Using the Theory of Planned Behavior to Identify Beliefs Underlying Visiting the Indiana State Museum

Underpinned by the framework of the theory of planned behavior, this study uncovered the beliefs that could influence individuals' behavior of visiting a museum. Interviews and questionnaires were conducted with visitors at the Indiana State Museum to elicit a range of their behavioral, normative, and perceived behavioral control beliefs with respect to visiting the museum and to determine the strength and importance of the salient beliefs. The findings suggest a consideration of the positive outcomes of visiting the museum—such as learning and socialization, and family members' norm in the design of a persuasive communication intervention.     

Applications of Gram–Charlier expansion and bond moments for pricing of interest rates and credit risk

The purpose of this paper is to demonstrate the powerful and flexible applicability of the Gram–Charlier expansion to pricing of a wide variety of interest rate related products involving interest rate risk and credit risk. In this paper, we develop easily implemented approximations of the prices of several derivatives; swaptions, CMS, CMS options, and vulnerable options. Associated with the default risk, a survival contingent forward measure is constructed.     

The relationship between the frequency of news release and the information asymmetry: The role of uninformed trading

This paper shows that the degree of information asymmetry is lower for firms with more frequent news releases. The relation holds for various measures of information asymmetry such as the probability of information-based trading (PIN), permanent price impact, and adverse selection component of bid-ask spread, even after adjusting for endogeneity between news release and information asymmetry. By decomposing the PIN into intensities of uninformed and informed trades, similarly to Brown and Hillegeist (2007), we find that intensity of uninformed trading increases much more than that of informed trading for firms with more frequent news releases. As a result, information asymmetry, as is measured by PIN, decreases for such firms due to the large increase in the intensity of uninformed trading. Our findings highlight not only the importance of news releases in leveling the playing field of investors but also the role of uninformed investors in reducing trading cost due to information asymmetry.     

Who bears the burden of social insurance? Evidence from Japanese health and long-term care insurance data

Using the society-managed health insurance data, which is cross-sectional time-series and covers 1670 health insurance societies for seven years (FY1995–2001), we found for the first time in Japan that the majority of the employers' contribution to health insurance is shifting back onto the employees in the form of wage reduction. On the other hand, we cannot find such evidence for the contribution to long-term care insurance using a two-year (FY2000–2001) panel data set. The difference can be theoretically explained by how employees value the contribution relative to social security benefits they enjoy. J. Japanese Int. Economies 18 (4) (2004) 565–581.     

THE NORTH-SOUTH PROBLEM AND JAPAN

The author intends to clarify the poverty of the prevailing economic theories for the fundamental solution of the new “World Dispute.” The so-called “Theory of Modern Capitalism” was characterized as backward nationalism expressing the interests of the industrialized countries, in contrast to the forward nationalism of growing countries who are demanding the renovation of the present international economic system. This paper contains some proposals in order to take a step further towards solving the problem of integrating both the backward and forward aspects of nationalism, which by nature is dual.     

Do TV-aided model lessons in class improve student performance? Evidence from public primary schools in Papua New Guinea

Lack of access to high-quality education remains a serious concern in many developing countries. This is especially the case for rural areas, including islands suffering from a shortage of skilled teachers and sufficient educational equipment. We examine the impact of introducing TV-aided model lessons in class to enhance the quality of teaching (the EQUITV project) on the national examination test scores of Mathematics and “Combined Subject” (a comprehensive subject comprising 30% science and 70% social studies and other topics) as well as English in the final year of primary education in Papua New Guinea. We employ a panel event study to capture the different timings of the intervention across schools over multiple time periods. We find that the project significantly and robustly improved test scores for girls only in English 3 years after the introduction of the project, but no improvement was seen for boys.     

On the inclusiveness of rural road improvement: Evidence from Morocco

This paper explores the heterogeneous impact of a rural road improvement project on the economic activities and living standards of households in Morocco. Road pavement improvements are expected to promote better market access, encourage the transformation of traditional agricultural activities, and create opportunities for new economic activities. However, benefits may not extend evenly across different groups, and the distributional consequences call for careful empirical investigation. We employ a difference-in-differences (DID) estimation using a household-level panel dataset collected under a quasi-experimental setting in the 2010s. We classify households into three groups based on asset holdings (rich, middle, and poor). We provide several new findings. First, there was no significant transformation of agricultural production or sales for all groups. Second, rich households increased hired agricultural labor and began paid employment while middle households started new family businesses. Poor households, however, did not enjoy these new employment opportunities except for a marginal increase in family businesses. Third, due to shifts in employment, the rural road renewal project improved household consumption 3%–4% annually for rich and middle households, an impact not clearly seen among poor households. Thus, our findings show that the economic benefits of rural road improvement might not be well-inclusive.     

BOOK REVIEWS

Book Reviews in This Article: Seeds of Plenty, Seeds of Want: Social and. Economic. Implications of the Green Revolution by Andrew Pearse China's Transition to Industrialism: Producer Goods and Economic Development in the Twentieth Century by Thomas G. Rawski     

Transformation of international migrants in head wind: Evidence from Tajikistan in the 2010s

Tajikistan has relied on remittances by international migrants that have exceeded a quarter of annual GDP to date, despite a series of exogenous adverse events in the mid-2010s. We use a nationally representative panel dataset collected in 2013 and 2018 to explore the socio-economic characteristics of households with international migrants and migrants themselves. We provide several new findings. First, the prevalence of households with international migrants is 40%, with a substantial transition in migrant status during the research period. Second, households with international migrants are not poor, have Russian-speaking members, and are supported by an intense migration network. Third, younger, single, and more educated males comprise most of Tajikistan's international migrants. Fourth, households without Russian-speaking members or migration networks in 2013 had begun to send international migrants by 2018, while households in the richest group had exited from migration, suggesting s transition of the socio-economic composition of migrant-sending households during the mid-2010s.