共查询到20条相似文献,搜索用时 31 毫秒
1.
An approach recently developed by Fama and French (2000) is applied to the study of whether UK company profitability is mean-reverting. A sample of roughly 987 firms per year for a period from 1982–2000 is used, drawn from Datastream. In a simple partial adjustment model convergence towards the mean at a rate of about 25% per year is found. The results are very similar in direction to those of Fama and French (2000) but the results do not display significant non-linearities. The change in profitability appears to be more strongly influenced by dividends in the UK. 相似文献
2.
This article addresses the differences in margins across exporting and nonexporting firms. We jointly estimate a translog cost function, a variable factor share equation and price-cost margin equations to analyse the effect of persistence in export activity on margins. Results indicate that nonexporters have smaller margins than persistent exporters and firms that entered foreign markets during the nineties. However, larger export ratio is negatively associated with margins for persistent exporters. It suggests that efficiency advantages for exporters are partially compensated by higher competitive pressure in international markets. These results are in accordance with the predictions of Melitz and Ottaviano (2005). 相似文献
3.
Fulvio Castellacci 《Economics of Innovation and New Technology》2013,22(1):92-108
This paper introduces service innovation in the proximity-concentration trade-off model of trade and foreign direct investments (FDI) [Helpman, E., M. Melitz, and S. R. Yeaple 2004. “Export Versus FDI with Heterogeneous Firms.” American Economic Review 94 (1): 300–316]. The idea is that innovation will have two main effects on service firms’ choice between exports and FDI. First, innovative firms will on average have higher productivity levels than non-innovative enterprises. Secondly, innovators will have to pay a higher relational distance cost for undertaking export activities, and they will, therefore, prefer to avoid (or reduce) these costs by choosing an FDI strategy instead. We test the empirical relevance of this idea on a new survey data set for a representative sample of firms in all business service sectors in Norway. The results show that firms are more likely to choose FDI rather than export the greater their productivity level and the higher the relational distance costs they face. 相似文献
4.
Several different approaches have been followed by researchers to test the validity of Purchasing Power Parity (PPP). Since the introduction of the unit-root tests, researchers have applied a battery of these tests to determine whether the real exchange rates are stationary. If the answer is in the affirmative, PPP is validated. While application of the standard augmented Dickey–Fuller test has not provided much support for PPP, a test that incorporates nonlinearity in the rates has. Under both tests, however, the null of nonstationary is tested against the alternative of stationarity. In this article, when we switch the null with the alternative and apply Kwiatkowski et al. (1992) test, we provide relatively more support for the theory, getting closer and closer towards solving the PPP puzzle. 相似文献
5.
A. Dupuy 《Applied economics》2013,45(21):2723-2731
While the skill-premium has been rising sharply in the US and the UK for 20 years, the Dutch skill-premium decreased for much of that period and only started to rise in the early 90s. In this article, we investigate whether the Dutch skill-premium will rise in the next decades. To answer this question, we forecast the skill-premium using the Katz and Murphy (1992) and the Krusell et al. (2000) models. The Katz and Murphy model (KM) explains demand shifts by skill-biased technological change in unobservable variables captured by a time trend. In contrast, the Krusell et al. model (KORV) explains demand shifts by (observable) changes in the capital stock under a capital-skill complementarity technology. The results show that while the KM model predicts that the skill-premium will have increased by 30% in 2020, based on realistic predictions of the stock of capital, the KORV model predicts that the skill-premium will remain between ?5 and +5% of its 1996 level. 相似文献
6.
This paper aims to test whether a given type of process innovation, namely flexible production technologies (FPTs), contributes to increased firm efficiency. Using one-year firm data from the Portuguese manufacturing industry and applying a parametric stochastic frontier approach, individual technical efficiencies are obtained and their determinants simultaneously estimated, using a single-step procedure recently proposed by Battese and Coelli (1995). The results support the hypothesis that technological flexibility, measured through the use of FPTs, is important in explaining differences in efficiency. Furthermore, given the specifications of the stochastic frontier function, the null hypothesis that Portuguese firms are fully technically efficient is rejected. 相似文献
7.
The paper investigates market share instability in the context of Brazilian industry for the 1986–1998 period. The paper proposes the use of panel data unit root tests to access market share instability for a sample of industrial firms from different sectors and therefore generalizes related time series unit root tests proposed by Gallet and List (2001). The results mostly indicate that one cannot reject the hypothesis of market share instability and therefore there exist some degree of market rivalry in the Brazilian case. 相似文献
8.
John R. Schroeter 《Applied economics》2013,45(19):2151-2159
Although cigarette manufacturers were aware of the addictive properties of nicotine as early as 1962, the information did not become available to the US public until 1979 when the Surgeon General disclosed it (US Department of Health, Education, and Welfare, 1979). This study simulates the impact this information would have had on the demand for cigarettes had it been released in 1962. The simulations build on past work by Fenn et al. (2001) who found evidence that the release of addiction information resulted in a structural shift in demand in 1979. In the present study, the econometric results from Fenn et al. (2001) are used to compute simulated time paths for state-level per capita consumption under the hypothetical scenario involving the earlier release of the addiction information. Using these simulated consumption paths; the projected reductions in cigarette sales revenue are calculated. These dollar figures provide a benchmark against which to judge the compensation amounts that the industry must pay because of recent tobacco lawsuit settlements. 相似文献
9.
This article develops an econometric model in order to study country risk behaviour for six emerging economies (Argentina, Mexico, Russia, Thailand, Korea and Indonesia), by expanding the country beta risk model of Harvey and Zhou (1993), Erb et al . (1996a, b) and Gangemi et al . (2000). Towards this end, we have analysed the impact of macroeconomic variables, especially monetary policy, upon country risk, by way of a time-varying parameter approach. The results indicate an unstable effect of monetary policy upon country risk in periods of crisis. However, this effect is stable in other periods, and the Favero–Giavazzi effect is not verified for all economies, with an opposite effect being observed in many cases. 相似文献
10.
Enzo Valentini 《International economic journal》2013,27(2):281-290
Economic theory is paying increasing attention to a non-observed economy (NOE) and its causes. Recently, a couple of works (Rosser et al., 2000, 2003) have claimed that there is a positive relationship between income inequality and the size of NOE. This supposed relationship is not so clear and deserves in-depth analysis. There is a crucial aspect that has been completely avoided in these studies: income inequality is mainly measured using ‘regular’ incomes and this fact could lead to some bias. The existence of a certain size of NOE implies some income evasion that can affect the inequality indexes used in the study of the relationship between NOE and inequality. Including the regional share of NOE in a wage equation, I find that, in the specific case of the Italian private sector employees, the income evasion attached to NOE tends to reduce inequality measured by regular wages statistics. 相似文献
11.
Kristian Jönsson 《Applied economics》2013,45(11):1309-1317
In their seminal work, Im et al. (1997, 2003) suggested that time series for several cross-sectional units could be used to increase the power of the Dickey--Fuller unit root test. They argued that when cross-sectional correlation is a problem that can be modelled by a time-specific factor, demeaning across the cross-sectional units can solve the problem. In this study, this proposition is proven valid, but it is also shown that previously supplied standardizing moments are inappropriate when the number of cross-sections are small, causing size to differ from the significance level. To correct this size distortion, the current paper supplies response surface parameters that can be used to obtain moments that are valid when a time-specific factor suffices for modelling cross-sectional correlation in the heterogeneous panel data unit root framework. The correct size of the panel data unit root test comes at the cost of a somewhat lower power against a stationary alternative. 相似文献
12.
Gregor Brüggelambert 《Applied economics》2013,45(7):753-768
This study concentrates on four computerized political markets in Germany between 1990 and 1998. While this new method for the prediction of election events worked quite well in the USA it did not perform as well in Germany. Searching for the causes of this distinction it is shown that, in contrast to the findings of Forsythe et al. (1992), (i) extraordinary profits were achieved less by people who took advantage of other people's anomalies than by those people who acquired an advantage from the existence of asymmetric information, (ii) the marginal trader hypothesis does not hold when applied to German markets, and that (iii) traders relied on public opinion polls. It is argued that these distinctions are caused by the differences in the German and the US voting systems. Additionally, it is shown that to a certain extent (iv) election markets were able to predict the contemporary mood of the electorate without the help of public opinion polls, (v) first of all the informed traders used public opinion polls as a source of information, and (vi) prices themselves became a source of information on which expectations were based. 相似文献
13.
《Applied economics letters》2012,19(13):1265-1271
The development of accounting, auditing and capital markets in China were an integral component of China's economic reforms; auditing was regarded as being critically important to achieving the desired policy objective of delivering a market economy (Yang and Yang, 1998). This article examines the quasi-qualification hypothesis and tests whether investors valued the introduction of Special Treatment (ST) status for firms in 1998. Our empirical analysis fails to find significant support for the quasi-qualification hypothesis. In contrast, it appears that the issuance of ST status was valued by investors; the issuance of ST status led investors to discriminate between firms. 相似文献
14.
Paresh Kumar Narayan 《Applied economics》2013,45(10):1157-1161
The central aim of this paper is to investigate whether shocks to Fiji's tourism industry have a permanent effect or a transitory effect on tourist expenditure in Fiji. To accomplish this aim the Zivot and Andrews (1992) one break test and the Lumsdaine and Papell (1997) two break tests are used. The one break and two break tests reveal 1987 – the year of the military coups in Fiji – as the year of the break. Moreover, it is possible to reject the unit root null leading to the conclusion that shocks to Fiji's tourism industry have a transitory effect on tourist expenditure in Fiji. 相似文献
15.
B. Bhaskara Rao 《Applied economics》2013,45(13):1613-1625
Many applied economists face problems in selecting an appropriate technique to estimate short and long-run relationships with the time series methods. This article reviews three alternative approaches viz., general to specific, vector autoregressions and the vector error correction models. As in other methodological controversies, definite answers are difficult. It is suggested that if these techniques are seen as tools to summarize data, as in Smith (2000), often there maybe only minor differences in their estimates. Therefore a computationally attractive technique is likely to be popular. 相似文献
16.
In this article, the authors use the concept of the hierarchy of money found in the works of Minsky (2008[1986]), Foley (1987), Wray (1990), and Bell (2001) to analyze the process of liquidity creation in modern capitalist economies where shadow banks play an active role. They abandon the narrow focus on banks as the creators of money as well as the idea that nonbank financial institutions are mere intermediaries between savers and borrowers. Instead, the authors demonstrate that, similar to banks, nonbank financial institutions and foreign banks (through their cross-border activities) create liquidity endogenously by leveraging over the liabilities of entities hierarchically above them. The authors further elucidate Kregel’s concept of “fictitious” liquidity in the context of the hierarchy of financial liabilities, distinguishing it from “true” liquidity. By bringing shadow banks and the euro-currency markets into to the pyramid of financial liabilities, they develop a more complete framework of liquidity creation in modern capitalist economies. Their “extended” pyramid is useful for analyzing not only the fragility that may arise from the interactions between firms, households and banks, but also that which may originate through the interactions between banks, shadow banks and foreign banks. 相似文献
17.
J. Matthew Tyrone 《Applied economics》2013,45(16):1745-1749
This builds upon the conceptual framework of Lewis-Beck and Rice (American Journal of Political Science, 27, 548–56, 1983), in combination with the empirical design of Kjar and Laband (Public Choice, 112, 143–50, 2002), to investigate home grown-ness in US presidential elections from 1972–2000. It found that, ceteris paribus, home state vote shares for US Presidential election winners are 5.19–15.11 percentage points higher due to the home grown-ness effect. In the eight presidential elections analysed, this study confirms two aspects of prior work. First, the estimate of a home grown-ness effect in presidential elections of 5.19 percentage points (on average), supports the 4 percentage point average found by Lewis-Beck and Rice (1983). Second, that support for the winning president monotonically increases as moves are made away from the opponent's home territory confirms the cascading dummy variable series approach developed by Kjar and Laband (2002). 相似文献
18.
《Applied economics letters》2012,19(11):1125-1132
Employing disaggregated real exchange rates from nine European counties in 16 goods categories, we assess in this study the nonlinearity in the real exchange rates. Surprisingly, we find evidence for nonlinearity in only four (10) out of 143 series with the linearity test proposed by Harvey et al. (2008) at the 5% (10%) significance level. This result differs greatly from those of Juvenal and Taylor (2008), Imbs et al. (2003), Sarno et al. (2004) and Berka (2009), who report ample evidence for nonlinearity for the same or similarly disaggregated real exchange rate datasets. 相似文献
19.
F. Gregory Hayden 《Journal of economic issues》2017,51(2):467-475
This article is devoted to the evaluation of the institutional matrices theory (IMT), which was designed to illustrate the differences between Russian and Western political economic systems. IMT has no matrix, and it is an ideological declaration rather than a theory. It is a set of assertions and assumptions that are adopted without evidence, and then hypostatized to be Russian and Western socioeconomic systems. IMT literature claims to utilize the reciprocity, redistribution, and exchange model of Karl Polanyi (1944, 1957). However, IMT suffers from a number of assumptive and methodological problems in its application, the first of which consists of the complete exclusion of reciprocity from consideration. The first section of the article is an explanation of problems with IMT, and the second section demonstrates some particulars of the IMT problems with a real-world social fabric matrix from a Western nation. 相似文献
20.
Camille Baulant 《Journal of economic issues》2017,51(3):651-662
Emerging countries around the world have been growing fast over the last thirty years, with most of these countries basing their economic development on a state capitalism. Within these countries, there is a concentration of wealth in the hands of a few people. This fact confirms the analysis of Thorstein Veblen (1898) who shows the gap that exists between the vested interest of the rich and the unmet needs of the poor. The world happiness report (Helliwell, Layard and Sachs 2016) also shows for the emerging economies a gap between the world rank in economic growth and in wellbeing. I propose a new paradigm of development for two emerging economies, Brazil and South Africa, by putting human development in the center of economic development and by using different approaches in economics and psychology. My analysis links the theories of Carl Shapiro and Joseph E. Stiglitz regarding “efficiency wages” (1984) with the complexity approach (Le Moigne 1995). This approach combines the results of positive psychology (Kahneman 2011) with the role of local institutions for improving the economic development of emerging economies (Deaton 2016). In the first section of the article, I examine definitions of economic and human wealth. In the second section, I analyze the gaps that exist between the standard-of-living ranking and the wellbeing ranking for both Brazil and South Africa in order to present meso-happiness indexes linking the micro- and macro-levels of human wealth. In the last section, I analyze the way local institutions in Brazil and South Africa could create dynamic links for these countries’ efficient functioning in the world economy. 相似文献