Internet Adoption Among Malaysian Companies

The Internet technology is prevalently used in companies for business purposes. This research attempts to investigate the characteristics that are thought to influence such strategic decision of Internet adoption among the companies. Understanding the characteristics of Internet strategy in the business world helps the management to efficiently and effectively invest in Internet adoption plan. A survey was conducted to gather information from Malaysian companies. One hundred and fifteen usable responses were obtained for analysis. The findings of the study suggest the firms that wish to adopt higher level of Internet adoption should take account the support of information technology employees, overseas investment, and participation in international markets.     

Fixed effects with interpersonal and intertemporal covariance

The paper considers the estimation of a fixed effects time series-cross section model where errors have both unspecified interpersonal and intertemporal covariance. Efficient estimators in the form of GLS are suggested, which can be implemented on the data in their actual form or in deviations from time-means. As an empirical example, the determinants of new residential construction activity in the New England states of the US during the 80's are investigated. Results show substantial sensitivity to changes in the interest rate and the unemployment rate, whilst responses to changes in income are more muted. Long term factors related to the region are also influential.     

Asymmetric impact of oil prices,exchange rate,and inflation on tourism demand in Pakistan: new evidence from nonlinear ARDL

This study scrutinized the asymmetric impact of oil prices, exchange rate, and inflation on tourism demand in Pakistan using [Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014) Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in honor of peter schmidt (pp. 281–314). New York, NY: Springer] nonlinear autoregressive distributed lag (NARDL) model. The NARDL bounds test examined the existence of cointegration in study variables, including CO₂ emissions, institutional quality, oil prices, exchange rate, inflation, and tourism demand. The evidence proposes that disregarding the intrinsic nonlinearities may misinform inference. The estimated NARDL model affirmed long-run negative and significant effect of CO₂ emissions on tourism demand, while institutional quality was positively associated with tourism demand. Furthermore, the findings of the study also suggested long-run asymmetric relationship between oil prices, exchange rate, inflation, and tourism demand.     

Fads and the Crash of '87

This paper examines changes in return-generating processes before and after the crash of '87. We find that the process for daily returns of size-sorted portfolios changed from an ARMA(1, 2) in the pre-crash period to a MA(1) in the post-crash period. The change is explained by a “fads” model similar to that proposed by Poterba and Summers [17]. The analysis suggests that the crash may have been related to speculative fads that prevailed prior to the crash. The fads component in stock prices then disappeared after the crash. Other possible explanations are also discussed.     

Multiple equilibria in Tullock contests

We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost structures. We then present existing contests where multiple equilibria exist under reasonably weak conditions.     

The impact of the amount of available information on decision delay: The role of common features

In two studies, we show that features shared by products (common features) do not cancel out during the decision-making process but in fact are consequential as they decrease desire for delay in decision making. In study 1, we show that as the amount of available information about product features increases, decision delay decreases in spite of the additional information being identical across the products. Further, we also find that this effect is partially mediated by information adequacy. In study 2, we show that despite the overall difficulty of making decisions under avoidance?Cavoidance versus approach?Capproach conflict, an increase in common features decreases decision delay under both conflict conditions.     

Enhancing farmers’ capacity for botanical pesticide innovation through video-mediated learning in Bangladesh

Despite the general success of farmer-capacity-building methods such as Farmer Field School in promoting pest management innovations, only those farmers directly involved benefit. How can agricultural extension enable farmer-to-farmer learning about botanical pesticides beyond such schools? We wanted to know how different learning methods, such as video shows and workshops, change farmers’ knowledge, attitudes and practices about botanical pesticides. This paper explains how video engages men and women farmers in spreading botanical pesticides across 12 villages in Bogra District, north-western Bangladesh. We conducted ex ante and ex post surveys among farmers from November 2009 to September 2010. For data analysis, we used t-test and McNemer and Wilcoxon sign rank tests. Our findings suggest that video improves the ability of both male and female farmers to communicate about pest management among themselves and with other stakeholders, as ‘intricate ethno-agricultural practices’. Video-mediated learning sessions are more effective than conventional workshop training in enhancing farmers’ knowledge about botanical pesticides, changing their attitude and finally taking a decision to adopt these methods. In other words, video is capable of communicating complex issues such as the biological and physical processes that underlie pest management innovations. From our case, we conclude that agricultural extension is more effective with the use of facilitated video learning and that this process clarifies complex agro-ecological principles, bias and normative perceptions of the learners. Also, video-mediated learning is not only transferable across villages, but also works well in combination with other media, such as radio, television and mobile phones.     

The effect of foreign ownership restrictions on stock price dynamics

The Effect of Foreign Ownership Restrictions on Stock Price Dynamics. —This paper uses Finnish data to explore the impact of foreign ownership restrictions on the dynamic properties of domestic stock prices. These restrictions create unrestricted stocks (foreign and domestic ownership) and restricted stocks (domestic ownership). Unrestricted share prices are significantly more volatile than those of restricted shares but their means are not significantly different from each other. The returns on the two types of shares are found to be generated by an error correction model. These results support the hypothesis that the unrestricted share prices tend to overshoot relative to equilibrium with the arrival of new information.     

Substitution Between Money and Near-Monies in Switzerland

This paper investigates the substitutability between money and near-money assets during the period 1976 to 1996 in Switzerland. Financial developments have made a variety of instruments available to store wealth and conduct economic transactions. These developments have generated a “near money” component in households’ and businesses’ portfolio balances. It is important to evaluate the effect of “near-money” on money demand and the effectiveness of monetary policy. Towards this goal, five monetary assets: currency and demand deposits at commercial banks, demand deposits with the postal system, deposits on transaction accounts with banks, savings deposits and time deposits are considered. We evaluate the degree of substitutability among these assets using the Morishima elasticity. Results show that various monetary assets substitute for one another. Consistent with a high degree of diversification, the Morishima elasticity is significantly larger when adjustment takes place in the price of a relatively broader monetary asset as compared with a narrower one. Targeting a broad monetary aggregate captures a variety of assets that contribute to liquidity and aggregate demand, enhancing the effectiveness of monetary policy. Nonetheless, high elasticity of substitution between monetary assets has made it increasingly difficult to target money demand via changes in the interest rate. As a result, in 1999 the Swiss National Bank abandoned monetary targeting in favor of an expected inflation target.

     

A generalized model for forecasting technological substitution

This paper presents a generalized mathematical model for forecasting technological substitution under a wide variety of circumstances. Some of the existing models are shown as special cases of the generalized model. Methods are also suggested for improving the reliability of the model by taking corrective measures on the available data and following a step-wise forecasting procedure.