and rural literacy and we also find significant impact of spatial income growth providing evidence in favour of agglomeration effects. Hence, investments in human capital, physical infrastructure specially water management and incentives towards growing crops which yield higher returns will aid agriculture growth in India.
Hedge funds have generated significant absolute returns (alpha) in the decade between 1995 and 2004. However, the level of alpha has declined substantially over this period. We investigate whether capacity constraints at the level of hedge fund strategies have been responsible for this decline. For four out of eight hedge fund strategies, capital inflows have statistically preceded negative movements in alpha, consistent with this hypothesis. We also find evidence that hedge fund fees have increased over the same period. Our results provide support for theBerk and Green (2004)rational model of active portfolio management.相似文献
Using London Stock Exchange data, we test the central implication of the canonical model of Ho and Stoll (1983) that relative inventory differences determine dealer behavior. We find that relative inventories explain which dealers obtain large trades and show that movements between best ask, best bid, and straddle are highly correlated with both standardized and relative inventory changes. We show that the mean reversion in inventories is highly nonlinear and increasing in inventory levels. We show that a key determinant of variations in interdealer trading is inventories and that interdealer trading plays an important role in managing large inventory positions. 相似文献
A dynamic agricultural sector is critical for alleviating Sub-SaharanAfrica's current economic crisis, and for laying the foundationsof sustained future growth. In recent years, however, agriculturehas performed poorly in many African countries. Efforts to assistits recovery, often through structural adjustment lending, havesuffered from inadequate information about country- and region-specificfactors, and from an emphasis on macroeconomic policies withoutcomplementary interventions at the sector level. The articledescribes the patterns of agricultural growth in Kenya, Malawi,and Tanzania, and examines price and nonprice aspects of threesets of factors: initial endowments and subsequent exogenousdevelopments, general economic influences, and sectoral issuesand policies. It suggests that government action at the sectoraland subsectoral levels in such critical areas as land policy,smallholders' access to inputs, and agricultural research needsto be combined with macroeconomic reforms to achieve sustainedand broadbased agricultural growth. 相似文献