Gaussian clustering and jump-diffusion models of electricity prices: a deep learning analysis

Decisions in Economics and Finance - We propose a deep learning-based methodology to investigate the complex dynamics of electricity prices observed in power markets. The aims are: (a) to process...     

Book review

Built by Japan: Competitive Straegies of the Japanese Construction Industry, Fumio Hasegawa & Shimizu Group FS New York, John Wiley & amp; Sons, 1988, 204 pp., US$25.00.

Technological Change at Work Ian McLouglin & Jon Clark Milton Keynes, Open University Press, 1988, 202 pp., Pb £9.00, Hb £25.00.

Enterprising Innovation: An Alternative Approach Veronica Mole & Dave Elliott London, Frances Pinter, 1987, pp. 180.

Flexible Automation: The Global Diffusion of New Technology in the Engineering Industry Charles Edquist Jacobsson Oxford, Basil Blackwell, 1988, Hb £35.00.

Expert Systems: Strategic Implications and Applications A. Beerel Chichester, Ellis Horwood Ltd, 1988, 173 pp., £22.50.     

Guatemalan tourism and the efficacy of wage employment in Panajachel

Although tourism's apparent financial benefit to the Guatemalan economy in terms of earning foreign exchange is well known, there has been little micro-economic research done on how the country's third largest export industry affects individual communities. Therefore, this study compares price and wage data to provide initial leads on how tourism affects the food purchasing power of wage earners in the developing tourist community of Panajachel. Research shows that between 1964 and 1978, tourist-industry demands on local food supplies helped inflate food prices far above wage increases, and contributed to a wage laborer's loss of food-purchasing power. Thus in most cases, wage-labor employment in Panajachel is not efficacious in terms of maintaining or increasing the ability to purchase food.     

China–US trade War: an Indonesian perspective

ABSTRACT

This paper takes a holistic approach to the effect of US-China trade war on Indonesia. The paper starts by laying out the context of the rise of protectionism and nationalism, comparing developed and developing country context, and its various causes such as unequal distribution of benefits and responses to the rise of China. The new US approach focusing on goods trade deficit, targeting mainly China but also other countries, including Indonesia and it should be seen as a tool to address the real concerns of the US regarding unfair trade, such as technology transfer, industrial subsidies and trade and investment distortions. It also reflects the US view of the inadequacy of the WTO. In terms of direct impact, the US-China trade war is creating uncertainities to global growth and in particular any decline in China’s growth is likely to hit Indonesia and other ASEAN countries given that China has become their number one trading partner. As for benefit from trade diversion and investment relocation to avoid the trade war, given the structure of its exports and lack of integration in the Global Value Chains, Indonesia is unlikely to benefit compared to several other Southeast Asian countries, such as Vietnam. However, any net benefit from this, will far outweigh the cost of the uncertainty in the rules based multilateral trading system (MTS) and the retreat of the US leadership to safeguard the MTS. The paper looks at how the current US unilateralism is framed in a carrot and stick approach, which does not benefit developing countries like Indonesia. To fill the leadership vacuum to maintain an open rules based order, other countries need to take the leadership position. This can be done by pursuing their own unilateral agenda of structural reforms, increasing regional economic integration and take collective leadership to conduct necessary reforms of the WTO especially on issues that are at the heart of the US-China trade war such as industrial subsidies, strengthening IPR, investment issues related to technology transfer, and competition policy and the level playing field.     

Is the Government Failure Theory Still Relevant? A panel analysis using US state level data

Abstract The purpose of this paper is to empirically examine the robustness of the government failure theory. A core feature of the government failure theory is demand heterogeneity. Previous studies have brought into question the robustness of the government failure theory, due to inconsistent results concerning the explanatory power of demand heterogeneity. Therefore, in this paper we revisit this important research agenda using US state level panel data. We find the two‐way fixed effects model a suitable model for testing the government failure theory's robustness and present findings which indicate that observable demand heterogeneity has a positive effect on the size of the nonprofit sector. This paper also empirically examines the relevance of the complementary financing hypothesis in terms of the cooperative nature of the governmental and nonprofit sector relationship; that is where governments delegate the production of quasi‐public goods to the nonprofit sector.     

Employment Systems in Japan's Financial Industry: Globalization,Growing Divergence and Institutional Change

This article examines growing divergence and change in the employment systems of Japan's financial industry from the early 1990s until shortly after the so‐called Lehman Shock. This was a period which saw accelerated deregulation and globalization strongly impact the country's financial markets, leading to intensified competition over human resources. Foreign multinational corporations introduced into Japan's local product and labour markets new global ‘rules of the game’; in response, some native firms were forced to alter core aspects of a traditional employment model. The result was the emergence of diverging patterns of employment. The present study will demonstrate that the interaction of two key factors — national ownership and variation among core products and services offered — is shaping employment diversification, mediated by firms’ individual policies and practices. This research contributes to the debate on the effects of globalization on the divergence and change of employment systems.     

The Usefulness of Accrual Information in Non‐mandatory Environments: The Case of Japanese Local Government

This study investigates how accrual accounting is used in a system in which it co‐exists with cash accounting. It uses a survey methodology to explore the factors that influence the extent to which accrual information is useful for decision making, when used in a dual system. The results show that although accrual information was used less for budgeting, evaluation, asset management or debt management, officials found accrual information useful for performance management. Moreover, neither experience nor leadership significantly contributed to decision‐making effectiveness. The study also found that the central government was the most influential promoter of accrual accounting in Japan. Of particular interest is the link between performance measurement and accrual information.     

Environmental and Social Matters in Mandatory Corporate Reporting: An Academic Note

This note provides an overview of mandatory corporate reporting for environmental and social matters in Canada, the United States and the EU. When researchers and educators consider reporting on these matters, they often look to voluntary corporate reporting. However, we argue that a lot of related information exists in companies’ mandatory reports, either in the disclosures dictated by securities regulators, or via other required channels. Our objective is threefold. First, to describe what currently exists regarding mandatory reporting on environmental and social matters (to inform). Second, to discuss several of the current ongoing debates regarding such reporting (to encourage discourse). Third, to encourage research into the mandatory reporting of environmental and social matters.     

What’s new in female entrepreneurship research? Answers from the literature

Female entrepreneurship to date represents a key component of the business sector worldwide as, in 2012 more than 187 million out of 400 million entrepreneurs were women (Global Entrepreneurship Monitor 2013). In academia the gender factor in entrepreneurship emerged in the late 1970s Schwartz (Journal of Contemporary Business, 5(1), 47–76, 1976) and especially since the beginning of the new millennium a substantial growth in the investigation of this topic has been registered. Thus, the time has come to systematize the academic progress on this issue and to reflect on future research directions in order to gain deeper insights into the female entrepreneurship domain. In this vein, our paper aims to enrich the conversation on female entrepreneurship by reviewing 248 papers published in the last 14 years. In doing so, we identify and analyze the new insights that have emerged in the literature from both a managerial and a sociological perspective, thus responding to the numerous calls for a more interdisciplinary approach to the study of this topic.