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151.
We examine the economic consequences of the mandatory adoption of IFRS in EU countries by showing which types of economies have the largest reduction in investment-cash flow sensitivity post-IFRS. We also examine whether the reduction in investment-cash flow sensitivity depends on firm size as well as economy type.We find that the investment-cash flow sensitivity of insider economies is higher than that of outsider economies pre-IFRS and that IFRS reduces the investment-cash flow sensitivity of insider economies more than that of outsider economies. Also, we find that small firms in insider economies have the highest sensitivity of investment to lagged cash flow pre-IFRS, and that they are no longer sensitive to lagged cash flow post-IFRS. Overall, our results suggest that IFRS adoption might have improved the functioning of capital markets in relation to small firms in insider economies.  相似文献   
152.
    
We compare the performance of various matching estimators using a novel approach that is feasible in the absence of experimental data. We estimate a structural model of hospital choices and catheterization for Medicare heart attack victims using hospital chart data on patient heterogeneity. With the estimated structural parameters, we simulate data for which the treatment effect is known. We find that as measures of individual heterogeneity are added to the controls, matching estimators perform well. However, the estimators do a poor job recovering the true treatment effect when measures of individual heterogeneity are unavailable. Copyright © 2010 John Wiley & Sons, Ltd.  相似文献   
153.
    
This study aims at investigating the burden and pattern of clothing related pillion riders' injuries and their helmet wearing pattern in Lahore, Pakistan. Data were collected for nine months (July 2013 to March 2014), reporting 13,248 motorcycle related injuries, out of which 8751 (66%) cases were related to the clothing related pillion riders' injuries. Out of these injuries 10.30% were severe injuries which can be prevented or reduced by proper safety measure, e.g. wearing helmet. It was also found that most of the fatalities were not wearing helmet. Injuries due to wearing of loose fitting clothes and absence of helmet are not uncommon in Pakistan and other underdeveloped parts of the world. Such accidents may be reduced by creating awareness and safety sense in the riders, where use of safe dress and helmet should be encouraged in order to avoid such fatal damages.  相似文献   
154.
    
This paper examines the relationship between firms' sustainability practices and their value during a crisis when overall trust and support are lacking in the economy. While a handful of studies explore this research agenda concentrating on the US context and a standalone crisis, we provide novel evidence on the Asia Pacific region considering three global crises. Applying difference-in-differences regressions, we find that high-sustainability companies posted superior value during the global financial crisis and the European debt crisis. This result, however, does not hold for the COVID-19 crisis. This key finding passes several endogeneity tests (firm-fixed effect, propensity score matching, and post-crisis interaction). As we explore potential mechanisms of firm resistance during crises and apply a triple difference approach, we find evidence that firm value was intensified during the crises due to sustainability activities coupled with high customer loyalty, high institutional ownership, and a low degree of information asymmetry. Finally, although high sustainability performance generally positively impacted firm value during crises, this relationship was negative (weaker) for the highly impacted industries (the emerging countries) included in the sample. Our key finding continues to hold for a set of robustness checks. The outcome of this study provides significant policy directions to regulators, corporate managers, and investment professionals.  相似文献   
155.
Nizam Uddin 《Metrika》2008,68(3):343-350
Optimal p × q row–column designs are obtained via complete enumeration of all possible designs for two treatments in some fixed effects models with errors specified by a doubly geometric covariance structure. This is done, in part, by a computer search, for a finite set of sizes of the correlation coefficients and in cases where p and q are small enough to make such a search feasible.  相似文献   
156.
Quality & Quantity - The research work was conducted to estimate comparative profitability, seasonal price variations, and factors affecting the farmers’ decision in the adoption of...  相似文献   
157.
    
Government bonds are usually traded between the financial institutions and the Fed during the open market operations. These operations impact the bank reserves, subsequently influencing the monetary base. The monetary base and government bonds may portray a common trend and government debt could potentially bind the central bank to debt monetization. This paper, using monthly data on federal government debt and the monetary base from 1947:1 to 2018:10, investigates the presence of a long-run equilibrium relationship between the two variables and as to how the long-run equilibrium relationship vary in the short-run. Threshold cointegration tests find evidence of a long-run equilibrium relationship. Estimates of the threshold vector error-correction model find statistically significant evidence of contraction in the monetary base growth in the short-run in regime 1. In regime 2, the growth in the monetary base does not adjust to accommodate faster government debt growth. These estimates find no evidence of debt monetization or otherwise in either of the regimes in the United States. The Fed, by reducing the monetary base, perhaps focuses more on the inflation target. The findings also suggest a potential scenario where the Fed and the fiscal authority are not conjoined with each other in their operations.  相似文献   
158.
    
How are masculine‐looking politicians perceived by voters? Are these judgments accurate? We asked Australian survey participants to rate images of unknown‐to‐them Swiss politicians. We find that politicians with prominent markers of masculinity (including facial hair, baldness, and higher facial width‐to‐height ratio) are perceived as less honest and competent. To determine whether these perceptions correlate with political behavior, we exploit two unique features of Swiss politics. First, to check for politician–voter congruence, we match each politician's voting record to that of their constituents on identically worded legislative proposals. We find that bearded politicians are less likely to behave according to constituents' preferences. Second, by exploiting the mandatory disclosure of lobby group affiliations, we show that bearded politicians are less likely to be captured by interest groups. Our results suggest that more masculine‐looking politicians are recognized by both voters and lobby groups as less amenable to being controlled.  相似文献   
159.
In this article, we propose a new hypothesis: that the efficient market hypothesis is day-of-the-week-dependent. We apply the test to firms belonging to the banking sector and listed on the NYSE. We find significant evidence that the efficient market hypothesis is day-of-the-week-dependent. Overall, for only 62% of firms, the unit root null hypothesis is rejected on all the five trading days. We also discover that when investors do not account for unit root properties in devising trading strategies, they obtain spurious profits.  相似文献   
160.
    
We study the relationship between trust in an experiment and trust measured by means of popular survey items in different countries. Students from Chile, Colombia, India, Mexico and Sweden participate in a public goods game experiment and answer a set of standard attitudinal survey questions about trust. We find that behavioral trust and attitudinal trust significantly differ among countries. Behavioral trust is highest in Sweden, followed by Latin America, and lowest in India. Attitudinal trust is highest in Chile and Sweden, followed by India and Mexico, and lowest in Colombia. Further, the predictive power of survey items also differs among countries. Trust measured by survey items is significantly related to behavioral trust in some but not in all societies. No single survey item predicts actual trust across all countries. Plausible explanations of the inconsistent relationship between behavioral and attitudinal trust across countries are discussed.  相似文献   
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