This paper addresses the concept of multicointegration in a panel data framework and builds upon the panel data cointegration procedures developed in Pedroni [Econometric Theory (2004), Vol. 20, pp. 597–625]. When individuals are either cross‐section independent, or cross‐section dependence can be removed by cross‐section demeaning, our approach can be applied to the wider framework of mixed I(2) and I(1) stochastic processes. The paper also deals with the issue of cross‐section dependence using approximate common‐factor models. Finite sample performance is investigated through Monte Carlo simulations. Finally, we illustrate the use of the procedure investigating an inventories, sales and production relationship for a panel of US industries. 相似文献
Human resources is an old field of research in economics, as reflected by accounting treatments. This paper reviews this contribution
from accounting literature and the European legal framework. Different institutional attitudes toward this topic were collected
from such organizations as the Financial Accounting Standards Board [1984, 1993] and the American Accounting Association [1970].
After that, a detailed revision is made of the main costs related to human resources: training and selection costs and exit
costs. This analysis is made from the points of view of external and internal (or managerial) accounting and from historical
costs and opportunity costs. Finally, no unique solution to this problem is given, but all possible alternatives are evaluated
and open for discussion. 相似文献
This study examines the determinants of trip duration of international tourism using low-cost carrier services from the UK, Germany, France and Italy; top tourist emitting countries in the EU. Data is from a survey conducted for one of the largest low-cost carriers tourist markets; the Girona–Catalonia region in Spain. A model of traveller/tourist demand is estimated using an econometric duration model. It is found that that while there are some common effects for associated with the four nationalities of tourist, some differences exist relating to such things as age or education. 相似文献
The main objective of our research is to give some evidence, from a conceptual approach, about the possibility of contributing
to the social responsibility development, starting from accounting. Different authors agree that there is a rising need for
developing a suitable conceptual framework, which gives information companies should provide in relation to their behavior
towards the environment. However, this work intends, not only to analyze the reflection of the companies' behavior in financial
information, but also to show how a new accounting framework could facilitate progress in the social responsibility of companies.
The paper shows that it is absolutely necessary that accounting defines the way of calculating the results of the company,
taking into account the social and economical approach. A key question is a more complete definition of the matching principle,
and also to put forward the new requirements for information in relation to the new approach. 相似文献
The effect of macroeconomic policies on the relative pricesof internationally traded and domestic goods has been the subjectof extensive study. Analysis of the way in which these policiesthen affect prices at the sectoral level is complicated by theheterogeneity of sectoral production: even the prices of singleproducts usually are determined by both domestic and tradedcomponents. We present a framework which first traces the influenceof macropolicy on the relative prices of exports, imports, andhome goods. It then accounts for each sector's degree of "tradability,"which is based on the importance of trade in sectoral income,and the influence of macroeconomic policy on sectoral prices.To illustrate the use of this approach, it is applied to a simulationof trade liberalization in Argentina. Our results suggest thateconomywide policies had substantial negative effects on boththe real exchange rate and the incentives to agricultural exports. 相似文献
We study the exponential Ornstein–Uhlenbeck stochastic volatility model and observe that the model shows a multiscale behaviour in the volatility autocorrelation. It also exhibits a leverage correlation and a probability profile for the stationary volatility which are consistent with market observations. All these features make the model quite appealing since it appears to be more complete than other stochastic volatility models also based on a two-dimensional diffusion. We finally present an approximate solution for the return probability density designed to capture the kurtosis and skewness effects. 相似文献
In this paper, we review the conventional analyses of management control systems, to conclude, first, that the illusion of control can mislead managers into believing that everything can be controlled and monitored, and, second, that no incentive system based only on extrinsic rewards can motivate individuals properly. Then, we investigate the philosophical foundations of the basic assumptions that, implicitly or explicitly, are made about the nature of the acting person. Based on personalist phenomenology, we show how the development of technical and moral values is crucial to the long-run survival of organizations. We end by offering some guidelines as to what control systems should be like in order to be compatible with the nature of human persons. 相似文献
The sport industry has experienced great growth in recent years worldwide, and especially in the European Union (EU) countries. However, despite the role that this industry can play in improving the competitiveness of these countries (Gross Domestic Product (GDP) per capita and innovation performance), no studies have been found that analyse its influence. So, the main aim of this study is, firstly, to analyse the relationship between the innovation performance and the GDP per capita of EU countries, and, secondly, to find out how sport-related indicators and different innovation-related indicators influence the innovation performance and GDP per capita of the EU countries. To this end, two different methodologies have been used: hierarchical regression models and qualitative comparative analysis (QCA). A total sample of 23 EU countries have been analysed. The results show that GDP per capita and innovation performance are highly correlated in a positive and significant way (0.76; p?<?.0001), and that the variables related to sport help explain the variance of these two variables, highlighting as necessary variable in both cases the growth in the sports sector (consistency >0.90). Finally, a number of practical implications are presented that can help policy makers to improve the competitiveness of EU countries.