Alternative technical efficiency measures: Skew,bias and scale

In the fixed‐effects stochastic frontier model an efficiency measure relative to the best firm in the sample is universally employed. This paper considers a new measure relative to the worst firm in the sample. We find that estimates of this measure have smaller bias than those of the traditional measure when the sample consists of many firms near the efficient frontier. Moreover, a two‐sided measure relative to both the best and the worst firms is proposed. Simulations suggest that the new measures may be preferred depending on the skewness of the inefficiency distribution and the scale of efficiency differences. Copyright © 2010 John Wiley & Sons, Ltd.     

Alternative measures of rates of return: Some empirical evidence

Firm profitability is measured in most cases by an accounting rather than by the theoretically superior economic (or internal) rate of return. This paper explores the relationship between accounting and internal rates of return using COMPUSTAT data for 1013 large industrial firms over a 20-year period. The research was motivated by the controversy ongoing between scholars concerning the validity of the accounting rate of return as a proxy for economic profit. The method used in this paper is different from previous research in that cash flow profiles are estimated instead of being assumed. The results, while generally supporting the contention that accounting rates of return are poor proxies for underlying economic rates of return, also provide evidence that the distortions are not so great as to render them useless for performance measurement and managerial decision-making purposes.     

Alternative efficiency measures for multiple-output production

This paper has two main purposes. Firstly, we develop various ways of defining efficiency in the case of multiple-output production. Our framework extends a previous model by allowing for nonseparability of inputs and outputs. We also specifically consider the case where some of the outputs are undesirable, such as pollutants. We investigate how these efficiency definitions relate to one another and to other approaches proposed in the literature. Secondly, we examine the behavior of these definitions in two examples of practically relevant size and complexity. One of these involves banking and the other agricultural data. Our main findings can be summarized as follows. For a given efficiency definition, efficiency rankings are found to be informative, despite the considerable uncertainty in the inference on efficiencies. It is, however, important for the researcher to select an efficiency concept appropriate to the particular issue under study, since different efficiency definitions can lead to quite different conclusions.     

Alternative measures of homeownership gaps across segregated neighborhoods

The dramatic rise in the U.S. homeownership rate from 64% in 1996 to almost 70% in 2005 has prompted increased attention to the relation between homeownership and demographic characteristics of households. The recent rise and sharp decline of subprime lending will likely spur further interest in homeownership gaps. Statistical analysis of these differences or “gaps” in homeownership between white and minority households has evolved into a highly stylized comparison of differences in homeownership at the mean or the conditional mean. This study implements a quantile decomposition technique that identifies the unexplained portion of the gap not only at the mean, but at every percentile of the homeownership distribution. Results suggest that differences in homeownership gaps at the mean reflect a combination of small differences at the upper end and much larger gaps at the lowest end of the distribution of homeowners. This study also adds credit history to the factors that are used to explain homeownership gaps.     

Formal models of the political resource curse

By surveying formal models, I demonstrate that the political resource curse is the misallocation of revenues from natural resources and other windfall gains by political agents. I show that the curse always exists if political agents are rent-seeking, since mechanisms of government accountability, e.g. electoral competition, the presence of political challengers, and even the threat of violent conflict, are inherently imperfect. However, the scope for rent-seeking becomes more limited as the competition over political power that threatens the incumbent government becomes more intense.     

销售人员激励组合之研究

在企业如何对销售人员采取有效的激励方式是每一位销售经理必须研究的课题。在企业中销售人员的销售绩效是其个人付出的努力和自身能力综合作用的结果,可以把它看作一个函数:销售绩效=F(能力×动机),其中能力包括技能水平、自然能力、天赋等,提高能力通常的手段是培训。而销售人员工作动机是由三个因素所决定--预期、手段、效价,用公式表示为:动机=预期×手段×效价来表示。在这里,预期指销售人员的工作努力与工作绩效之间的关系。手段指工作绩效与特定成果或奖赏之问存在的关联。效价指这个销售人员对特定成果或奖赏的的评价。这三个因素中任何一个因素的下降,都会导致销售人员工作动机的大幅度下降,从而导致销售绩效的下降。     

An empirical welfare approach to regional income distributions: Alternative specifications and estimates of income inequality measures

The paper attempts to develop a welfare theoretical approach to the analysis and comparison of regional income differences. Three types of alternative methods are discussed, viz. (a) an a priori method of inserting parameter values in a prespecified welfare function, (b) an ex post method of deriving parameter values of a welfare function on the basis of income statistics and (c) a canonical correlation analysis on the basis of a set of underlying explanatory variables. All these three methods are used to define an income inequality measure appropriate for interregional comparisons. The methods employed are illustrated by means of empirical applications to regional income statistics in the Netherlands.     

On sequential comparisons of means of first-order autoregressive models

The problem of estimating a linear combination,μ, of means ofp-independent, first-order autoregressive models is considered. Sequential procedures are derived (i) to estimateμ pointwise using the linear combination of sample means, subject to a loss function (squared error plus cost per observation), and (ii) to arrive at a fixed-width confidence interval forμ. It is observed that in the case of point estimation we do not require a sampling scheme, where as in the case of interval estimation we do require a sampling scheme and a scheme similar to the one given in Mukhopadhyay and Liberman (1989) is proposed. All the first order efficiency properties of the sequential procedures involved here are derived. This paper is an extension of results of Sriram (1987) involving one time series to multiple time series. Research supported by AFOSR Grant number 89-0225.     

Privacy concerns,internal political efficacy,intrusiveness, and voter resistance to the acceptance of political mobile marketing campaigns

Political parties increasingly rely on information systems‐based approaches to present their messages, engender voter participation, and solicit voter support. Although research is being conducted on how mobile devices, mobile Internet, and social media are used to galvanize voters' participation in the political process, there is an observable dearth of research on how the use of these approaches by politicians might be resisted by voters. This study examines the antecedents of voter resistance to political mobile marketing campaigns with a conceptual model, and it employs reactance and internal political efficacy theories. Data for the empirical testing of the conceptual model were obtained through a survey of 971 South African voters. The findings of the study suggest that the proposed model provides a reasonable explanation of voter resistance to political mobile marketing campaigns and identifies privacy concerns, intrusiveness, and internal political efficacy as salient factors underlying voter resistance to political mobile marketing. The findings further suggest that internal political efficacy significantly moderates and reinforces the positive impact of privacy concerns on resistance. These findings provide important guidelines for reducing voters' resistance to political mobile marketing campaigns. They also provide a point of departure for future research into this relatively unexplored but potentially fertile domain.     

Alternative conceptual frameworks for the analysis of mobility tables and the log-linear models

This article contrasts two alternative conceptual frameworks for the analysis of mobility tables: the “structure vs. circulation” framework that in the past inspired the construction of “pure” mobility indices, and the “absolute vs. relative mobility” one, more recently proposed by Goldthorpe. Contrary to the beliefs of the past, the former cannot conveniently be expressed by the parameters of the saturated log-linear model. The latter, on the contrary, permits (via the language of odds and odds ratios) the coherent application of log-linear models. Moreover, it does not incur those theoretical difficulties which even the most sophisticated attempts to save the old framework incur (e.g. Sobel et al., 1985). In the third section of the article a contribution to the understanding of the analysis of mobility tables through odds ratios is given and the relation between odds ratios and the interaction parameters of the saturated model is shown.     

A panel model for political efficacy and responsiveness: an application of LISREL 7 with weighted least squares

Political efficacy is considered to be one of the most important attitudes in theories of political participation and democratic politics. It has been assumed that political efficacy is a stable, persistent orientation rather than a transient attitude. Several studies have examined the stability of political efficacy over time. In most of these studies, based on the analysis of the traditional SRC items, the stability assumption has been questioned. In this paper, we reconsider the stability issue but we adopt a different approach. We distinguish between two components of political efficacy: internal efficacy, a personal attribute and responsiveness, a system attribute, and we study their stability over time. To study the stability of political efficacy and responsiveness over time, we analyse the data with PRELIS and we develop a panel model using LISREL 7. As the observed variables are only ordinal, the estimation of the parameters of the model is based on polychoric correlations and on the weighted least squares method. Our analysis makes use of the Political Action Survey panel data for the USA. This data contains the six SRC efficacy items measured at two occasions. We find that the stability coefficients are higher than those reported in previous research. The difference in the values of the stability coefficients for each component seems to indicate that the personal component is more stable than the system component.     

Some models and measures for evaluating performances with DEA: past accomplishments and future prospects

This paper covers some of the past accomplishments of DEA (Data Envelopment Analysis) and some of its future prospects. It starts with the “engineering-science” definitions of efficiency and uses the duality theory of linear programming to show how, in DEA, they can be related to the Pareto–Koopmans definitions used in “welfare economics” as well as in the economic theory of production. Some of the models that have now been developed for implementing these concepts are then described and properties of these models and the associated measures of efficiency are examined for weaknesses and strengths along with measures of distance that may be used to determine their optimal values. Relations between the models are also demonstrated en route to delineating paths for future developments. These include extensions to different objectives such as “satisfactory” versus “full” (or “strong”) efficiency. They also include extensions from “efficiency” to “effectiveness” evaluations of performances as well as extensions to evaluate social-economic performances of countries and other entities where “inputs” and “outputs” give way to other categories in which increases and decreases are located in the numerator or denominator of the ratio (=engineering-science) definition of efficiency in a manner analogous to the way output (in the numerator) and input (in the denominator) are usually positioned in the fractional programming form of DEA. Beginnings in each of these extensions are noted and the role of applications in bringing further possibilities to the fore is highlighted.

Coherent risk measures in general economic models and price bubbles

In this article we study coherent risk measures in general economic models where the set of financial positions is an ordered Banach space E$E$ and the safe asset an order unit _x0$x_0$ of E$E$. First we study some properties of risk measures. We show that the set of normalized (with respect to _x0$x_0$) price systems is weak star compact and by using this result we prove a maximum attainment representation theorem which improves the one of Jaschke and Küchler (2001). Also we study how a risk measure changes under different safe assets and we show a kind of equivalence between these risk measures. In the sequel we study subspaces of E$E$ consisting of financial positions of risk greater or equal to zero and we call these subspaces unsure. We find some criteria and we give examples of these subspaces. In the last section, we combine the unsure subspaces with the theory of price-bubbles of Gilles and LeRoy (1992).     

Forecasting realized variance measures using time-varying coefficient models

This paper considers the problem of forecasting realized variance measures. These measures are highly persistent estimates of the underlying integrated variance, but are also noisy. Bollerslev, Patton and Quaedvlieg (2016), Journal of Econometrics 192(1), 1–18 exploited this so as to extend the commonly used heterogeneous autoregressive (HAR) by letting the model parameters vary over time depending on the estimated measurement error variances. We propose an alternative specification that allows the autoregressive parameters of HAR models to be driven by a latent Gaussian autoregressive process that may also depend on the estimated measurement error variance. The model parameters are estimated by maximum likelihood using the Kalman filter. Our empirical analysis considers the realized variances of 40 stocks from the S&P 500. Our model based on log variances shows the best overall performance and generates superior forecasts both in terms of a range of different loss functions and for various subsamples of the forecasting period.