Do Private Tutoring Expenditures Raise Academic Performance? Evidence from Middle School Students in South Korea

To shed light on the effectiveness of educational inputs for student outcomes, this paper examines the effect of private tutoring expenditures on the academic performance of middle school students in South Korea. To address endogeneity, the paper uses instrumental variables, first‐difference, propensity‐score matching and nonparametric bounding methods. We apply these methods to a panel dataset from South Korea, the Korea Education Longitudinal Study. The results show that the true effect of private tutoring remains, at most, modest. Instrumental variables (first‐difference) estimates suggest that a 10‐percent increase in expenditure raises a test score by 0.03 standard deviations or 1.1 percent (0.002 standard deviations or 0.08 percent). Matching estimates imply that the same amount of increase in expenditure leads to a 0.33 to 0.72 percent higher average test score. The tightest bounds of the effect of tutoring reveal that a 10‐percent increase in expenditure improves the test score by a low of 0 to a high of 2.01 percent, while statistical tests fail to rule out zero effects. The modest effects of private tutoring found in the present study are comparable to the effects of public school expenditures on test scores and earnings estimated in previous studies.     

Gender,public management and organizational performance: evidence from Indonesian public schools

Quality & Quantity - Significant progress has been made to support the positive management-performance link as well as the important role of gender in public management. However, little is...     

Dynamic adjustment of container stacking policy in an automated container terminal

The decision for good stacking positions for incoming containers in an automated container terminal is an important operational problem because it affects the productivity not only for stacking but also for later retrieval. This paper proposes an online search algorithm which dynamically adjusts and optimizes a stacking policy by continuously generating variants of stacking policies and evaluating them while they are actually being applied for determining the stacking positions. Simulation experiments show that the proposed algorithm is effective in enhancing the operational productivity, while other offline optimization methods are computationally infeasible to be applied to this problem.     

Can the Indicative Price System Mitigate Expiration‐Day Effects?

We investigate whether the indicative price system, introduced in the Korean derivatives market on July 1, 2003, has helped mitigate the options and futures expiration‐day effects. Prior to introduction of this system, we find evidence of high trading volume and significant price reversals during the first half hour of trading for the day immediately following the expiration day. These effects decline significantly after July 1, 2003. Our evidence suggests that the indicative price system can mitigate the expiration‐day effects.     

The impacts of public news announcements on intraday implied volatility dynamics

We examine the responses of intraday option-implied volatilities to scheduled announcements of macroeconomic indicators. The increase in implied volatility around macroeconomic news announcements is more pronounced for puts than for calls and is stronger for announcements made during trading hours than for those made during nontrading hours. These effects are also more pronounced in the crisis and postcrisis periods than in the precrisis period. Monetary policy announcements have a more substantial impact on volatility than other announcements have, even after controlling for news surprise components. The impact appears to be greater for policy rate hikes than for policy rate cuts.     

Why has US monetary policy become ineffective lately?

Some recent studies show that US monetary policy has lost its stimulative traction, especially since the early 1980s. They argue that the Fed’s forward guidance has enabled economic agents to anticipate the changes in interest rates more accurately. As a result, it is harder to find truly exogenous monetary policy shocks, which has made monetary policy ineffective. In this article, we find that anomalous economic behaviours of financial institutions might be the true reason for the ineffective monetary policy. Our structural vector autoregressive model shows that increases in the US money supply mostly flowed into the financial sector to increase its profits instead of stimulating the real sector of the economy through business investment.     

Why the tripartite relationship of place attachment,loyalty, and pro-environmental behaviour matter?

The tripartite relationship among loyalty, pro-environmental (PEB) behaviour, and place attachment (PA) was explored to capture the variability and complexity of both loyalty and PEB dynamics. Further, the tripartite model was extended to another precedent variable of destination image to more broadly explain the process of tourist behavioural change in nature-based tourism (NBT) destinations. The study found that PA is the critical factor beneficial to sustainable management of NBT context and cognitive destination image increases the psychological attachment to destinations. Particularly, this study suggests that the reciprocal synergy between loyalty and PEB intentions can be achieved by strengthening PA for the destination.     

Relationships between leisure activity types and well-being in older adults

This study investigates the relationships between specific types of leisure activities and well-being variables (i.e. health perception, life satisfaction and optimism) in older adults. A convenience sample of 188 participants ranging in age from 60 to 90 years (M = 74.99, SD = 5.49) was recruited from three different senior centres in Korea. Three hierarchical multiple regression analyses were conducted to examine the relationships between specific types of leisure activities (outdoor, physical, hobbies and indoor, cultural, home-centred and social and volunteering) and outcome variables. After controlling for covariates, it was revealed that home-centred and social activities were associated with all outcome variables. Volunteer activities were positively related to health perception and life satisfaction. Positive relationships were also observed between life satisfaction and physical activities, optimism and cultural activities and health perception and outdoor activities. These findings suggest that promoting positive social interaction in recreational settings and encouraging participation in volunteer activities are important factors contributing to successful ageing.     

Alternative functional forms for production,cost and returns to scale functions

We consider generalized production functions, introduced in Zellner and Revankar (1969), for output y=g(f) where g is a monotonic function and f is a homogeneous production function. For various choices of the scale elasticity or returns to scale as a function of output, differential equations are solved to determine the associated forms of the monotonic transformation, g(f). Then by choice of the form of f, the elasticity of substitution, constant or variable, is determined. In this way, we have produced and generalized a number of homothetic production functions, some already in the literature. Also, we have derived and studied their associated cost functions to determine how their shapes are affected by various choices of the scale elasticity and substitution elasticity functions. In general, we require that the returns to scale function be a monotonically decreasing function of output and that associated average cost functions be U- or L-shaped with a unique minimum. We also represent production functions in polar coordinates and show how this representation simplifies study of production functions' properties. Using data for the US transportation equipment industry, maximum likelihood and Bayesian methods are employed to estimate many different generalized production functions and their associated average cost functions. In accord with results in the literature, it is found that the scale elasticities decline with output and that average cost curves are U- or L-shaped with unique minima. © 1998 John Wiley & Sons, Ltd.