Poverty Reduction and Economic Structure: Comparative Path Analysis for Mozambique and Vietnam

While economic growth generally reduces income poverty, there are pronounced differences in the strength of this relationship across countries. Typical explanations for this variation include measurement errors in growth–poverty accounting and different compositions of economic growth. We explore the additional influence of economic structure in determining a country's growth–poverty relationship and performance. Using structural path analysis, we compare the experiences of Mozambique and Vietnam—two countries with similar levels and compositions of economic growth but divergent poverty outcomes. We find that the structure of the Vietnamese economy more naturally lends itself to generating broad‐based growth. A given agricultural demand expansion in Mozambique will, ceteris paribus, achieve much less rural income growth than in Vietnam. Inadequate education, trade and transport systems are found to be more severe structural constraints to poverty reduction in Mozambique than in Vietnam. Investing in these areas can significantly enhance the effectiveness of Mozambican growth to reduce poverty.     

Cash and Distressed House Sales Price Discounts: Dual Sample Selection Spatial Interdependence Approaches

Beginning with a hedonic price model, and then progressing to a method accounting for dual sample selectivity biases and spatial interdependence; we document (and correct for) these potential confounding biases, and produce price counterfactuals for (1) all-cash financed property, (2) distressed property, and (3) all-cash and distressed property transactions. Results provide evidence of self- selection biases with all-cash purchasers, distressed properties, and distressed and all-cash properties. Significant disparities in observed cash (?13% and ?6.5%) and distressed property discounts (?1% and ?6%) are documented in pre-and post-recessionary environments, Further, cash discounts are consistent for non-distressed transactions (?11%) during both periods; however cash discounts associated with non-distressed transactions are significantly reduced post-recession (?23.3% to ?3.7%. This attenuation is attributed to a significant increase in the relative frequency of cash purchased distressed properties post-recession, i.e., larger percentage of cash buyers. Sub-sample counterfactual tests confirm prior results, and expand our understanding of all-cash and distressed discount determinants. These results provide insight into observed time variant all-cash, and distressed property discount affect sizes.     

Consistency of assessments in infinite signaling games

In this paper we investigate possible ways to define consistency of assessments in infinite signaling games, i.e. signaling games in which the sets of types, messages and answers are complete, separable metric spaces. Roughly speaking, a consistency concept is called appropriate if it implies Bayesian consistency and copies the original idea of consistency in finite extensive form games as introduced by ^{Kreps and Wilson (Econometrica 1982, 50, 863–894)}. We present a particular appropriate consistency concept, which we call strong consistency and give a characterization of strongly consistent assessments. It turns out that all appropriate consistency concepts are refinements of strong consistency. Finally, we define and characterize structurally consistent assessments in infinite signaling games.     

Online advertising disclaimers in unregulated markets: use of disclaimers by multinational and local companies in the Brazilian toy industry

ABSTRACT

Researchers have documented whether and how companies use advertising disclaimers in regulated markets. We complement the extant work by analysing a sample of 449 online toy advertisements targeting children in Brazil, a largely unregulated market. Results show that multinational corporations are more likely to include disclaimers in their online ads than local Brazilian companies. Further analyses reveal, however, that advertising disclaimers used by multinational subsidiaries have more distractors that reduce viewer comprehension. Our research contributes to the fields of advertising and institutional theory by being the first to document whether and how multinational subsidiaries use disclaimers in online ads targeting an unregulated market.     

Efficiency and Environmental Regulation

This paper proposes an extension of the enhancedefficiency indices of Färe, Grosskopf, Lovell andPasurka (1989) that considers undesirable outputsasymmetrically by assuming that firms can freelydispose of some undesirable productions, but areduction of other bad outputs generates a cost interms of desirable outputs. This methodologicalapproach is used to analyse the relative efficiency ofa sample of Spanish producers of wooden goods andfurnishings whose production process generates fourdifferent wastes. We obtain efficiency indices thatserve to measure the impact on firm performance inseveral scenarios related to environmental regulationsaimed to reduce the production of wastes. Whenenvironmental regulations are assumed, it is foundthat firms would have to sacrifice important amountsof potential desirable output in order to reallocateinputs into waste reduction. Secondly, we find thatfirms associated with a Technological Institute aswell as firms located at a marshallian type industrialdistrict are likely to be less affected byregulations.     

Modeling different penetration rates of eco-driving in urban areas: Impacts on traffic flow and emissions

Climate change and air quality are two main environmental challenges in metropolitan areas. As road transportation is one of the main contributors, public administrations are facing these problems with a number of complementary policy measures: shift to cleaner modes, new fuels and vehicle technologies, demand management, and the use of information and communication technologies (ICT) applied to transportation. Eco-driving is one of the measures that present large fuel savings at individual level. Although these savings are well documented in the literature, few studies focus on how eco-drivers driving patterns affect the surrounding vehicles and the traffic in general, and more particularly what would be the impact when the number of eco-drivers grows. Using a traffic microsimulation tool, four models in urban context have been built, corresponding to the different types of urban roads. Both the base-case and the parameters setting to simulate eco-driving have been calibrated with real data collected through floating vehicles performing the trips with normal and eco behaviors. In total, 72 scenarios were simulated, varying the type of road, traffic demand, and the percentage of eco-drivers. Then, the CO₂ and NO_x emissions have been estimated through a microscopic emission model. The results show that in scenarios with low or medium demand levels and increasing number of eco-drivers, the effects are positive in terms of emissions. On the other side, with high percentage of eco-drivers and high traffic demand, the emissions rise. Higher headways and smooth acceleration and decelerations increase congestion, producing higher emissions globally.     

Sample Selection Approaches to Estimating and Allocating House Transaction Funding Price Differentials

The Journal of Real Estate Finance and Economics - This study examines house transaction price differentials observed among funding type combinations; accounting for potential sample selection and...     

User perception of transfers in multimodal urban trips: A qualitative study

The aim of this article is to identify the factors affecting user perception of transfers in order to reduce the penalty associated with transfers. Policy makers can thus concentrate on the most relevant factors to achieve a more effective investment of public funds. We carried out an extensive review of the literature and identified a total of 45 factors. A qualitative study was then conducted in two Spanish cities, Vitoria and Madrid, consisting of various focus groups stratified by age. The results indicate that a combination of factors influence the perception of transfers. Time spent during transfers, both walking and waiting, is the main penalty associated with transfers. However, the provision of real-time passenger information helps reduce the perceived waiting time. Differences were found between cities and age groups. Two new factors were identified, mainly in Madrid: mental effort and activity disruption. We, therefore, advise policy makers to concentrate their efforts on providing real-time information to passengers, improving the frequency and reliability of services, and designing transfer areas to ensure continuity between transport modes and between information and communication systems.     

Intra-Industry Capital Structure Dispersion

Why do firms in some industries exhibit very similar debt ratios, while firms in other industries do not? This paper examines the dispersion in leverage ratios among firms within an industry, and relates this dispersion to industry characteristics. We find that more concentrated industries and industries where the use of leasing is more intense exhibit greater intra‐industry dispersion. We also document greater dispersion in industries where firms use less incentive compensation, sit more insiders in their boards, are older, and have larger capital expenditures in relation to their assets.