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441.
The-Hiep Nguyen 《Managerial and Decision Economics》1984,5(1):49-53
The present paper discusses methods originally proposed by Adams and Miovic in 1968 (then refined and used later by many other authors) for calculating the output elasticity of useful energy consumption (?). We first show that this methodological approach is quite dubious. Better alternative methods of estimation are then proposed. We also stress that, since the marginal rate of interfuel substitution depends on the GDP functional form, the simulataneous use of several functional forms of GDP in energy studies leads obviously to misleading interpretations. Using thermal efficiency coefficients and OECD countries figures for the 1959–73 period, we finally found that ? did steadily fall from high values to values which are still higher than one. 相似文献
442.
ABSTRACTResearch studies about the attributes of music festival experiences and the effect of information technology in music festival help us to understand Millennials. With the purpose of providing more insights about the perception and behavior of young people at a festival, this study aims to investigate how festival attributes and the interactivity of information sources affect festival attendee satisfactions and behavioral intentions in a music festival. The results are expected to assist festival organizers in managing and implementing market-oriented service strategies to improve the quality of festivals and therefore to enhance the attendee satisfactions and their behavioral intentions. 相似文献
443.
In this paper, we develop a long memory orthogonal factor (LMOF) multivariate volatility model for forecasting the covariance matrix of financial asset returns. We evaluate the LMOF model using the volatility timing framework of Fleming et al. [J. Finance, 2001, 56, 329–352] and compare its performance with that of both a static investment strategy based on the unconditional covariance matrix and a range of dynamic investment strategies based on existing short memory and long memory multivariate conditional volatility models. We show that investors should be willing to pay to switch from the static strategy to a dynamic volatility timing strategy and that, among the dynamic strategies, the LMOF model consistently produces forecasts of the covariance matrix that are economically more useful than those produced by the other multivariate conditional volatility models, both short memory and long memory. Moreover, we show that combining long memory volatility with the factor structure yields better results than employing either long memory volatility or the factor structure alone. The factor structure also significantly reduces transaction costs, thus increasing the feasibility of dynamic volatility timing strategies in practice. Our results are robust to estimation error in expected returns, the choice of risk aversion coefficient, the estimation window length and sub-period analysis. 相似文献
444.
This study identifies managerial behaviour in Vietnamese banks between the years 2000 and 2014, based on the managerial framework of banks, as identified by Rossi et al. ( 2009 ). This framework is built on the interrelationships between efficiency, risk, capital and diversification. This study uses the Z‐score to measure insolvency risk, the SFA to estimate cost efficiency, the ratio of total equity to total assets to capture bank capital and the HHI index to measure the diversification of revenue and earning assets. The results from the 3SLS estimator indicate that revenue diversification has an insignificant impact on insolvency risk, capital ratio and cost efficiency, but earning assets diversification has a negative effect on these three variables, supporting ‘classical diversification’, ‘economic capital’ and ‘monitoring’ behaviours. Moreover, a decline in cost efficiency leads to a rise in insolvency risk, implying ‘bad management’ behaviour; an increase in risk results in a reduction in cost efficiency, indicating ‘bad luck’ behaviour; and a reduction in capital ratio in the poorly capitalised banks leads to a growth in risk, suggesting ‘moral hazard’ behaviour. The results remain strongly robust when using an alternative risk measurement (the loan loss provision ratio) and an alternative SFA model. 相似文献
445.
We examine the impact of the ACCC's leniency policy (Immunity Policy) on cartel stability. The policy, by reducing the fines of the first cartel members who cooperate with competition authorities, can act to deter collusion. However, we find that care is needed in how a leniency policy is implemented. It is possible that the leniency policy can make collusion easier to sustain than in its absence. Further, the ACCC's Cooperation Policy, which applies to all parties who assist the Commission with an investigation, can act to undermine the effectiveness of the leniency policy. 相似文献
446.
447.
Jinjing Li;Thi Bich Tran;Hai Anh La;Mai Xuan Thi Nguyen; 《Review of Income and Wealth》2024,70(2):440-465
Vietnam has experienced a major land policy reform in recent decades, relaxing the previously imposed restrictions on land transfer and accumulation. This paper investigates the relationship between this agricultural land reform and changes in income inequality using a microdata-based decomposition framework. Results show that agricultural land reform is one of the most important drivers of income growth among middle-income households in Vietnam, and has contributed to a reduction in income inequality. However, the effect is highly heterogeneous, as it favors households with particular land types; it thus leads to an increase in income inequality in rural areas despite reducing such inequality in urban regions. The findings suggest that the policy effect of land restriction relaxation can be complex due to inequalities in new opportunities as well as the initial landholding distribution. 相似文献
448.
449.
Stephen Wearing Mary Mostafanezhad Nha Nguyen Truc Ha Thanh Nguyen Matthew McDonald 《Leisure Studies》2018,37(5):500-514
Barbie Saviours is a satirical Instagram account and linked Facebook page that depict white western Barbies volunteering in Africa with the bio, ‘Jesus. Adventures. Africa. Two worlds. One love. Babies. Beauty. Not qualified. Called. 20 years old. It’s not about me… but it kind of is’. Drawing on emerging theories of feminist political economy, we address the growing backlash against volunteer tourism in the popular media and argue that critiques against these images reflect an anti-hegemonic project that highlights the role of sentimental colonialism in contemporary forms of international popular humanitarianism. Widely described as a critique against the ‘White Saviour Complex’, Barbie Saviour is used to popularise a negative image of western female volunteer tourists which currently comprise more than 75% of the industry. These critiques question the morality and legitimacy of female volunteer tourists as well as related spaces of western forms of development in the global south. These satires shine a spotlight on the neocolonial aura of the practice. However, we argue that while this critique is a productive reminder of the symbolic violence of racialised inequality, the critique itself also, albeit inadvertently, perpetuates the ahistorical and apolitical racial, ethnic, gender and class-based binary thinking that it seeks to condemn. 相似文献
450.
We examine whether the presence of loan covenants leads firms to choose either an asset or equity acquisitions. Asset acquisitions involve the selective purchase of a target company's assets, and equity acquisitions involve acquisitions of common stocks. We document that firms with loan covenants are more likely to engage in asset acquisitions as opposed to equity acquisitions. Our results are robust to alternative measures of loan covenants and to endogeneity concerns. Furthermore, the association between loan covenants and asset acquisitions is stronger among firms with greater debt covenant intensity, more severe agency problems, and lower profitability. Acquirers facing more intense competition within their industries are also likely to choose asset acquisitions. Our findings suggest that acquirers' incentives to avoid wealth transfer at the expense of debtholders drive the relation between debt covenants and choice of acquisition structure. 相似文献