Quantitative Approaches to Fiscal Sustainability Analysis: A Case Study of Turkey since the Crisis of 2001

This case study of fiscal sustainability in Turkey after thecrisis in 2001 reviews and extends quantitative approaches tofiscal sustainability analysis and brings them together in auser-friendly tool applicable in a data-sparse environment.It combines a dynamic simulations approach with a steady-stateconsistency approach. It also incorporates user-defined stresstests and stochastic simulations to deal with uncertainty. Andit derives the future distribution of debt-output ratios, evaluatingthe fiscal adjustment required to stabilize them. Value at Riskanalysis shows that considerable risks remain unless explicitfeedback rules from debt surprises to the primary surplus areimplemented.     

THE EIGENFUNCTION EXPANSION METHOD IN MULTI-FACTOR QUADRATIC TERM STRUCTURE MODELS

We propose the eigenfunction expansion method for pricing options in quadratic term structure models. The eigenvalues, eigenfunctions, and adjoint functions are calculated using elements of the representation theory of Lie algebras not only in the self-adjoint case, but in non-self-adjoint case as well; the eigenfunctions and adjoint functions are expressed in terms of Hermite polynomials. We demonstrate that the method is efficient for pricing caps, floors, and swaptions, if time to maturity is 1 year or more. We also consider subordination of the same class of models, and show that in the framework of the eigenfunction expansion approach, the subordinated models are (almost) as simple as pure Gaussian models. We study the dependence of Black implied volatilities and option prices on the type of non-Gaussian innovations.     

History repeats itself: The acquisition method and nonrecurring charges

The Financial Accounting Standards Board issued Statement No. 141 (R) that replaces Statement of Financial Accounting Standard No. 141, Business Combinations. The new standard mandates use of the acquisition method, which requires expense treatment for acquisition-related transaction costs. Expense treatment is a departure from purchase accounting procedures, but is consistent with past guidance of Accounting Principles Board Opinion No. 16 for the pooling-of-interests method. Restoration of historical and controversial accounting procedures resurrects past outcomes. This study utilizes econometric techniques to predict outcomes of the acquisition method. Evidence indicates that expensing acquisition-related costs may improve transparent reporting. The results, based on 638 business combinations from 1994 through 1998, support the expectation that expense treatment for acquisition-related costs increases the likelihood that these costs appear more frequently and are greater in magnitude.     

El indicador de normas del trabajo del Banco Mundial. Averiguaciones y críticas recientes

Los autores reseñan las últimas novedades acerca del estudio Doing Business del Banco Mundial, haciendo hincapié en el indicador de las normas del trabajo: la dificultad de contratación, la rigidez de la jornada de trabajo y la dificultad y costo del despido de trabajadores. Primero pasan revista a los estudios que inspiraron la concepción del indicador y a los que lo han usado o se han visto influidos por él. Analizan después las críticas vertidas contra el mismo, y ponen de relieve los problemas conceptuales y empíricos que plantea. Por último, proponen ideas alternativas y líneas de investigación para el futuro.     

Welfare impacts of technological change on women in southern Mali

It has often been hypothesized that new agricultural technologies could have an adverse impact on women because additional labor required of them reduces the time spent and therefore income earned from private-field activities. This study shows that the expansion of cotton cultivation on the household communal fields in southern Mali associated with the introduction of new technologies results in increased payments to women for their increased labor on the cotton fields. Unfortunately, these payments are small compared to the loss of revenue from private-plot production. Thus, the net effect of the expansion of household cotton cultivation is a reduction in incomes of women who cultivate private plots. Short-run policy implications of this study are that improving women's income requires concern with their private - plot earnings. For example, profitability of the private-field crops could be increased with higher input use. In the long run, as land becomes even more constrained, emphasis needs to be placed on institutional changes to increase women's bargaining power so that they obtain larger shares of the new income streams resulting from technological change on the communal field. Institutional changes already occurring in the region, with the apparent objective of increasing women's (and non-household head men's) bargaining power, include organized work teams and the movement toward smaller, nuclear families.     

Covariance-Based Structural Equation Modeling in the Journal of Advertising: Review and Recommendations

In this article, we review applications of covariance-based structural equation modeling (SEM) in the Journal of Advertising (JA) starting with the first issue in 1972. We identify 111 articles from the earliest application of SEM in 1983 through 2015, and discuss important methodological issues related to the following aspects: confirmatory factor analysis (CFA), causal modeling, multiple group analysis, reporting, and guidelines for interpretation of results. Moreover, we summarize some issues related to varying terminology associated with different SEM methods. Findings indicate that the use of SEM in the JA contributes greatly to conceptual, empirical, and methodological advances in advertising research. The assessment contributes to the literature by offering advertising researchers a summary guide to best practices and a reminder of the basics that distinguish the powerful and unique approach involving structural analysis of covariances.     

Advertising “like a girl”: Toward a better understanding of “femvertising” and its effects

This paper investigates the impact of femvertising (female empowerment advertising). More specifically, it hypothesizes that femvertising (vs. traditional portrayals of females in advertising) will reduce ad reactance among a female target audience, and that this in turn will enhance ad and brand attitudes. The results of three experimental studies indicate that this is indeed the case, and that the results hold across print and digital media, for five different product categories, and for femvertising focusing on challenging female stereotypes in terms of physical characteristics as well as the roles and occupations used to portray women in advertising. Although previous studies of the effects of female portrayals tend to focus on social comparison and self‐identity, the current paper considers the role of psychological reactance to (more or less) stereotypical portrayals in explaining these effects. The results suggest that marketers have much to gain from adapting a more proactive and mindful approach to the female portrayals they use in their ads.     

Bank productivity in China 1997–2007: Measurement and convergence

This study examines the productivity growth of the nationwide banks of China and a sample of city commercial, banks for the ten years to 2007. Using a bootstrap method for the Malmquist index, estimates of the total factor productivity growth are constructed. Five different models of inputs and outputs based on variants of the Intermediation and Production approaches and non-performing loans are treated as a bad output, are examined for the purpose of arriving at a robust measure. The productivity growth of the state-owned commercial banks (SOCBs) is compared with the joint-stock banks (JSCBs) and city commercial banks (CCBs). In general, average TFP growth has been neutral over the period for the SOCBs and JSCBs but positive for the CCBs in the second part of the period. Efficiency gains (catch-up) were obtained through cost reduction and technical innovation was associated with greater diversification of revenue away from interest earnings. The opening up of the banking market has not led to a discernible improvement in bank productivity growth.     

领导-部属交换感知匹配对员工工作表现的影响

本文通过410个领导与部属的配对样本分析了领导-部属交换(LMX)的感知匹配及其对员工工作表现的影响.基于自评-他评概念模型,本文提出了LMX感知的四种匹配类型:双高匹配(高领导LMX/高部属LMX)、双低匹配(低领导LMX/低部属LMX)、员工高估(低领导LMX/部属LMX)和员工低估(高领导LMX/低部属LMX).分析结果表明:(1)双高匹配LMX对员工工作表现有正向影响;(2)双低匹配LMX对员工工作表现有负向影响;(3)员工高估LMX可以正向预测工作满意度和组织承诺,员工低估LMX可以正向预测工作绩效和组织公民行为.本文研究验证了LMX感知匹配模型在中国情境下的有效性.     

The Importance of Intrinsic and Extrinsic Sparkling Wine Characteristics and Behavior of Sparkling Wine Consumers in Croatia

ABSTRACT

Sparkling wines accounted for 7.7% of the total wine consumption in 2011 in the world. Even though sparkling wine remains a long way behind still wine in total volume of production, world consumption of sparkling wine is expected to grow at a faster rate with an 8.5% increase by 2016. Although Croatia is a country with a high residual per capita consumption, the share of sparkling wine consumption compared with total wine consumption amounts only 1.3%. To collect data on Croatian sparkling wine consumers’ behavior and attitudes, we performed online research with 273 consumers. The research confirmed the low frequency of sparkling wine consumption. The most important characteristics of sparkling wines for Croatian consumers are their intrinsic characteristics (taste, smell) together with price:quality ratio, while visual appearance, expert reviews, or wine prizes are less important. Consumption of sparkling wines is generally associated with specific celebrations. Due to such perception of exclusive wine use, there is a need to break down this prejudice by better sparkling wine promotion through wine-tasting events, seminars, and gastronomy offers, especially for younger consumers.