Investment and saving in Angola and the Feldstein–Horioka puzzle

This article analyses the relationship between investment and savings for Angola using the Feldstein–Horioka puzzle, with monthly data from January 2000 to December 2013. Integer and fractional integration and cointegration techniques are employed to investigate the relationship between investment and savings. Several regression specifications are employed, concluding that the Feldstein–Horioka puzzle is not validated for the Angolan economy. Policy implications are derived.     

The Perverse Effect of Debt Tax Benefits on Firm Investment Decisions

In this paper we question the idea that the deduction of debt interest is always an effective policy instrument to spur firm investment. We analyse the investment decision in presence of a borrowing constraint on the amount of debt that the firm can raise. We show that if the debt interest rate is decreasing in the firm's capital accumulation and another financial resource more expensive than debt is available (at least for levels of debt lower than the upper bound), then the deduction of the debt interest from taxes on capital income may reduce firm investment. This theoretical result is relevant for economic policy decisions when financial intermediaries are not willing to finance beyond a certain threshold but firms have access to other sources of finance.     

个人投资者交易行为研究——来自台湾股市的证据

本文基于台湾股市数据,主要研究个人投资者的交易行为。参照Kaniel et al.(2008)构建了个人投资者交易不平衡性指标─净交易,以反映投资者股票交易的强度。采用这种交易不平衡性指标来构建投资组合研究个人投资者的交易行为。首先研究个人投资者交易和股票的收益之间的动态关系从而分析投资者的交易策略,然后研究个人投资者净交易的收益预测能力从而分析个人投资者交易的信息含量。本文研究发现:台湾股票市场的个人投资者采用负反馈的交易策略,并且个人投资者在交易中表现出很强的处置效应;个人投资者在交易中的信息含量不足;个人投资者交易中的盈利主要来自两个方面:过度反应和价格冲击。文章最后给出政策建议。     

The impact of supplier development on buyer competitive advantage: A path analytic model

As manufacturing firms increasingly realize that supplier performance is crucial to their establishing and maintaining competitive advantage, supplier development has been a subject of considerable research in supply chain management. We develop and test a path model to explore how supplier development practices affect buyer-supplier performance from the buying firm's perspective in the context of Hong Kong's electronics industry. The results show that top management, supplier evaluation, and supplier strategic objectives are significant determinants of transaction-specific supplier development, and that buyers that have closer collaborative relationships with suppliers may strengthen their competitive advantage.     

Lending behavior and real estate prices

The willingness of banks to provide funding for real estate purchases depends on the creditworthiness of borrowers. Besides other factors, this creditworthiness depends on the development of real estate prices. Real estate prices, in turn, depend on the demand for homes which is influenced by the supply of mortgages. I develop a theoretical model which explains this circular relationship. I show how different kinds of expectation formations can lead to fluctuations in real estate prices. Furthermore, I show that banks make above-average profits in the upswing phase of the real estate cycle but suffer high losses when the market turns.     

Public–Private Sector Wage Gap in Australia: Variation along the Distribution

Previous research on public–private wage differentials in Australia has focused on the mean of the conditional wage distribution. Using six waves of the Household, Income and Labour Dynamics in Australia survey, this study employs quantile regressions to examine whether the sectoral wage effect varies along the wage distribution. For females, public sector wage premiums are relatively stable for almost the entire distribution. For males, they decrease monotonically and are negative for the top half of the distribution. The decomposition results show that the observed differences in individuals and job characteristics explain a substantial proportion of the sectoral wage gap.