Evaluation of the Reggio approach to early education

We evaluate the Reggio Approach using non-experimental data on individuals from the cities of Reggio Emilia, Parma and Padova belonging to one of five age cohorts: ages 50, 40, 30, 18, and 6 as of 2012. The treated were exposed to municipally offered infant-toddler (ages 0–3) and preschool (ages 3–6) programs in Reggio Emilia. The control group either did not receive formal childcare or were exposed to programs offered by municipal systems (outside of Reggio Emilia), or by state or religious systems (in all three cities). We exploit the city-cohort structure of the data to estimate treatment effects using three strategies: difference-in-differences, matching, and matched-difference-in-differences. Most positive and significant effects are generated from comparisons of the treated with individuals who did not receive formal childcare. Relative to not receiving formal care, the Reggio Approach significantly boosts outcomes related to employment, socio-emotional skills, high school graduation, participation in elections, and obesity. Comparisons with individuals exposed to alternative forms of childcare do not yield strong patterns of positive and significant effects. This suggests that differences between the Reggio Approach and other alternatives are not sufficiently large to result in significant differences in outcomes. This interpretation is supported by a survey we conduct, which documents increasing similarities in the administrative and pedagogical practices of childcare systems in the three cities over time.     

Investing in residential property in Singapore: Misperceptions and financial leverage principles

This paper addresses the buoyant residential property market in Singapore. We trace the economic reasons underlying the recent boom in residential properties, and discuss some of the common misperceptions we have observed among property investors. We provide a set of principles for investing in properties, and the implications arising from these principles for the choice of mortgage financing and the type of properties to invest in.The authors are with Global Capital Markets, J. P. Morgan and the Department of Finance & Banking, National University of Singapore. All correspondence should be addressed to Edward H. K. Ng, Department of Finance & Banking, National University of Singapore, 10 Kent Ridge Crescent, Singapore 0511, e-mail address fbanghk@nus.sg.     

Fiscal Policy in Oil‐exporting Countries: The Roles of Oil Funds and Institutional Quality

Oil‐exporting countries face challenges in the conduct of fiscal policy owing to volatile oil revenues, especially in countries with weak institutions. Many oil exporters have established oil funds to delink government expenditure from oil revenues; however, their effectiveness remains unresolved. This paper examines the roles of oil funds and institutional quality in reducing fiscal procyclicality and macroeconomic volatility in 42 oil‐exporting countries from 1960 to 2014 using panel vector autoregression techniques. The results show that oil funds are effective in reducing fiscal procyclicality in countries with high institutional quality. There is also a reduction in the procyclical bias in those with low institutional quality but the statistical evidence is weak. Nevertheless, oil funds are associated with reduced volatility of government consumption and the real exchange rate in countries with low institutional quality. These findings give credence to the macroeconomic stabilization role of oil funds but also reinforce the importance of good institutions.     

How do oil supply and demand shocks affect Asian stock markets?

This paper examines how oil market shocks affect Asian stock prices using the structural vector autoregression (VAR) approach. Global oil supply and demand shocks are disentangled using sign restrictions and elasticity bounds. Oil price increases are bad news only if the source is from oil-market-specific demand shifts. Northeast Asian stock markets are more resilient as investors’ expectation of continued economic growth outweighs the adverse effect of higher oil prices. Increased global economic activity also stimulates stock prices. Global oil shocks are more important in explaining variability in Asian stock returns compared with the United States, suggesting different dynamics in Asia.     

A causal analysis of the impact of information systems and supply chain management practices on operational performance: Evidence from manufacturing SMEs in Turkey

This study has empirically tested a framework identifying the causal links among supply chain management (SCM) and information systems (IS) practices, SCM–IS related inhibiting factors and operational performance based on a sample of 203 manufacturing SMEs operating in the manufacture of fabricated metal products and general purpose machinery within the greater metropolitan area of Istanbul in Turkey. Moderating effect of SCM and IS related enabling factors on the above mentioned relationships is also investigated in this study. Tests of hypotheses indicate that both SCM and IS practices positively and significantly influence the operational performance of sample firms. The results of the structural model also indicate a strong support for negative relationships between SCM–IS related inhibitors and the implementation levels of both SCM and IS practices. Similarly, a strong support was found for the hypothesized negative relationship between SCM–IS inhibitors and operational performance of SMEs. Finally, we verified the moderating impact of SCM–IS enablers on the link between SCM practices and operational performance. A similar moderating impact was also found with regard to the relationship between IS practices and operational performance.     

Business processes inter-operation for supply network co-ordination

In a global supply network, the overall improvement of operational efficiency and customer satisfaction can only be achieved through greater co-ordination and collaboration of all the network members. However, full benefits of close co-operation within a global supply network can only be achieved when the business processes of the individual companies can inter-operate. Currently available commercial solutions are inadequate in supporting full network co-ordination in terms of business process changes and technical arrangements. This paper proposes a system that aims to improve the co-ordination of production planning and control activities across the supply network. To achieve this, it is important to develop new business processes and principles for company collaboration and corresponding information systems. This process starts from the identification of business and system requirements, which underlie the general business solutions for network co-ordination, developing the guiding design principles and subsequent process design and system implementation.     

A functional approach for studying technological progress: Application to information technology

This paper develops and assesses a broad functional category approach to arriving at metrics for assessing technological progress. The approach is applied to three functional categories of information technology — storage, transportation and transformation by first building a 100 plus year database for each of the three functional categories. The results indicate generally continuous progress for each functional category independent of the specific underlying technological artifacts dominating at different times. Thus, the empirical results reported in this study indicate that the functional category approach offers a more stable and reliable methodology for assessing longer time technological progress trends. Therefore, this approach offers the promise of being more useful in technological forecasting for large-scale change even as its ability to forecast specific dominant technological trajectories has been compromised.     

Determinants of using operating lease in the hotel industry

This study investigated the determinants of using operating lease in the hotel industry. The hotel industry has utilized operating lease not only for operating equipment but also as a financing instrument through ‘sales and lease back.’ This study found that hotel firms with less internal funds and/or with higher debt ratios are more likely to use operating lease. Contrary to the studies of other industries, hotel firms with less financially distressed are more likely to use operating lease. This study indicated that operating lease decrease as firm size increases, but only up to a certain level, after that level operating lease increase as firm size increases. Contrary to our expectations, the growth opportunity of hotel firms appeared to have no relationship to use of operating lease. These findings contribute to further understandings of hotel industry-specific information regarding what drives hotel firms to use operating lease.     

Open vs. sealed-bid auctions: testing for revenue equivalence under Singapore's vehicle quota system

Using data from the auction of vehicle quota licenses in Singapore, we study if revenue equivalence holds when the auction format was switched from a sealed-bid format (May 1990 to June 2001) to an open bidding format since July 2001. Our econometric analysis indicates the change in auction format led to a change in bidding behavior. On average, the quota license premium under the open bidding format is about US$1000 (about 7.5% of the Category E license price in June 2001) lower, compared to the forecast level that would have prevailed if there had been no change in the auction format.     

New sustainable business models in China

This research explores the need to establish new sustainable business models in China and uses multiple objectives to examine in a sample of Chinese companies the reality of the level of sustainable development, environmental awareness and performance, community responsibility, performance barriers and drivers and other sustainability issues. A mixed methodology was adopted, using a questionnaire survey and interviews with 20 manufacturing companies in Guangzhou and Shenzen. Evidence from the small sample of companies demonstrates the lack of significant sustainable development practices in China, although small and medium sized companies appeared to show interest in this area and would like to further contribute to for example triple bottom line objectives. Increasing concerns are found from the company level regarding the need to use renewable energy, source alternative sustainable materials, close the loop of the supply chain, improve the quality of products produced rather than reducing cost, export to Europe and treat employees as an asset. The lack of skills, finance and knowledge are found to be prohibiting the effective embedment of sustainable development within companies and hence cause an under‐performance in this regard. The study concludes that the establishing of a new business model for sustainable development in China is needed urgently, and this should be a joint effort with the Chinese government. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.