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1.
This paper presents a symmetric analysis of the approaches used in the study of marketing practices in less-development countries, and develops another approach which has substantial promise. The proposed approach is composed of two stages. The first stage groups LDCs into specific categories followed by a matrix treatment to determine research priorities in studying marketing practices in LDCs.  相似文献   

2.
In this paper we attempt to address the nature of the causal relationships between oil prices and U.S. inflation. We use a procedure developed by Granger to assess “causality” or, more precisely stated, “informativeness.” Our results confirm that higher oil prices have increased the U.S. WPI. Our results also support OPEC's contention that their price increases have in part been a result of worldwide inflation.  相似文献   

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Default-risk premiums have traditionally been considered to be an increasing function of time. More recently, a model has been developed which indicates that, under certain conditions, default-risk premiums are invariant to maturity. One study found significant differences in default-risk premiums for long-term corporate bonds and commercial paper. The hypothesis that default-risk premiums are invariant to maturity was tested using municipal bond data. Results indicate that risk premiums are not invariant to maturity.  相似文献   

5.
The financial quality of industrial bonds is observed at two different times (1968 and 1976). Discriminant models, using pertinent financial ratios as input variables, are able to replicate approximately 70 percent of Moody's ratings for both years, thus indicating that ratings remain appropriate risk proxies for long periods, However, average levels of key ratios changed. Ratios measuring leverage, coverage, and profitability deterioriated over time, indicating increased absolute risk. But, since these deterioriations were fairly uniform across groups, there appears to be little change in the relative degree of riskiness across rating groups.  相似文献   

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In considering the effects of motor carrier regulation, the direct measurement of service quality is an often neglected issue. This paper is an empirical investigation of the relationship of entry controls to service quality for household goods (HHG) moving services. The major research questions, which are based on inferences in the economic literature, have considerable importance for HHG regulation. The major finding is that carriers who receive the greatest market protection from the ICC provide inferior service quality and do not compete away excess returns by raising the level of service quality. Based on the study results, a number of theoretical and policy implications are discussed.  相似文献   

8.
This paper tests for variations in risk premiums on municipal revenue bonds that are related to the geographic location of the issuer, the issue's second rating, and secondary collateral provisions. The empirical findings indicate that investors required risk premiums that depended on local economic conditions. Issuer borrowing costs were also shown to be related to factors that cause or reinforce segmentation of the tax-exempt bond market.  相似文献   

9.
In this article a simple derivation of the optimal long-run size of the competitive firm is given under general assumptions about the organization of the enterprise, and in a world where production occurs only under constant or increasing returns to scale. To do this, only the basic notion of a firm as some form of central coordinating agency is relied on.  相似文献   

10.
In this article five models used to estimate the cost of equity capital for electric utilities are systematically compared. We show the impact of model specification, data definitions, and estimation techniques on the estimates. Our search for the “best” model is based on reasonableness of estimates and the Pesaran-Deaton test for non-nested hypotheses. Conclusions emerging from the study are the following: 1) all models explain approximately the same proportion of the variation; 2) recognition of natural nonlinearities in the models does not lead to improvement; 3) no model can consistently reject the other models.  相似文献   

11.
It is shown that the stochastic investment rule for the price-setting monopolist facing random demand differs from the deterministic rule, due to the presence of the covariance of the marginal utility of profits and the MRTS between capital and labor. For the risk-neutral quantity-setting monopolist, the optimal current investment under random demand is shown to be greater than that under deterministic conditions, given that production technology is of the Cobb-Douglas type with constant returns to scale. When random wages and prices follow first-order autoregressive schemes, the risk-neutral competitive firm's current investment level is shown to be at least equal to that under certainty.  相似文献   

12.
This study uses the public announcement of an advance refunding to examine the informational efficiency of the secondary market for municipal bonds. The data show that bond yields respond quickly and in the direction predicted. The text discusses methodological considerations and the data sources used in the tests. The results of the study indicate that even for infrequently traded bonds, yields can be expected to reflect fully changes in default risk.  相似文献   

13.
Bond quality rating changes (BQRC) for industrial bonds are analyzed using both univariate statistical methods and discriminant analysis to find significant variables and their relationship with the changes. The single most important explanatory variable is found to be the rate of return on assets (ROA), followed by the trend in the return on assets (ROATREND). The univariate analysis found six of the seven proposed explanatory variables significant beyond the 0.01 level. The two-group discriminant analysis model achieved a correct classification rate of over 77%. The paper shows how the results of the two-group discriminant analysis can be used for a three-way prediction (upgrade, downgrade, or no change of bond ratings). The results of this study show that models based on financial statement data can predict rating changes with good accuracy and therefore may be a useful tool for rating agencies, at least as an initial screening device.  相似文献   

14.
Occupational carnings are analyzed in order to determine the relative importance of micro-oriented job analytic variables vis-a-vis more conventional market variables as explanatory factors of earnings differentials. Earnings functions are constructed in order to determine the extent to which these variables can explain occupational earnings differentials. These functions are analyzed by means of both ordinary least squares and ridge regression techniques. Job analytic variables were obtained from the Position Analysis Questionnaire (PAQ), which measures job characteristics that are similar to many job evaluation systems. When these approaches are combined, a comprehensive model can be estimated that reflects the responsibilities, experience, training, skills, job environment, and work regularity characteristics of different occupations as well as conventional economic factors. Although the job analytic variables measure potentially important differences between jobs, the conventional economic variables have greater explanatory power.  相似文献   

15.
More than 200 applications of trade-off analysis now have been completed. A review of the literature uncovers only four sources that evaluate the reliability or validity, or both, of trade-off analysis using the concept evaluation approach. Detailed evaluations of trade-off analysis based on trade-off grid data are unavailable. This paper reports reliability and cross-validity experience using this approach.  相似文献   

16.
This study investigates whether an industry's profitability and concentration are influenced by structural characteristics of the industries and final markets to which it sells. Very few similar studies have been made, and there is some dispute about their conclusions. This study discusses the methodological problems behind this dispute and the ways in which the specification and data used here avoid these problems. The results show that seller profitability rises with the extent to which buyers are dispersed across many industries, but that no other buyer characteristic exerts a significant influence on either the profitability or the concentration of the selling industry.  相似文献   

17.
The performance of banks affiliated with the holding company sector has been heavily investigated. Empirical studies have sought to determine if the alleged efficiency of holding companies does in fact exist; and if such efficiency outweighs the anticompetitive effects introduced into the banking structure. Research methodologies, nevertheless, have tended to view the holding company sector as homogeneous in its performance characteristics as compared to independent banking. In this study, however, it is found that there is considerable heterogeneity in performance within the holding company sector. The findings have implications for the direction of future research as well as the formation of public policy in banking.  相似文献   

18.
A profit contribution study of commercial bank retail customers reveals systematic relationships with family life cycle, social stratification, and relative income class. The analysis leads to the conclusion that a bank's continued retail growth and profitability depend in a crucial way on its ability to attain a balanced portfolio of three key high profit market segments. To attain this mix, banks must intensify product development efforts oriented to the asset management needs of upscale customers during the later stages of the family life cycle. It is interesting to note that these three market segments are expected to attain the highest population growth rates in the decades ahead as the age distribution of the population changes.  相似文献   

19.
A translog cost function is estimated for U.S. manufacturing in order to investigate plant size differences in responses to increases in energy prices. Smaller plants were more intensive users of energy in the early 1970s but were also better able to substitute out of energy and into other inputs during the first round of energy price increases. As a result, by the mid-1970s larger plants had become more intensive energy users. Thus, later energy price increases probably had a greater adverse impact on the production costs of larger plants in manufacturing.  相似文献   

20.
This paper reexamines the error learning hypothesis, taking explicit account of both the measurement error in forward rates and the nonstationary of liquidity premiums. The evidence is consistent with the model, but with lower explanatory power than the previous results of Meiselman (1962) and Van Horne (1965).  相似文献   

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