Candidate Ambition and Advancement under Term Limits

In this paper, I present a model of candidate entry into a two-tiered hierarchy of political positions with the objective of exploring the extent to which term limits at lower level political positions alter the average skill of office-seekers for higher level political positions. In addition, this paper analyzes whether the increase in political skill in upper level office holders comes at the expense of lower level political positions. The results suggest that under certain conditions term limits on lower level elected offices may reduce the expected political skill of officeholders at the lower level without guaranteeing an increase in skill at the upper level.     

The Feldstein–Horioka puzzle in groupings of OECD members: A panel approach

This paper investigates the relationship between investment and savings in 26 OECD countries and demonstrates that the relationship changes when the countries under consideration in the selected panel vary. Accordingly, panel estimations using annual data for the period from 1970 to 2008 have been made for various groupings of developed countries, specifically the OECD as a whole, the EU15, NAFTA and the G7. Additionally, the paper examines changes in investment savings relationships when the presence of structural shifts in developed countries – where such exist – are taken into account. Recently developed panel techniques are employed to examine the investment savings relationship and estimate saving-retention coefficients. The empirical findings reveal that the Feldstein–Horioka puzzle exists only in the panel of G7 countries, wherein the saving-retention coefficient is estimated as 0.754 and 0.864 (for the full sample of G7 countries and for stable G7 countries, respectively). The estimated saving-retention coefficient for unstable G7 countries is 0.482, which indicates a higher level of capital mobility in unstable countries with respect to stable ones. This conclusion is further supported by the estimations for OECD countries and the EU15.     

The Incidence of Smartphone Usage among Tourists

We explore smartphone utilization by tourists from 24 countries visiting either Rome, Italy or Athens, Greece. By extending a standard technology acceptance model, we identify common travel uses for smartphones, which include taking photos, social networking, viewing maps, finding transportation and searching for shops and restaurants. Younger cohorts utilize their phones more than older cohorts, but there is no difference in utilization between females and males. The most important factors affecting behaviour are how often the tourist normally utilizes their smartphone when at home, and whether or not the tourist has non‐WiFi data access. We conclude with recommendations for future research. Copyright © 2016 John Wiley & Sons, Ltd.     

Cost effectiveness and impact on quality of life of abobotulinumtoxinA and onabotulinumtoxinA in the treatment of children with lower limb spasticity in Canada

Abstract

Background: Injectable botulinum neurotoxins are a mainstay of treatment for pediatric spasticity. AbobotulinumtoxinA and onabotulinumtoxinA are both injectable toxin therapies used to treat pediatric lower limb (PLL) spasticity in Canada. The objective of this study was to assess the cost-effectiveness of abobotulinumtoxinA vs. onabotulinumtoxinA in the treatment of PLL spasticity in Canada.

Methods: A probabilistic Markov cohort model with a 2-year time horizon was developed, with health states defined by response to therapy, as characterized by the goal attainment scale (GAS). Based on randomized controlled trial evidence, response to therapy was similar or higher for abobotulinumtoxinA relative to onabotulinumtoxinA; uncertainty was incorporated into model parameters, however, as the two therapies have not been compared head-to-head. Canadian resource use and cost data were incorporated.

Results: In the base case, abobotulinumtoxinA generated 1.48 quality-adjusted life years over the model time horizon, compared to 1.47 for onabotulinumtoxinA. AbobotulinumtoxinA was associated with cost savings of $123 CAD, reflecting lower costs in both medication acquisition and health services. The estimated improvement to quality of life and reduced costs result in an estimate of economic dominance for abobotulinumtoxinA over onabotulinumtoxinA. This dominant result persisted across probabilistic and scenario analyses.

• Key points for decision makers

• Based on a review of available clinical evidence, abobotulinumtoxinA was found to have significant and/or numerical efficacy benefits to onabotulinumtoxinA on functional outcomes (Goal Attainment Scale) and tone (Modified Ashworth Scale) and in the treatment of pediatric lower limb spasticity

• In this cost-effectiveness analysis, abobotulinumtoxinA was found to be associated with greater quality-adjusted life years and lower costs than onabotulinumtoxinA (economically dominant)

• A limitation of this analysis was the uncertainty around key parameters. Specifically, the lack of head-to-head comparison data for the two therapies, and variable data regarding likely onabotulinumtoxinA dosing in PLL in clinical practice. However, across a range of plausible scenarios, the economic dominant result remained.

     

Network positioning and R&D activity: a study of Italian groups

Traditionally, R&D studies focus on organisational characteristics and internal context factor effects on a firm's R&D activities. This paper extends previous research by analysing firm–level R&D expenditures in the wider context of inter–organisational networks. Using sample of 2002 manufacturing firms in Italy, it provides evidence that R&D intensity is linked to a firm's positioning within an industrial group's hierarchy. Further tests on the antecedents of R&D expenditures are carried out in relation to the effects of firm characteristics and industry factors. Important findings include a significant and positive association between R&D intensity and the firm's size, performance, intangible assets and industry concentration. These findings suggest that, in addition to firm–level factors and its market environment, network resources and organisation may play an important role in driving the intensity of the firm's R&D expenditures.     

Manias,Panics and Crashes in Emerging Markets: An Empirical Investigation of the Post-2008 Crisis Period

ABSTRACT

Because of their economic importance, international bond markets are thought to be the likely location for the operation of financial market pressures on emerging market (EM) government policy. An important but unresolved debate that runs through the literature is the relative importance of domestic factors specific to the country receiving the capital flows (pull factors), versus push factors exogenous to the receiving country, in driving portfolio flows to EMs. Through extensive interviews with financial market participants, and analysis of the financial press between January 2008 and 2013, this paper argues that not only were market participants fully aware of the importance of push factors over the cycle, but that their perceptions of the domestic fundamentals themselves were influenced by these push factors. The paper provides evidence on the micro-foundations of investment decision making that make investors susceptible to influence by the push factors, and adds to a growing body of evidence that financial market borrowing costs are even less in the control of emerging market governments than previously assumed, because even when investors pay attention to domestic fundamentals, their assessments can be divorced from reality. This means that government efforts to attract foreign capital through implementing investors' preferred policies may be ultimately futile.     

Industrial clusters,flagship enterprises and regional innovation

ABSTRACT

For a sample of all 88 counties in the State of Ohio over a 5-year period, this study documents the effect of flagship enterprises and concentrated industrial clusters on regional innovation. Consistent with the agglomeration arguments and the knowledge spillover theory of entrepreneurship, both appear to affect regional innovation positively. Additionally, regional educational attainment positively moderates the effect of industrial clusters on innovation. At the same time, flagship enterprises primarily affect regional innovation in regions with low education levels. Results are obtained with the help of conservative econometric techniques and are robust to the choice of alternative dependent variables and estimators. The findings have major policy implications and provide insights into alternative routes to encouraging regional innovation.     

Principal Features of Building Social Accounts Matrix and Improving Statistical Database for Eco-countries

With common borders of the population, total area, and GDP （PPP-based） of Economic Cooperation Organization （ECO） member states are estimated as 416 million persons, 7.9 million m2, and US$2.7 trillion respectively （2010 data）. Although heterogeneous in the extent, there is economic development, overall, with serious energy and transport-transit relations among countries that is reflected in growing trade turnover year-by-year. However, there are still rather unused resources and capacity in such areas of cooperation among countries as exchange of energy, transport services, agricultural and industrial goods, use of opportunities for tourism, promoting investment and innovation processes and other areas. Certainly, maximum and optimal use of these resources calls for availability of analytical means capable of accounting for relations both within member states and among them. The implementation of computable general equilibrium （CGE） modeling in each member state would thus be of great significance in resolution of these problems both in terms of accounting for input-output linkages within the countries as well as enabling impact of main trading partners and goods and services among countries. The analysis carried out indicates that there are a number of problems in application of CGE model in most of the member states. As such, input-output tables are not compiled in some countries, while in others despite the fact that these tables are compiled, there are no attempts to build the model, yet in other countries, even if the CGE model is implemented, there are difficulties in taking into account the real results in the face of serious problems related to improving national accounts system database. Summarizing these problems, it is possible to conclude that to ensure the application of a CGE model,there is a great need to work out procedures of compilation of a social accounts matrix （SAM） that lies on the basis of this model, for which the relevant statistics of a member state must be improved