Social franchising: A bibliometric and theoretical review

We present a comprehensive review of social franchising literature and an integrated framework highlighting factors and theories driving the concept. Bibliometric and content analysis are used to analyze 111 articles between 2002 and 2018 from ISI Web of Science and Scopus. The following three research streams are identified: motivations for social franchising, how social franchising work, and impact of social franchising. These are integrated into a conceptual framework of five factors providing insights into value creation, performance improvement, and minimization of failures among social franchises. The review responds to calls for theoretical explorations in the field and provides bases for further studies.     

Tax effects in the dutch bond market

In this paper an analysis of the Dutch bond market is made. The technique used is linear programming. Given the fact that coupon income and capital gains are taxed differently and that some investors are tax-exempt in the Netherlands, it is shown that there are overpriced bonds in the market. This is as can be expected. But it is found that there are bonds that a rational investor would never hold in his portpolio, whatever the tax rate the investor has to pay on coupon income. Given the fact that the Dutch bond market is very illiquid for some bonds, an analysis of the effects of bid-ask spreads is made. It is shown that the effect of these spreads cannot explain the existence of bonds that are overpriced. It is not clear where these remaining overpricings stem from.     

Comparison of statistical analysis methods for object case best–worst scaling

Abstract

Aims: Different methods have been used to analyze “object case” best–worst scaling (BWS). This study aims to compare the most common statistical analysis methods for object case BWS (i.e. the count analysis, multinomial logit, mixed logit, latent class analysis, and hierarchical Bayes estimation) and to analyze their potential advantages and limitations based on an applied example.

Methods: Data were analyzed using the five analysis methods. Ranking results were compared among the methods, and methods that take respondent heterogeneity into account were presented specifically. A BWS object case survey with 22 factors was used as a case study, tested among 136 policy-makers and HTA experts from the Netherlands, Germany, France, and the UK to assess the most important barriers to HTA usage.

Results: Overall, the five statistical methods yielded similar rankings, particularly in the extreme ends. Latent class analysis identified five clusters and the mixed logit model revealed significant preference heterogeneity for all, with the exception of three factors.

Limitations: The variety of software used to analyze BWS data may affect the results. Moreover, this study focuses solely on the comparison of different analysis methods for the BWS object case.

Conclusions: The most common statistical methods provide similar rankings of the factors. Therefore, for main preference elicitation, count analysis may be considered as a valid and simple first-choice approach. However, the latent class and mixed logit models reveal additional information: identifying latent segments and/or recognizing respondent heterogeneity.     

A viable and cost-effective weather index insurance for rice in Indonesia

The potentially adverse effects of droughts on agricultural output are obvious. Currently, Indonesian rice farmers have little financial protection from climate risk via catastrophic weather risk transfer tools. Done well, a weather index insurance (WII) program can not only provide resources that enable recovery, but can also facilitate the adoption of prevention and adaptation measures and incentivize risk reduction. However, implementations of WII programs have faced difficulties because of basis risk—among several other obstacles. Here, we quantify the applicability, viability, and likely cost of introducing a WII for droughts for rice production in Indonesia. To reduce basis risk, we construct district-specific indices that are based on the estimation of Panel Geographically Weighted Regressions models. With these spatial models, and detailed district level data on past agricultural productivity and weather conditions, we identify an algorithm that can generate an effective and actuarially sound WII in some districts but not in others. We then measure its effectiveness in reducing income volatility for farmers by reducing this basis risk, at the district level. We end by calculating an actuarially robust and welfare-enhancing price for this scheme and prioritize the districts in which it can be implemented.     

An Elementary Upper Bound for the Loading of a Stoploss Cover

Abstract

The famous reinsurance treaty, called stoploss cover, is reconsidered. By applying the well-known Cauchy-Schwarz inequality an elementary bound is derived for the variance of the claims amount taken by the reinsurer. This gives an upper bound for the loading of the treaty in case of using the standard deviation or variance principle.     

Firm exits as a determinant of new entry: Is there evidence of local creative destruction?

This study posits that a local process of creative destruction provides an impetus to regional industrial renewal. We argue that exits of older firms release resources that stimulate local entry. New entrants add value to these resources by redeploying them in more productive uses. We test our hypotheses with a unique longitudinal database encompassing the entry and exit of Canadian manufacturing enterprises. We find that exits of old firms increase entry and that on average new entrants are more productive. Persistent high local rates of exit, however, deter entry.     

Economic and political effects on currency clustering dynamics

The symbolic performance of a currency describes its position in the FX markets independent of a base currency and allows the study of central bank policy and the assessment of economic and political developments     

The IMF and the Liberalization of Capital Flows

We evaluate the claim that the International Monetary Fund precipitated financial crises during the 1990s, by pressuring countries to liberalize their capital accounts prematurely. Using data from a panel of developing economies from 1982–98, we examine whether the changes in the regime governing capital flows took place during participation in IMF programs. We find evidence that IMF program participation is correlated with capital account liberalization episodes during the 1990s. We verify the robustness of our results using alternative indicators of capital account openness. To determine whether decontrol was premature, we compare the economic and financial characteristics of countries that decontrolled during IMF programs with those of countries who did so independently, and find some evidence of IMF-led premature liberalizations.     

Missing in action: teacher and health worker absence in developing countries.

In this paper, we report results from surveys in which enumerators make unannounced visits to primary schools and health clinics in Bangladesh, Ecuador, India, Indonesia, Peru and Uganda and recorded whether they found teachers and health workers in the facilities.     

Wage differentials across sectors in Europe

Using a unique harmonized linked employer–employee dataset, this paper analyses the structure and determinants of inter‐industry wage differentials in Central and Eastern European countries (Czech Republic, Latvia, Lithuania and Poland) and compares them to those observed in Western European states. Findings show substantial differences in earnings across sectors in all countries, even when controlling for a wide range of employee, job and employer characteristics. The hierarchy of sectors in terms of wages appears to be quite similar in Eastern and Western European countries, although the former tend to have higher levels of dispersion of inter‐industry wage differentials.