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1.
Sources of profit change for Telstra, Australia’s largest telecommunications firm, are examined. A new method allows for changes, in a firm’s profits to be broken down into separate effects due to productivity change, price changes, and growth in the firm’s size. This in turn allows us to calculate the distribution of the benefits of productivity improvements between consumers, labor, and shareholders. The results show that around half the benefits from Telstra’s productivity improvements from 1984 to 1994 were passed on to consumers in the form of real price reductions.
相似文献
Kevin J. FoxEmail: |
2.
The joint hypotheses of informationally efficient markets, transparent financial statements, and adequate accounting disclosure
suggest that announcements of changes in the accounting treatment of employee stock options from footnote disclosure to expense
recognition should not trigger stock price reactions because free-cash-flows will not change. Event study results from a sample
of 241 firms that announce such changes reveal statistically significant negative price changes followed by positive price
changes about equal in magnitude. We propose the learning, sophisticated investor, neglected firm, and firm size hypotheses
to explain the observed announcement-period stock price reaction.
相似文献
Ting-Heng ChuEmail: |
3.
Gokhan H. Akay 《Journal of Productivity Analysis》2009,31(1):47-55
This study analyzes the impact of trade on wages in the context of the specific factors model by focusing on the link between
trade and the average real wage. A recent paper by Jones and Ruffin (Rev Int Econ, 16:234–249, 2008) shows how one can use
the specific factors model to predict how labor should fare from an improvement in the terms of trade. For this purpose, I
use annual firm-level data on the manufacturing sector in Ghana during the period 1991–1997. I find that a ceteris paribus increase in the price of exportables in the wood industry would help labor but labor would be hurt by price increases in
the food-baker, furniture, textile-garment, and metal-machinery industries.
相似文献
Gokhan H. AkayEmail: |
4.
Angelos Kanas 《Journal of Economics and Finance》2009,33(2):111-127
Using a rich data set for the UK for over a century, we find that the relation between the equity risk premium and the government
bond maturity premium is nonlinear and subject to stochastic regime switching. We identify a regime in which both premia are
jointly characterized by low volatility and another regime in which both premia are characterized by high volatility. The
occurrence of the high volatility regime chronologically coincides with major changes in the pound exchange rate. The low
volatility regime has a higher probability of turning up over two consecutive years than the high volatility regime, but it
is not perceived by investors to be an absorbing regime. The lagged maturity premium is a strong predictor of the equity risk
premium only in the regime of low volatility. In addition, the lagged equity premium is a predictor of the maturity premium
also in the low volatility regime. This result on regime-dependent bidirectional predictability is robust to alternative definitions
of the equity premium, and to the inclusion of real interest rate and real growth effects.
相似文献
Angelos KanasEmail: |
5.
José Ernesto Amorós Oscar Cristi 《The International Entrepreneurship and Management Journal》2008,4(4):381-399
This study analyzes the relationship between entrepreneurial dynamics in Latin-American countries and the level of competitiveness
these countries show. Based on the research conducted by Wennekers et al. [Small Business Economics, 24(3):293–309, 2005] that demonstrates a U-shaped relationship between the country’s rate of entrepreneurship and its level
of competitiveness and economic development, we hypothesize that Latin-American countries have a descending behaviour under
the U-shaped curve approach. The results from three regression models support this hypothesis and suggest that competitiveness
and economic growth deter entrepreneurial dynamics on Latin-American countries. We discuss that Latin-American countries need
to improve some structural factors to achieve a high level of entrepreneurial dynamics.
相似文献
Oscar CristiEmail: |
6.
We attempt to determine whether characteristics found to be effective indicators of individual stock price performance are
effective indicators of exchange traded fund (ETF) price performance. Specifically, we test the performance of investing strategies
based on separately categorizing ETFs into deciles according to size, trading volume, and momentum. When analyzing the entire
sample, we find that the indicators can effectively signal differences in future performance. However, the indicators appear
to be indirect proxies for the types of ETFs (broad-based, sector, or international). When we isolate each type of ETF, the
indicators are not as effective. The indicators are not as useful for signaling unusual stock price performance of ETFs as
they have been for individual stocks. We attribute the distinctly different results found here for ETFs to the unusual characteristics
of ETFs that distinguish them from individual stocks. Investing strategies that rely on these indicators for selecting individual
stocks may be indirectly driven by stock-specific fundamentals. However, fundamentals are not as meaningful for stock indexes
(represented by ETFs) as for individual stocks.
相似文献
Thanh NgoEmail: |
7.
Rolando F. Peláez 《Journal of Economics and Finance》2009,33(3):246-258
This paper presents a comparative study of economic freedom in five groups of countries: Free, Mostly Free, Islamic, Latin
American, and a subset of EU member countries. The study includes 103 countries, and uses data from the 2007 Index of Economic Freedom. The paper tests for the statistical significance of the difference between group means for each of ten measures of economic
freedom and for the overall freedom score. The empirical evidence shows that the Islamic countries have significantly less
economic freedom than the other groups, and that they are the only group with declining economic freedom in the last 13 years.
相似文献
Rolando F. PeláezEmail: |
8.
Decompositions of total factor productivity (TFP) shed light on the driving factors behind productivity change. We develop
the first exact decomposition of the Fisher ideal TFP index which contains no debatable mixed-period components or residuals.
We systematically isolate five effects of (1) technical change, (2) technical efficiency, (3) scale efficiency, (4) allocative
efficiency, and (5) price effect. The three efficiency components (2–4) represent the efficiency of achieving a given target
point. Components (1) and (5) capture the changes of the target point. While the technical change component is well-established,
changes in the relative input–output prices can have real effects on the scale and scope of the target. Such changes are captured
by the new price effect component (5). The new decomposition is compared with existing decompositions both in theory and by
means of an empirical application to a panel data of 459 Finnish farms in years 1992–2000.
相似文献
Timo KuosmanenEmail: |
9.
Several studies in the literature have tried to assess the impact of real depreciation of the Canadian dollar on the Canadian
trade balance. They have either relied on the trade data between Canada and the rest of the world or between Canada and her
major trading partners. In this paper we consider the trade between Canada and her major trading partner, the U.S. However,
unlike previous research, we disaggregate the trade data between the two countries by commodity. We use export and import
data over the period 1962–2004 from 152 commodities and the bounds testing approach to cointegration and error-correction
modeling and show that real depreciation of the Canadian dollar has short-run effects on the trade balance of two-thirds of
the industries. However, only in 50% of the industries, the short-run effects translate into the long-run favorable effects.
相似文献
Mohsen Bahmani-OskooeeEmail: |
10.
Rajeev K. Goel 《Journal of Economics and Finance》2008,32(2):195-205
This paper uses recent US state-level data to examine smoking behavior across four population groups divided by age, literacy,
income and ethnicity. Another contribution lies in the consideration of various smoking control policies and the full costs
of smoking. Overall, the results show that non-price smoking policies are relatively more effective than price or tax policies
in reducing smoking prevalence and that these policies gain effectiveness as the population begins to age.
相似文献
Rajeev K. GoelEmail: |
11.
N. R. Vasudeva Murthy 《Journal of Economics and Finance》2009,33(2):176-188
In this paper, the recently developed panel unit root and the Pedroni cointegration tests are applied to empirically examine
the validity of the Feldstein–Horioka puzzle (F–H puzzle) for a heterogeneous panel of 14 Latin American and five Caribbean
countries over the period, 1960–2002. The findings indicate that in these countries, the long-run solvency condition is maintained.
Finally, employing the Pedroni panel group FM-OLS estimator (2000, 2001), it is found that the statistically significant estimated
savings-retention coefficient for the panel is relatively small indicating that the F–H Puzzle is not valid and thus implying
the prevalence of a moderate degree of capital mobility.
相似文献
N. R. Vasudeva MurthyEmail: |
12.
The determinants and survival of reverse mergers vs IPOs 总被引:1,自引:0,他引:1
This study examines the motivation for using a reverse merger (RM) rather than an IPO to take a private firm public and analyzes
the survival of RMs and IPOs in the aftermarket. Private firms using the RM technique are smaller, younger, and have poorer
ex ante performance on average than those using IPOs. For private firms using RMs, 1.4% do not meet any listing requirements
while all IPOs meet at least one requirement of the listing exchange. Forty-two percent of RMs are delisted compared with
27% of matched IPOs within 3 years of listing on an exchange.
相似文献
Mark M. WalkerEmail: |
13.
The paper investigates the measurement of economic efficiency under transaction costs in a second best world. New measurements of technical efficiency, allocative efficiency, and price efficiency are proposed. They have three desirable properties. First, they measure efficiency loss in monetary units. Second, they are additive and can be conveniently summed into an overall efficiency measure. Third, they allow for transaction costs and their effects on prices and trade incentives. The paper investigates the welfare effects of technology choice, government pricing and trade policy, and market imperfections on efficiency. It provides new insights on the measurement of benefits from trade liberalization when trade affects not only price efficiency, but also technical and allocative efficiency.
相似文献
Zohra Bouamra MechemacheEmail: |
14.
Dennis Halcoussis Anton D. Lowenberg G. Michael Phillips 《Journal of Economics and Finance》2009,33(3):324-329
Many observers argued that Barack Obama’s candidacy in the U.S. presidential election of 2008 benefited from the financial
crisis and recessionary economic conditions which voters blamed on the Republican administration. However, an empirical examination
of stock price and public opinion data indicates that improvements in Obama’s electoral prospects led stock price declines
and that gains by Obama were more likely to be followed by falling stock prices than by rising prices. This evidence suggests
that the poor performance of the stock market in the days leading up to Obama’s victory was partly caused by, rather than
causing, Obama’s success.
相似文献
G. Michael Phillips (Corresponding author)Email: |
15.
We use the multivariate extension of Exponential Generalized Autoregressive Conditionally Heteroscedastic (EGARCH) of Nelson,
Econometrica, 59: 347–370, 1991 to test for spillover effects and examine the extent of asymmetries between short- and long-term interest rates and portfolios
of money center, large, and medium-size banks in the U.S. Our results indicate the existence of price and volatility spillovers
from short- and long-term interest rates to the three bank portfolios. We also provide evidence of response asymmetries for
the portfolios of money center and large banks, suggesting that money center and large banks are more sensitive to negative
than positive short- and long-term interest rate changes.
相似文献
Dave O. JacksonEmail: |
16.
Laurent Weill 《Journal of Productivity Analysis》2008,29(2):79-89
This paper aims at comparing macroeconomic performance of three European socialist economies (Hungary, Poland, Yugoslavia)
with developing and developed countries during the 1970s and the 1980s. Using panel data for 89 countries, we measure macroeconomic
performance with two panel data production frontier models: the WITHIN model proposed by (Cornwell et al J Econom 46:185–200,
1990), and the firm effects model developed by (Battese and Coelli J Prod Anal 3:153–169, 1992). We conclude in favor of the
underperformance of socialist countries in relation to developed countries but also to developing countries in most cases,
which may be explained by the features of the socialist economic system.
相似文献
Laurent WeillEmail: |
17.
This paper examines the relationship between multinationality and firm performance. The analysis is based on a sample of over
400 UK multinationals, and encompasses both service sector and manufacturing sector multinationals. This paper confirms the
non-linear relationship between performance and multinationality that is reported elsewhere in the literature, but offers
further analysis of this relationship. Specifically, by correcting for endogeneity in the investment decision, and for shocks
in productivity across countries, the paper demonstrates that the returns to multinationality are greater than those that
have been reported elsewhere, and persist to higher degrees of international diversification.
相似文献
Sourafel GirmaEmail: |
18.
The impact of patents and standards on macroeconomic growth: a panel approach covering four countries and 12 sectors 总被引:1,自引:0,他引:1
Based on the assumption that codified technological know-how contributes to economic growth, this paper presents the estimation
of a Cobb–Douglas production function, pooling data from four European countries and 12 sectors. The empirical results confirm
that both the stock of patents and the stock of technical standards contribute significantly to economic growth in the 1990s.
Whereas the results of the country models are rather similar, we observe significant differences between the sector models,
which indicate that standards are more important for growth in less R&D-intensive industries and patents in R&D-intensive
industries.
相似文献
Knut BlindEmail: |
19.
Technical efficiency in farming: a meta-regression analysis 总被引:1,自引:0,他引:1
Boris E. Bravo-Ureta Daniel Solís Víctor H. Moreira López José F. Maripani Abdourahmane Thiam Teodoro Rivas 《Journal of Productivity Analysis》2007,27(1):57-72
A meta-regression analysis including 167 farm level technical efficiency (TE) studies of developing and developed countries
was undertaken. The econometric results suggest that stochastic frontier models generate lower mean TE (MTE) estimates than
non-parametric deterministic models, while parametric deterministic frontier models yield lower estimates than the stochastic
approach. The primal approach is the most common technological representation. In addition, frontier models based on cross-sectional
data produce lower estimates than those based on panel data whereas the relationship between functional form and MTE is inconclusive.
On average, studies for animal production show a higher MTE than crop farming. The results also suggest that the studies for
countries in Western Europe and Oceania present, on average, the highest levels of MTE among all regions after accounting
for various methodological features. In contrast, studies for Eastern European countries exhibit the lowest estimate followed
by those from Asian, African, Latin American, and North American countries. Additional analysis reveals that MTEs are positively
and significantly related to the average income of the countries in the data set but this pattern is broken by the upper middle
income group which displays the lowest MTE.
相似文献
Teodoro RivasEmail: |
20.
The cost of strikes in the Spanish mining sector: modelling an undesirable input with a distance function 总被引:1,自引:1,他引:0
Ana Rodríguez-Álvarez Ignacio del Rosal José Baños-Pino 《Journal of Productivity Analysis》2007,27(1):73-83
In some contexts, firms have to deal with certain elements or factors that affect the production outcome but which are non-market
in nature and therefore do not have a price. In this paper we propose a new use of a production economics tool, the input
distance function, to empirically measure the effects of these factors. Although we suggest a general use of this methodology,
it has been developed in the context of measuring the effects of labor disputes in a particular declining industry, that of
Spanish coal mining. We have estimated an equation system comprising an input distance function and cost share equations to
calculate the cost generated by strikes.
相似文献
Ana Rodríguez-álvarezEmail: |