Richard A. March 《Journal of Applied Econometrics》2002,17(1):85-90

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Steven  Dunaway  Lamin  Leigh  Xiangming  Li 《Pacific Economic Review》2009,14(3):361-375

Abstract.  Assessments of a country's real exchange rate relative to its 'equilibrium' value as suggested by 'fundamental' determinants have received increasing attention. Using China as an example, the present paper illustrates models commonly used to derive equilibrium real exchange rate estimates. The large variance in the estimates raises serious questions about the robustness of these results. The basic conclusion is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Therefore, such estimates should be treated with great caution.  相似文献   

    

Landis GA 《Hospital materiel management quarterly》1999,21(2):7-11

It is not enough in today's environment to just meet customers' expectations--we must exceed them. Therefore, one must learn what constitutes expectations. These needs have expanded during the past few years from just manufacturing the product and looking at the outcome from a provincial standpoint. Now we must understand and satisfy the entire supply chain. To manage this process and satisfy the customer, the process now involves the supplier, the manufacturer, and the entire distribution system.  相似文献   

    

SHANE A. CORWIN  PAUL SCHULTZ 《The Journal of Finance》2012,67(2):719-760

We develop a bid‐ask spread estimator from daily high and low prices. Daily high (low) prices are almost always buy (sell) trades. Hence, the high–low ratio reflects both the stock's variance and its bid‐ask spread. Although the variance component of the high–low ratio is proportional to the return interval, the spread component is not. This allows us to derive a spread estimator as a function of high–low ratios over 1‐day and 2‐day intervals. The estimator is easy to calculate, can be applied in a variety of research areas, and generally outperforms other low‐frequency estimators.  相似文献   

    

HUGO A. HOPENHAYN 《Journal of Money, Credit and Banking》2011,43(Z1):111-145

Models of firm microstructure are becoming now a standard building block in macroeconomics, trade, and development. This literature builds on the recognition that firm heterogeneity and the allocation of resources across firms plays a key role in determining aggregate productivity and the gains from trade. Barriers to the efficient allocation of resources across firms have been recently recognized to play a key role in economic development. This paper focuses on this methodological contribution, the link between firm microstructure and economic aggregates.  相似文献   

    

Vikas Mittal  Carly Frennea  Robert A. Westbrook 《Marketing Review St. Gallen》2014,31(3):46-54

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Yueh-Neng Lin  Shih-Kuo Yeh  Shih-Ching Chuan  Steven J. Jordan 《The Service Industries Journal》2013,33(13):2273-2288

This study proposes a linkage between intraday variables (signal amounts and signal duration) and the mispricing of Taiwan call warrant prices, based on the lower boundary condition of Merton [1973. Theory of rational option pricing. Bell Journal of Economics and Management Science, 4(1), 141–183] as modified by Galai [1978. Empirical tests of boundary conditions for CBOE options. Journal of Financial Economics, 9(2), 321–346]. Trading mispriced call warrants associated with a riskless hedging strategy over the period January 2004–December 2005 on average produces abnormal profits after taking into account transaction costs, as indicative of an inefficient market.  相似文献   

    

Simplice A. Asongu 《Journal Of African Business》2013,14(3):186-201

The author dissects, with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover, and number of listed companies. The empirical evidence is premised on 11 homogeneous panels based on regions (Sub-Saharan and North Africa), income levels (low, middle, lower-middle, and upper-middle), legal origins (English common law and French civil law), and religious dominations (Christianity and Islam). Findings provide partial support for the existence of absolute convergence in some dynamics. Only Sub-Saharan Africa reveals conditional convergence in relation to per capita number of listed companies. The speed of convergence for the most part is between 12% and 28% per annum. As a policy implication, countries should work toward adopting common institutional and structural characteristics that favor stock market development.  相似文献   

    

Mary A. Weiss  Sharon Tennyson  Laureen Regan 《The Journal of risk and insurance》2010,77(3):597-624

State regulation of rates is sometimes used as a means to make automobile insurance more affordable to consumers by restricting insurer profits and pricing practices. Incentive distortions arising from this type of rate regulation might lead to higher accident rates and higher insurance loss costs. Annual state‐level panel data for the time period 1980–1998 are used to investigate these effects, using empirical methods that recognize the endogenous determination of states’ regulatory choices. Results suggest that rate regulation that systematically suppresses (some or all) drivers’ insurance premiums is associated with significantly higher average loss costs and higher insurance claim frequency.  相似文献   

    

Christopher W. Nobes  Stephen A. Zeff 《Accounting Perspectives》2008,7(4):279-292

It is widely believed that international financial reporting standards (IFRS) have been adopted in many countries, at least for the consolidated reporting of listed companies. However, in nearly all cases, what the rules require is some national or supranational version of IFRS. This might create problems for investor confidence and comparability. We examine what companies and auditors report concerning compliance with IFRS, focusing on the first full year of IFRS reporting by companies in the stock market indices of four major European countries and Australia. We find that, even when companies were complying with IFRS, they were generally not saying so, which seems to miss part of the point of the 35‐year project on international harmonization. In a small number of cases, auditors provided dual reports: on full IFRS in addition to the mandated reference to national GAAP where the latter corresponds with full IFRS. These cases were found only in Germany and the United Kingdom, and mainly related to companies that filed with the Securities and Exchange Commission as foreign private issuers. We propose explanations for the general lack of dual reports and for the exceptions. We call for widespread adoption of dual reporting where a plain report on IFRS is not yet possible.  相似文献