Dynamics of international integration of government securities’ markets

This paper investigates the dynamics of international government bond market integration in six of the G7 economies over two decades leading up to the global crisis. It examines whether such integration had been significant; the extent to which integration at the short and long end of the yield curve differed; the nature of such integration; and the extent of the decoupling of the long rates from short rates. These issues are investigated using the rigorous smooth-transition copula-GARCH model framework. The results show that integration at the long end of the yield curve had been increasing, had become pronounced, and was significantly greater than at the short end. Decoupling between the short and long end of the yield curve was notable, with important implications for the efficacy of monetary policy in the period before the crisis.     

Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India

Using bank-level data from India, we examine the impact of ownership on the reaction of banks to monetary policy, and also test whether the reaction of different types of banks to monetary policy changes is different in easy and tight policy regimes. Our results suggest that there are considerable differences in the reactions of different types of banks to monetary policy initiatives of the central bank, and that the bank lending channel of monetary policy is likely to be much more effective in a tight money period than in an easy money period. We also find differences in impact of monetary policy changes on less risky short-term and more risky medium-term lending. We discuss the policy implications of the findings.     

Fifty years of The Financial Review: A bibliometric overview

The Financial Review (FR) is a highly regarded journal publishing original empirical, theoretical, and methodological research in all areas of financial economics. It celebrated its golden jubilee year in 2018. Using bibliometric techniques, we analyze the journal's impact, prominent topics, most prolific authors, and their affiliated institutions and countries. Our analysis also identifies the most often cited articles at different points in the journal's history. Using textual data analytics, we identify the most frequent themes discussed between 1969 and 2018 by decade.     

Toward Closing the Loop between Infrastructure Investments and Societal and Economic Impacts

The long-term value proposition of transportation infrastructure investments can be significantly distorted if the short-term effects of spatial externalities on land use patterns, economic expansions, and migration patterns are not properly included in the analysis. Some of these effects occur over a short period of time and soon after the investment materializes, whereas others take longer and follow more steady patterns. In this article, we develop a novel dynamical model of a primal society with constructs that are specifically geared toward transportation infrastructure expansions and investments. The model quantifies the impact of these expansions on some key performance indicators and on the overall utility and production capacity of the society. We argue that traditional analytical models that work on the premises of stationary behavior and a static response of society to changes in infrastructure do not correctly capture these effects. The land use patterns and spatial expansion computed from the model are validated against existing theory on land use. Preliminary results on how to use the model for value proposition analysis are also presented using simple case studies.     

The determinants of inter-industry variations in the proportion of intra-firm trade: The behaviour of US multinationals

Zusammenfassung Die Bestimmungsgründe für interindustrielle Unterschiede im Anteil des firmeninternen Handels. Das Verhalten US-amerikanischer multinationaler Firmen. — Die Autoren untersuchen die Bestimmungsgründe der interindustriellen Unterschiede im Anteil der firmeninternen Exporte und Importe am Handel von US-amerikanischen Muttergesellschaften im Jahr {dy1982} für 32 Industriezweige. Der Intra-Firmen-Handel internalisiert den Handel im Rahmen der multinationalen Unternehmen. Die Untersuchung zeigt, da? es gro?e Internalisierungsvorteile in forschungs- sowie in humankapital-intensiven Industrien gibt. Der Anteil von firmeninternen Exporten aus den USA war ebenfalls hoch in Industrien, die einen überdurchschnittlich hohen Aufwand bei der Verkaufsf?rderung und Markterschlie?ung erfordern. Die Studie deutet auch darauf hin, da? es im Gefolge der US-Umweltvorschriften dazu kommen kann, da? Industrien in andere L?nder verlagert und von dort firmeninterne Exporte in die USA durchgeführt werden.

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Résumé Les facteurs déterminants des variations inter-industrielles dans le partage du commerce intra-entreprise: Le comportement des entreprises multi-nationales américaines. — Cette étude analyse les facteurs déterminants des variations inter-industrielles dans le partage des exportations et importations intra-entreprise dans le commerce des sociétés mères américaines concernant 32 branches industrielles en 1982. Le commerce intra-entreprise intensifie le commerce au sein des entreprises multi-nationales. L’étude démontre que l’avantage du commerce intra-entreprise est très grand dans les branches qui sont caractérisées par la recherche-développement et par une main-d’œuvre très qualifiée. La proportion des exportations intra-entreprise venant des Etats Unis a été aussi élevée dans les industries caractérisées par des dépenses hautes pour la vente et le développement du marché. L’étude indique aussi la possibilité que le lieu de production est déplacé aux autres pays à cause des lois américaines anti-pollution et que les importations intra-entreprise sont la conséquence.

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Resumen Las déterminantes de las variaciones interindustriales del comercio intraempresa: el comportamiento de las multinacionales de los EE UU. — En este trabajo se analizan las determinantes de las variaciones interindustriales de las proporciones de exportaciones e importaciones intraempresa en el comercio de casas matrices de los EE UU en al ano {dy1982}, considerando 32 ramas de la industria manufacturera. El comercio intraempresa internaliza el comercio entre las multinacionales. Se muestra que las ventajas derivadas de la internalización son grandes en industrias intensivas en I&D y mano de obra calificada. La proporción de exportaciones intraempresa desde los EE UU también son altas en industrias con importantes gastos en el ámbito de las ventas y en el desarrollo de mercados. También se indica la posibilidad de que empresas de los EE UU tengan que ubicarse en otros países y que dedicarse a las importaciones intraempresa, debido a las leyes contra la contaminación ambiental vigentes en los EEUU.

     

Predicting Internet banking adoption in India: a perceived risk perspective

The emergence of Internet banking has transformed the banking systems across the globe. As a channel to market, Internet banking allows geographical constraints to be overcome by offering various products and services at lower customer costs. An understanding of the factors influencing customer adoption of Internet banking is both relevant and timely. This study integrates technology acceptance model and perceived risk theory in understanding Internet banking acceptance among Indian bank account holders. Specifically, this study categorizes perceived risk as external risk and internal risk, and examines its influence on customer beliefs and adoption of Internet banking. Using two-step predictive analytics of structural equation modeling and artificial neural network analysis, the 270 responses reveal that both external risk and internal risk inhibit customer acceptance of Internet banking. More importantly, neural network analysis reveals that perceived ease of use and external risk are two important factors determining how well Internet banking is accepted by customers. The implications of the study findings and future research directions are presented.     

Sustainability as corporate culture of a brand for superior performance

Sustainability research highlights new challenges and opportunities for businesses. This paper reviews the literature to understand the ability of sustainable green initiatives when practiced as a corporate culture to individually create new opportunities for operations, management and marketing. According to current research, business opportunities exclusively available to different functions of a firm can drive its performance. The role of marketing in the achievement of superior performance by virtue of sustainability practices is also explained by the existing literature. Branding literature, however, fails to explain the influence of a brand on sustainability-driven opportunities available to a firm for superior performance. The objective of this study is to explore if a brand can strengthen the ability of sustainability-based green initiatives of managers to drive opportunities available to a firm for superior performance. A conceptual framework grounded in the triple bottom line theory is presented based on the assumption that brand as a stimulating factor can accelerate the conversion of opportunities available to a business into superior performance. Academic and managerial perspectives have been used to draw upon the implications of the model. Both practitioners and academic researchers will benefit from future research on this topic.     

Equipment-related injuries in agriculture: an international perspective

Injuries related to agricultural equipment are a significant cause of morbidity and mortality, in both high-income and low-income countries. Tractors are most often associated with severe injuries and fatalities. All age groups sustain injuries. Injuries to children are also prevalent because the sites of agricultural work overlap homes in rural areas. In the majority of papers reviewed, preventive methods are mostly targeted at behaviour modification and effective medical facilities, whereas only a few authors have highlighted design changes and passive measures for injury control. The effectiveness of suggested interventions is not discussed in the majority of papers except those related to roll-over protection structures, fodder cutting machines and thresher safety devices.     

Leveraging Virtual Attribute Experience in Video Games to Improve Brand Recall and Learning

This article extends the concept of virtual direct experience (VDE) from a product to an attribute as video gamers can virtually experience an attribute within a gaming environment. Using a 2 (VAE: present versus absent) x 2 (order of brand presentation: first or second) between subjects experimental design, we find that associating a brand with virtual attribute experience (VAE) by exposing consumers to the brand name and the virtual experience simultaneously has a positive effect on brand recall, brand extension acceptance, overall attitude, and purchase intention. In addition, our results demonstrate a significant interaction between VAE and telepresence on brand recall.     

Contextual and Competitive Interference: Inhibition or Facilitation?

Existing literature has found two sources of advertising interference, competitive and contextual, that decrease the effectiveness of an ad in a cluttered environment. However, to date, the negative impact of competitive and contextual interference has been examined independently. This research explores advertising effectiveness when these sources exist concurrently. Contrary to the supposition concerning the additive effects of both sources of interference when simultaneously present, our findings indicate that viewing ads for the same product category with similar executional elements leads to the dissipation of interference effects (Study 1). Consistent with the process rationale, when a product-brand cue (versus a picture cue) is provided, this novel effect disappears (Study 2). The implications of these findings for advertising are highlighted in the discussion section.