An empirical analysis of college enrollment in The Netherlands

Summary In this paper we present empirical results on the demand for university training in the Netherlands. We integrate investment and consumption aspects of education and explicitly take account of the existence of capital market imperfections. The model has been estimated using time-series data. We pay attention to the dynamic structure and the nonlinearity of the functional specification. To a large extent the qualitative effects of the variables suggested by the theory on college enrollment correspond to the results. The effect of tuition on enrollment is not significantly different from zero at the 5 percent level. The elasticity of male enrollment for financial aid is substantial, but the elasticity for per capita income is even higher (close to one). The model allows deriving projections of college enrollment and investigating the impact of government policy.The authors gratefully acknowledge comments on an earlier version by S.K. Kuipers and J. Pen.     

Off‐farm wage returns to education: Evidence from Lesotho

This article presents estimates of off‐farm wage returns to education in rural areas of Lesotho. Results from a sample survey conducted in the northern Lowlands and Foothills of Lesotho indicate that returns to education are relatively higher for people wage‐employed in Lesotho than those wage‐employed as migrants in South Africa. For people working within Lesotho, education appears to have a significant and positive effect on off‐farm wages. Most people working within Lesotho are employed as teachers, nurses and civil servants and these job categories require an educated labour force. For people wage‐employed in South Africa, education appears not to have a significant effect on off‐farm wages. Most men working in South Africa are employed as labourers in mines while women working in South Africa are employed as domestic servants.     

Human capital, signaling, and the pattern of returns to education

This paper analyzes the implications of the pattern of returnsto education for human capital and signaling models. The USCurrent Population Survey shows diploma effects and small returnsto the interval just before college graduation. A human capitalmodel explains this pattern only under special circumstancesunlikely to be stable. A Spence-type signaling model can explaindiploma effects, but not the low return prior to graduationunless there is substantial measurement error. I propose anextension of the signaling model where agents are initiallyunsure of their ability.     

The relationship of returns to investment in undergraduate education and major area selection

Conclusions The results of the present analysis indicate that the human capital based theory of major area selection does not predict. Furthermore, the results cast substantial doubt upon the generality of Koch's results to other colleges and universities. Although the present analysis indicates that returns were not a major consideration in the selection of majors in the 1960's, if students were more aware of the magnitude of differences in pecuniary returns available in various occupations and associated major areas such returns might play a more important role in major area selection decisions. Examination of the returns determined in the present analysis reveals that there were many occupations and associated major areas exhibiting high pecuniary returns. A baccalaureate degree may no longer be as great an influence as in the past with respect to entry into high paying or prestige occupations, but high pecuniary returns are still available in many areas. Better high school counseling would make students aware of such returns so that better returns on investment in college education could be obtained. In addition, better college counseling of freshmen and sophomores concerning differences in returns available in various major areas could help students obtain better returns for their investments in education. This research is based upon the author's dissertation completed at the University of Kansas in 1975.     

Firm's choice of ownership structure: An empirical test with Korean multinationals

This paper examines the choices of ownership structure of multinational firms (MNFs) based in a newly developed country (South Korea) for their foreign affiliates. A transaction cost economics perspective is employed, taking advantage of a distinct and comprehensive firm-level data set. This is investigated as a whole-set sample of all overseas affiliates and as a sample of only partially owned affiliates using a number of analytical techniques. The paper shows that the choice of equity ownership structure is affected by the characteristics of various host countries. We find that the MNF prefers sharing control rights with a local partner when its affiliate is in a resources-based sector, when it enters a country with a large black market, or when there is large socio-cultural difference between the home and the host country.     

The impact of data snooping on the testing of technical analysis: An empirical study of Asian stock markets

The primary aim of this study is to investigate the validity and predictability of technical analysis in eight Asian equity markets. We employ the bootstrap tests of White (2000) and Hansen (2005) to determine whether any superior trading rule is found to exist amongst the ‘universe’ of technical trading rules identified by Sullivan et al. (1999). We use these powerful bootstrap tests to ascertain the profitability of technical analysis, along with two institutional adjustments for non-synchronous trading and transaction costs. The empirical results indicate that these three elements, data snooping, non-synchronous trading and transaction costs, have significant impact on the overall performance of technical analysis; indeed, the results for these eight Asian stock markets support the efficient market hypothesis, demonstrating that the generation of economic profits through the use of technical analysis is extremely unlikely with these particular markets.     

聋人大学生参加融合教育的意义和启示

特殊大学生(包括:肢体伤残、视觉受损、听觉受损、智力障碍、自闭症、语言障碍等)与正常生一起在常规学校接受教育是融合教育的理念,环境的变化会使残障学生的心理发生很大改变,了解他们的心理问题,制定计划并结合实际帮助他们解决可能遇到的困难,能让残障学生树立信心,更好地适应大学生活。文章对聋人大学生参加融合教育的意义和启示进行了表述。     

Economic situation of non-whites after 1964: An empirical analysis

Conclusion Based on the above mentioned results, it is plausible that the Civil Rights Act of 1964 generally has had a positive effect on the economic situation of non-whites, and on the average, has brought an improvement in the income, unemployment rate, and occupational distribution of non-whites in the United States. Therefore, the hypothesis of this study is supported and has shown that either because of, or concurrently with the Civil Rights Act of 1964, there has been a significant reduction in the propensity to discriminate since 1964.     

Effects of regional integration on FDI: An empirical approach

This study uses an augmented gravity model to capture the effect of regional economic integration on Foreign Direct Investment (FDI) flows in the cases of the EU, NAFTA, MERCOSUR, and ASEAN. Three important conclusions emerge: (i) regional integration has had a positive and significant effect on FDI, which is a combination of investment creation and diversion; (ii) investment diversion does occur in a significant number of cases, and hence it is a legitimate cause for concern, especially among developing countries that are not part of a regional grouping with at least one developed country; and (iii) FDI acts as a substitute for trade in a significant number of cases, although in some cases, it complements trade.     

对新经济增长的一个解释：整体信息增值

信息是产生组织秩序的潜在能力,而经济组织秩序同技术创新一样是价值增值的一个来源。     

Market competition,differences in technology,and productivity improvement: An empirical analysis based on Japanese manufacturing firm data

In this paper we examine empirically the effect of market competition on firm productivity improvements using data drawn from the Japanese manufacturing sector. We find that a non-linear relationship between competition and productivity growth induced by R&D activity as suggested by Aghion et al. (2005) holds for Japanese manufacturing firms. We also show that greater market competition widens technology differences across firms, and firms facing more intense competition are more productive than other firms. Our empirical results imply that productivity improvement through R&D activity depends on not only a competitive environment but also technological differences between firms.     

出口退税对我国出口影响的实证分析

采用1985-2004年的样本数据,运用Eviews软件测算出出口退税额与我国外贸出口之间的相关系数和回归系数,结论是:在99%的显著水平上,出口退税对我国出口增长的促进作用十分明显,出口退税率的调整将会使得我国的出口受到直接的影响.     

The role of R&D in high-technology trade: An empirical analysis

Conclusion This paper attempts to establish the relationship between the level of R&D activities of a country and its trade performance in high-technology products. Empirical evidence based on the limited data used in the paper shows that this relationship appears to be quite significant. An analysis of the implications of this relationship reveals that the low level of R&D in Canada is due to, among other factors, the prevalence of foreign ownership of Canadian manufacturing industries, and the resource-based characteristic of the Canadian economy. Given the nature of foreign-owned firms, the paper suggests that countries should not rely on them as a crucial instrument in the creation of an indigenous capacity to produce high-technology products which are competitive at the world level. Instead, domestic policies aimed at the development and nurturing of the countries' own scientific and technological skills are required. The views expressed in this paper are those of the author. They should not be construed as the official views of the Ministry of State for Science and Technology of the Government of Canada. Research assistance provided by Tom Wudwud and Penny Robinson is well appreciated. The author, however, is responsible for any omissions or errors that remain.     

Unravelling causation: An empirical analysis of contingent protection in Australia

Conclusion The processes which national AD/CVD regulatory authorities must follow to disentangle the interrelationship betweendiminished domestic industrial performance and the extent which it has beencaused by unfairly traded imports are unclear. The want of a clear theoretical and administrative framework has contributed to a situation whereby, according to Pangratis and Vermulst (1994), the: inadequate guidance provided by the Code(s) combined with the lack of consensus on the economic analyses concerning basic injury-related concepts has resulted in a multitude of national rules and practices concerning the injury-side of the anti-dumping (and countervailing) instrument(s) (p.27).     

The value of Chinese patents: An empirical investigation of citation lags

China has been experiencing a substantial growth in patent applications. But is this increase accompanied by a similar increase in patent value? To assess this question, we examine the citation lag of Chinese patents as a proxy of patent value in comparison with patents from the US, Europe, Japan, and Korea. Our empirical analysis comprises a unique data set of 60,000 patents with priority years between 2000 and 2010. Utilizing Cox regressions, our results show that Chinese patents suffer from a large citation lag in comparison to international patents, indicating a lower value. This is especially true for patents filed domestically. However, we find empirical support for an increasing patent value in more recent patents. China shows a strong dynamic in the field of patenting and our results suggest that the gap between Chinese patents and international patents might narrow down in the near future.     

Comparative home-market advantage: An empirical analysis of British and American exports

This paper derives and tests the hypothesis that a country exports relatively more of those goods for which it has a relatively larger home market, i.e., a comparative home-market advantage. This prediction is based on a two-country, many-good intraindustry trade model with economies of scale, international transaction costs and differences in expenditure shares and country size. The data from 1970 to 1987 of 26 industries of the manufacturing sector in the United States and the United Kingdom supports this hypothesis. It is also shown that the relationship between home-market size and export structure becomes significantly stronger for industries with high fixed costs. JEL no. F12, F14, F17     

Judging the probability of a contingent loss: An empirical study*

Abstract. This paper reports the results of research in which experienced auditors interpreted the criteria of Statement of Financial Accounting Standards No. 5 (SFAS 5): Accounting for Contingencies. The research focuses on two issues: (1) the nature and degree of consensus in the auditors' interpretations, and (2) the extent to which these interpretations depend upon the type of contingent loss. Forty-five experienced auditors (managers, principals, and partners) from “Big 8” CPA firms responded to a research instrument that elicited their interpretation of SFAS 5 probability criteria. Our analysis focuses upon the thresholds between the “remote” and “reasonably possible” criteria and between the “reasonably possible” and “probable” criteria. Our results indicate: (1) threshold means of 0.16 and 0.68, respectively; (2) more auditor consensus for the first threshold than for the second; (3) the first threshold was significantly lower than indicated by previous research; and (4) the thresholds were generally not dependent upon the type of contingent loss.