This paper assesses the options available to researchers analysing multilevel (including longitudinal) data, with the aim of supporting good methodological decision-making. Given the confusion in the literature about the key properties of fixed and random effects (FE and RE) models, we present these models’ capabilities and limitations. We also discuss the within-between RE model, sometimes misleadingly labelled a ‘hybrid’ model, showing that it is the most general of the three, with all the strengths of the other two. As such, and because it allows for important extensions—notably random slopes—we argue it should be used (as a starting point at least) in all multilevel analyses. We develop the argument through simulations, evaluating how these models cope with some likely mis-specifications. These simulations reveal that (1) failing to include random slopes can generate anti-conservative standard errors, and (2) assuming random intercepts are Normally distributed, when they are not, introduces only modest biases. These results strengthen the case for the use of, and need for, these models.
ABSTRACTThe need for structural transformation and inclusivity in South Africa is urgent, given poor economic growth, employment and equality outcomes. This article examines the role of South Africa’s main industrial finance institution – the Industrial Development Corporation (IDC) – in providing finance for structural transformation and inclusive economic growth post-apartheid. We find that the IDC’s funding has been concentrated in capital-intensive upstream sectors of the economy, with limited concessional finance to facilitate meaningful entry of SMEs into high-value and labour-absorptive downstream sectors. The IDC’s funding model (in being a self-sustainable institution) is a significant constraining factor in this regard. Furthermore, the lack of a purposeful integrated industrial policy strategy which directs investments clearly means that IDC’s funding priorities are not clearly defined. 相似文献
In this paper, we analyze macro-financial linkages in the euro area by implementing an innovative factor-augmented probit model estimated using a large database. In particular, our model specification enables the identification of the leading influence of financial variables on euro area business cycles, in addition to the coincident information conveyed by standard macroeconomic variables. We also point out that dynamic factor models lead to more accurate replication of business cycles than static ones. 相似文献
Abstract: The authors surveyed managers and personnel directors who make hiring decisions for risk management and insurance companies to determine what traits they seek in college students. 相似文献
Value investment strategies are premised on research that value stocks outperform growth stocks. However, the research findings are dependent on the portfolio classification method that is used to sort stocks using the attributes of size and book-to-market ratios. Different stock markets contain different distributions of stocks, and in many markets, illiquidity concerns combined with a lack of investment scale, effectively create barriers to practical portfolio formations that align with the research. This study conducts a case study on one such market (Australia) and demonstrates that different methods of portfolio formation lead to different conclusions. For example, previous studies in Australia find evidence of the value premium only being present in the largest stocks, in contrast to the results from the US market. However, we find a value premium that is systematic across all size categories and generally increases inversely with size. Further, we find the well-documented size premium largely disappears once portfolios are formed that better represent feasible investment sets and once ‘penny dreadfuls’ are removed. Finally, asset pricing tests support the existence of a value premium in Australian stock returns when a more appropriate portfolio formation method is employed. 相似文献
This study proposes a model of customer-contact service employee management that examines organizational citizenship behaviors as critical links between aspects of the employee-organization relationship (perceived organizational support, organizational identification) and customers’ perceptions of service quality. In addition, it investigates the role of job autonomy in providing the necessary behavioral discretion for employees to be able to perform citizenship behaviors. The hypothesized model was partially supported. Theoretical and managerial implications are explored. 相似文献
For traditional retailers the customer pool is largely bounded in space, whereas an Internet retailer can obtain customers
from a wide geographical area. We examine customer trials at Netgrocer.com, and drawing on studies in marketing and economics
conjecture that exposure spatially to proximate others (through direct social interaction or observation), can influence decisions
of those who have yet to try. Trials arise from utility-maximizing behavior and the model is estimated as a discrete time
hazard. The data span: (1) 29,701 residential zip codes, (2) 45 months of transactions since inception, and (3) zip code contiguity
relationships. The estimated neighborhood effect is significantly positive and economically meaningful.
Decision-making by police officers often involves complex problems and this is particularly so in the recruitment and management of informers—and area of policing generally shrouded in mystery and secrecy. Drawing on research conducted in two police force areas, this article identifies and discusses some of the concerns of officers involved in this activity and concludes they are ill-prepared to deal with the ethical dilemmas they are confronted with. 相似文献