AN ANATOMY OF U.S. PERSONAL BANKRUPTCY UNDER CHAPTER 13

We build a structural model that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set that we construct from bankruptcies filed in Delaware between 2001 and 2002. Our estimation results highlight the importance of a debtor's choice of repayment plan length on other Chapter 13 outcomes. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent laws that impose restrictions on the length of repayment plans. We find that these provisions would not materially affect creditor recovery rates and would not necessarily make discharge more likely.     

Do Charitable Solicitations Matter? A Comparative Analysis of Fundraising Methods*

The existing literature either treats fundraising as an aggregate variable by ignoring the existence of several different fundraising methods through which charitable contributions are generated or focuses on the effectiveness of a particular fundraising method without making any comparison with alternative methods. Using biennial household surveys of charitable giving in the United States conducted from 1988 to 1999, which contain detailed questions on several fundraising methods, I first document that people are more responsive to certain fundraising methods. Next, I investigate the factors associated with donors' responsiveness to alternative fundraising techniques. The results show that several observable characteristics of charitable donors are associated with some people being more responsive to particular fundraising techniques than others are.     

Environmental governance for sustainable tourism development: Collaborative networks and organisation building in the Antalya tourism region

For more than two decades the attainment of sustainable environmental quality and the protection of environmental assets have been at the forefront of central policy issues in global tourism development. Recently, it has been argued that collaborative and associative forms of governance among tourism companies and other related agents are growing in importance in the drive for sustainable and environmentally sensitive tourism. Despite the increasing number of debates on the role of networking on tourism they are not well supported by empirical studies, and still far from explain how such networks can contribute to the sustainable development of territories. This paper aims to contribute to previous literature by analysing together governance networks and literature on sustainable development, and by providing empirical findings that highlight the importance of governance networks in sustainable tourism development, the importance of different scales of collaborative governance networks and the role of organisation building for environmentally sustainable tourism development in Antalya. The paper offers analytical findings on the networks of environmental governance among different types of tourism organisations based on a company-level survey, which reveals an increase in local collaboration and self-help networking based on local concerns and endogenous dynamics among the different actors in tourism. Unfortunately, the findings show that environmental motivations fall far behind economic considerations in networking practices.     

GMM estimation of spatial autoregressive models with moving average disturbances

In this paper, we introduce the one-step generalized method of moments (GMM) estimation methods considered in Lee (2007a) and Liu, Lee, and Bollinger (2010) to spatial models that impose a spatial moving average process for the disturbance term. First, we determine the set of best linear and quadratic moment functions for GMM estimation. Second, we show that the optimal GMM estimator (GMME) formulated from this set is the most efficient estimator within the class of GMMEs formulated from the set of linear and quadratic moment functions. Our analytical results show that the one-step GMME can be more efficient than the quasi maximum likelihood (QMLE), when the disturbance term is simply i.i.d. With an extensive Monte Carlo study, we compare its finite sample properties against the MLE, the QMLE and the estimators suggested in Fingleton (2008a).     

CUE with many weak instruments and nearly singular design

This paper analyzes many weak moment asymptotics under the possibility of similar moments. The possibility of highly related moments arises when there are many of them. Knight and Fu (2000) designate the issue of similar regressors as the “nearly singular” design in the least squares case. In the nearly singular design, the sample variance converges to a singular limit term. However, Knight and Fu (2000) assume that on the nullspace of the limit term, the difference between the sample variance and the singular matrix converges in probability to a positive definite matrix when multiplied by an appropriate rate. We consider specifically Continuous Updating Estimator (CUE) with many weak moments under nearly singular design. We show that the nearly singular design affects the form of the limit of the many weak moment asymptotics that is introduced by Newey and Windmeijer (2009a). However, the estimator is still consistent and the Wald test has the standard χ²${\chi }^2$ limit.     

The effects of government spending shocks on the real exchange rate and trade balance in Turkey

The aim of this study is to investigate the effects of government spending shocks on the real exchange rate and foreign trade balance in Turkey for the period of 2002:01–2012:04 within a structural VAR framework. The analysis shows that a positive shock to the government spending tends to induce real exchange rate appreciation and deterioration in trade balance. We also find that the composition of the government spending matters. Although shocks to the government nonwage consumption generate an appreciation in the real exchange rate and worsening of the trade balance, the effects of government investment shocks remain insignificant. Furthermore, the analysis demonstrates that shocks to government spending are associated with a rise in taxes, which is indicative of a spending-driven tax adjustment process in Turkey.     

Size and sign asymmetries in house price adjustments

Long-run mean-reversion in real house prices is determined by the relative strength of fundamental factors against the short-run influences. This article suggests that the adjustment towards the long-run trend in house prices could display non-linear behaviour due to some intrinsic characteristics of the housing market. Accordingly, sign and size asymmetries as well as possible structural breaks are taken into account in a unit root testing exercise for twenty-nine countries. Our results suggest that mean-reversion exists for seventy percent of the countries in our sample. Moreover, the out-of-sample forecasting performance of our non-linear models in predicting house prices is better than a simple auto-regressive benchmark for some countries.     

The effect of ethical leadership on service sabotage

ABSTRACT

This study aims at examining the impact of ethical leadership activities on service sabotage, and the mediating role of service climate and corporate ethical values (CEV) on this impact. The study was completed via 384 acceptable questionnaires in total. The research findings show that ethical leadership affects the service climate and the CEV in a positive way whereas it has a negative effect on the service sabotage. In addition, it is observed that the CEV have a positive effect on the service climate. In the light of the research findings, managers’ ethical personal and managerial characteristics affect the service climate in a positive way and play a significant role for the ethical values to become more common within the organization. Furthermore, the ethical leadership is effective for decreasing the service sabotage which is referred as the undesirable and harming behaviors within the organization.     

The effects of trade exposure on technical efficiency: New evidence from the Turkish rubber industry

When a country's foreign trade regime becomes more open, international trade theory suggests that domestic firms face more competition and start to operate more efficiently to reduce their production costs. This proposition is empirically examined by using plant-level data from the Turkish rubber industry during a period of substantial trade liberalization: technical efficiency levels improved significantly when Turkey's trade regime shifted from a restrictive to a more liberalized one. Incumbent plants located closer to international markets improved technical efficiency more than the other plants. These findings suggest that the improvement in technical efficiency was due largely to trade liberalization.