POOR AND SICK: ESTIMATING THE RELATIONSHIP BETWEEN HOUSEHOLD INCOME AND HEALTH

This study evaluates the effect of the individual's household income on their health at the later stages of working life. A structural equation model is utilized in order to derive a composite and continuous index of the latent health status from qualitative health status indicators. The endogenous relationship between health status and household income status is taken into account by using IV estimators. The findings reveal a significant effect of individual household income on health before and after endogeneity is taken into account as well as a host of other factors known to influence health, including hereditary factors and the individual's locus of control. Importantly, it is also shown that the childhood socioeconomic position of the individual has long lasting effects on health as it appears to play a significant role in determining health during the later stages of working life.     

Speculative bubbles in the ff/DM parity during the 1980s

It is often argued that exchanged rates volatility during the 1980s was too excessive to be attributed only to market fundamentals. This paper investigates for speculative bubles in the franc–mark exchange rate applying direct tests for determinate bubbles and indirect ones(according to the issues of integration and cointegration)for stochastic bubbles, in the context of a sticky price monetary model. No clear-cut conclusions can be drawn from these tests although all of them indicate that the no-bubble hypothesis cannot be easily accepted. However, any evidence for bubbles should be interpreted with caution, since a possible misspecification of the model may produce misleading inferences.     

PROMOTIONS, JOB SENIORITY, AND PRODUCT DEMAND EFFECTS ON EARNINGS

This paper investigates the relationship between promotion status,job tenure, product demand, and earnings utilising a matchedemployer-employee sample which gives direct information on individuals'promotion prospects. Promotion status is modelled as an endogenousvariable, subject to an initial job choice. Then the effectof job tenure and product demand on earnings level is investigated.It is found that the earnings of the individuals employed injobs with promotion prospects are not only higher compared withthe remainder but also unaffected by any decrease in productdemand.     

Technology gaps in European banking: Put the blame on inputs or outputs?

This paper investigates the production efficiency of 12 European banking systems over the period 1997–2004, taking into account possible technology heterogeneity. Using a non-parametric metafrontier framework, efficiency and metatechnology ratio measures are computed and decomposed into input- and output-invariant components. Empirical findings indicate the existence of significant and rather increasing technology heterogeneity within European banking. A typology of the national banking systems is also developed, based on the overall productive performance with respect to the European technological edge, the absorptive capacity and the role of knowledge spillover effects. Decomposition results draw attention to catching up policies focusing on input and/or output scale adjustments.     

The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics

We explore the impact of corporate social responsibility (CSR) ratings on sell‐side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost they produce pessimistic recommendations for firms with high CSR ratings. Moreover, we theorize that, over time, the emergence of a stakeholder focus shifts the analysts' perceptions of CSR. Using a large sample of publicly traded U.S. firms over 15 years, we confirm that, in the early 1990s, analysts issue more pessimistic recommendations for firms with high CSR ratings. However, analysts progressively assess these firms more optimistically over time. Furthermore, we find that analysts of highest status are the first to shift the relation between CSR ratings and investment recommendation optimism. Copyright © 2014 John Wiley & Sons, Ltd.     

我国老年保健品营销现状与策略选择

随着我国步入老龄化社会，老年保健品市场蕴藏着无限的商机和潜力。本文从相关背景的分析出发，分析了我国老年保健品市场的营销现状，并给出了相应的营销策略选择一人性化营销。     

愿消费经济学的园地永远繁花似锦--祝贺《消费经济》创刊20周年

尹世杰教授是我尊敬的老朋友，老学者。他毕生忠诚于马克思主义经济理论特别是消费经济学的教学与研究工作，成绩卓著，为我国社会主义消费经济的建立和发展作出了巨大贡献。兹逢《消费经济》创刊20周年，特函表示诚挚的祝贺，望继续努力，再创辉煌。     

Financial and monetary policy responses to oil price shocks: evidence from oil-importing and oil-exporting countries

In this study, we investigate the financial and monetary policy responses to oil price shocks using a Structural VAR framework. We distinguish between net oil-importing and net oil-exporting countries. Since the 80s, a significant number of empirical studies have been published investigating the effect of oil prices on macroeconomic and financial variables. Most of these studies though, do not make a distinction between oil-importing and oil-exporting economies. Overall, our results indicate that the level of inflation in both net oil-exporting and net oil-importing countries is significantly affected by oil price innovations. Furthermore, we find that the response of interest rates to an oil price shock depends heavily on the monetary policy regime of each country. Finally, stock markets operating in net oil-importing countries exhibit a negative response to increased oil prices. The reverse is true for the stock market of the net oil-exporting countries. We find evidence that the magnitude of stock market responses to oil price shocks is higher for the newly established and/or less liquid stock markets.     

The determinants of investment in Greek manufacturing

An attempt is made to provide some insight into the determinants of manufaturing investment in Greece. For this purpose an accelerator-relative costs-profits model is used and both the putty-putty and putty-clay versions are examined. Estimates reveal that demand and profits factors play an important role in investment decision while the impact of relative inputs cost is significant mainly in the short run. Window regression experiments show that there is a dramatic fall in profits elasticity of investment and a corresponding increase in the significance of demend factor in the later periods.