Selecting Sites for New Facilities Using Data Envelopment Analysis

This paper develops a mathematical programming model for obtaining a best set of sites for planned facilities. The model is concerned with those situations where resource constraints are present. The specific setting for the paper involves the selection of sites for a set of retail outlets, wherein the ratio of aggregate outputs to inputs for the selected set is maximal among all possible sets that could be chosen. At the same time, the model guarantees that the only sets of stores allowable are those for which the available resources are used to the maximum extent possible.     

Behavioral agency and corporate entrepreneurship: CEO equity incentives & competitive behavior

Scholars have long studied drivers of entrepreneurial behavior among established firms. Yet little is known about how individual factors shape a firm’s choice to pursue entrepreneurship. We draw on behavioral agency theory to explore the role of equity incentives in driving corporate entrepreneurship. Our findings suggest CEOs avoid corporate entrepreneurial behaviors as their option wealth increases. However industry dynamics also prove to be an important contingency when predicting the effects of both restricted stock and stock options on the likelihood that the CEO engages in corporate entrepreneurship. Our findings provide a theoretical platform for predicting dimensions of entrepreneurial behavior and highlight effects of CEO equity ownership.

     

Foreign inflows and economic growth: An emiprical study of the SAARC region

The study examines and highlights the impact of selected foreign inflows (aid, trade, FDI, debt and remittances) on the economic growth of the South Asian Association for Regional Cooperation (SAARC) countries. The existent literature lacks a comprehensive analysis of the SAARC countries as countries like Afghanistan, Bhutan and the Maldives have largely been ignored due to the shorter time periods of available data. The study is empirical in nature and utilizes panel data techniques on macroeconomic data for the period 2008–2015. Foreign aid and foreign direct investment are found to impact economic growth positively. Foreign debt and trade flows are found to adversely affect economic growth. No relationship is established between the flow of remittances and the economic growth of these countries. The obtained results are robust to different proxy variables and the addition of macroeconomic variables. For the first time, the study provides policy implications based on the data of all SAARC countries. The study recommends focusing on increasing the inflows of resources in the form of aid and foreign direct investment (FDI) from the developed world to achieve higher economic growth.     

Board Committees in Corporate Governance: A Cross‐Disciplinary Review and Agenda for the Future

The importance of board committees – specialized subgroups that exist to perform many of the board's most critical functions, such as setting executive compensation, identifying potential board members, and overseeing financial reporting – has grown over time due to increased legal requirements and greater complexity of the environment in which firms operate. This has resulted in a large body of work examining board committees across the accounting, finance, and management disciplines. However, this research has developed rather independently within each discipline, preventing scholars and practitioners from developing a comprehensive understanding of board committees. To address this issue, we conduct a comprehensive review of the literature that: 1) summarizes and synthesizes antecedents and outcomes associated with board committees in publicly‐traded firms in English common law countries; and 2) offers a critical analysis of existing research, providing recommendations for advancements and new directions in board committee research.     

Hölder properties of local times for fractional Brownian motions

We study the local times of fractional Brownian motions for all temporal dimensions, N, spatial dimensions d and Hurst parameters H for which local times exist. We establish a Hölder continuity result that is a refinement of Xiao (Probab Th Rel Fields 109:129–157, 1997). Our approach is an adaptation of the more general attack of Xiao (Probab Th Rel Fields 109:129–157, 1997) using ideas of Baraka and Mountford (1997, to appear), the principal result of this latter paper is contained in this article.     

AN APPLICATION OF AN INTEGRATED TRANSPORT NETWORK – MULTIREGIONAL CGE MODEL TO THE CALIBRATION OF SYNERGY EFFECTS OF HIGHWAY INVESTMENTS

A transportation network-multiregional CGE model is applied to estimate the synergy effects of a set of highway projects on value added by region and industrial sector. This synergy effect is defined as a difference between the summation of the net GDP increase from the development of each highway sub-link without spatial linkage and the change in GDP resulting from the concurrent development of all links with spatial linkages. Among nine east–west highways in Korea, the East–West 9 highway increases the GDP by 0.3% over the 30-year time period horizon, with 0.016% of the GDP due to the synergy effect. The East–West 9 highway has the largest synergy effect of US$0.164 billion per year on the manufacturing sector of Kwangju Metropolitan Area, resulting in a gain in a regional GRP per capita of US$15.88 per year. Since most synergy effects are generated in less developed regions, highway development can contribute to the reduction in regional disparities.     

Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets

This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory-to-revenue ratio, and small market value are more negatively affected than others. For labor-intensive state-owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic.     

Banknotes And Economic Growth

Modern paper currency contributes little to productive investment. This shortcoming is not inherent to paper money. It stems from the fact that currency today is monopolistically supplied by public monetary authorities that are poor intermediaries. Commercial banknotes may, in contrast, support efficient intermediation, just as private bank deposits do. We demonstrate this advantage in an endogenous growth model, and use the model to simulate, for a sample of developing countries, steady‐state growth‐rate gains from various degrees of banknote deregulation. The simulated gains are generally large compared with those from conventional forms of financial liberalization.     

Lifestyles of the rich and polygynous in Cote d’Ivoire

This paper investigates whether the sources of income, not just the levels, determine whether an individual is monogamous. Our results support the idea that polygyny stunts development by allowing wealthy men to acquire wives rather than investing in child quality.