Test of random versus fixed effects with small within variation

Comparisons of within and between estimators using the conventional Hausman test may be subject to statistical problems if the within variation is not sufficiently large. Adopting an alternative asymptotic approximation, we propose a modification of Hausman test that is valid whether the within variation is small or large.     

Finance–Growth Nexus and the P‐bias: Evidence from OECD Countries

Recent studies provide new empirical evidence confirming that financial development is linked to economic growth in OECD countries. Using new dynamic panel regression techniques, these appraisals indicate that within the group of high‐income countries stock market size as a measure of financial advancement contributes significantly to overall economic activity. Applying the same advanced techniques, this paper questions this conclusion by showing that the findings of these studies seem to be not only not robust with respect to adding new observations but also likely to be plagued by a severe price bias which belittles the information content of the used financial indicator (stock market capitalization). We provide evidence that anticipative price effects (i.e. expectations of future growth, reflected in current stock prices) may be driving the statistical relationship between stock market activities and economic growth in high‐income countries to a much larger extent than recent analyses of the finance– growth link in OECD countries suggest .     

Promotions Solely Based on Initial Evaluations

This paper analyzes a case where a competition for a promotion chance among the employees may cause an inefficiency inside a firm or an organization. It is shown that a firm or an organization can avoid the inefficiency by promoting employees not based on their job performances after entering a firm or an organization, but based on the initial evaluation scores that the employees get before they enter it. This means that there exist some cases where using only the monetary compensation turns out to be more efficient rather than using the promotion chance as an incentive for the employees.     

An argument in favor of long terms for central bankers

Drawing on the canonical New Keynesian model, we assess the impact of central bankers’ term duration on governments’ appointment choices. We show that longer terms induce the government to appoint more conservative central bankers, which is socially desirable.     

Towards a Comprehensive Framework for Environmental Management Accounting — Links Between Business Actors and Environmental Management Accounting Tools

This article develops a comprehensive framework for environmental management accounting (EMA) linking business actors and EMA tools. The proposed framework provides structure for managers to understand and assess the variety of environmental management accounting tools that have been developed to date, with the intention of encouraging their adoption. The framework systematically integrates two major components of environmental management accounting — monetary environmental management accounting (MEMA) and physical environmental management accounting (PEMA). It highlights the past/future and short/long-term time dimensions of the different tools, and the regularity of information generation, before concluding with a brief discussion about choice of the most important EMA tools.     

ECONOMICS OF ENVIRONMENTAL CONTROL FOR LIVESTOCK

Probability techniques, when combined with climatological records and known responses of domestic animals to environment permit prediction of production losses during periods of adverse environment. These predictions plus the additional costs and returns associated with an environmental control system provide the necessary information to determine its profitability. The "present value" method is utilized to determine the profitability of a summer environmental control system, using production responses of dairy cows and climatological records for Columbia, Missouri, as a specific example .
LE COÛT ET LES AVANTAGES D'UN CONTRÔLE DES CONDITIONS DE MILIEU POUR LE BÉTAIL: Les rapports climatologiques combinés avec les reactions connues des animaux de ferme à une certain milieu permettront la prédiction des pertes dans la production, sous des conditions de milieu variées. Ces prédictions en plus des renseignements sur le coût d'un contrôle des conditions de milieu fourniront l'information nécessaire afin de déterminer l'efficacité d'une telle méthode. Cette dissertation évalue l'efficacité d'une méthode de ce genre duranl l'été, en employant comme exemple le rendement dans la production des vaches laitières et les rapports climatologiques dans la région de Columbia, Missouri .