Yield effects of agricultural cooperative membership in developing countries: A meta-analysis

This study uses a meta-analysis to synthesize the effects of agricultural cooperative membership on the yield of crops and livestock. It collects 158 estimated yield effects from 42 studies, covering 19 developing countries. Our analysis finds evidence that there exists positive publication bias in the empirical literature, confirming that researchers and journals have a preference to publish articles that report positive and significant results. After correcting for publication bias, we find that cooperative membership has a small-sized and insignificant effect on the yield. The meta-regression analysis reveals that variation in the reported yield effects can be largely explained by the study attributes such as the sample type (full sample vs. subsample), membership ratio, econometric approaches (instrumental-variable based parametric approach, non-parametric approach or ordinary least square regression), effect size types (average treatment effects on the treated, average treatment effects, or coefficient), agro-product type (grain or others), and climate zones (tropical or non-tropical).     

Derivatives-based portfolio decisions: an expected utility insight

Annals of Finance - This paper challenges the use of stocks in portfolio construction, instead we demonstrate that Asian derivatives, straddles, or baskets could be more convenient substitutes. Our...     

The role of MNCs in balancing the human capital 'books' between African and developed countries

The economic imbalance that exists between Western developed economies and African economies has resulted in retardation of human capital development in the African countries. The foreign direct investments that have freely flowed into Western economies have been the stimulus for the creation of jobs and the resulting educational infrastructure to generate qualified employees. Without this increase in human capital stock (i.e. in African countries) the ability of these economies to compete in the global, high tech, information economy of the twenty-first century is severely constrained. The paper examines the development of a human capital encompassing societal, organizational, and individual levels that can be stimulated by multinational organizations. The resulting positive impact on human capital in turn supports the growth not only of the African countries but also of the multinationals doing business in Africa.     

The role of financial sector competition for monetary policy

Abstract In this paper, we examine the impact of competition in the banking industry on financial market activity. In particular, we explore this issue in a setting where banks simultaneously insure individuals against liquidity risk and offer loans to promote intertemporal consumption smoothing. In addition, spatial separation and private information generate a transactions role for money. Interestingly, we demonstrate that the industrial organization of the financial system bears significant implications for the effects of monetary policy. Under perfect competition, higher rates of money growth lead to lower interest rates and a higher volume of lending activity. In contrast, in a monopoly banking sector, money growth restricts the availability of funds and raises the cost of borrowing.     

A retrospective review of the economic impact of the food and drug administration's proposed egg rule

Using novel 1998–2008 data collected by the Centers for Disease Control and Prevention on foodborne illnesses and outbreaks, we test using a difference‐in‐differences approach whether the Food and Drug Administration's proposed rule entitled “Prevention of Salmonella Enteritidis in Shell Eggs During Production” decreased the number of Salmonella illnesses associated with the consumption of shell eggs. We find that this rule led to a reduction in the number of Salmonella illnesses of between 308 and 434 illnesses per year, which we attribute to a reduction in the number of outbreaks associated with egg‐containing products rather than a reduction in the average number of illnesses reported in each outbreak.     

CEO Experience and Diversification Strategy Fit

Recent years have seen major progress on research into the concept of fit. Also emerging in the literature is an apparent interest in the importance of executive know-how and experience. This article combines the two areas by considering the impact of Chief Executive Officer (CEO) experience upon strategy adoption and corporate performance in the post-implementation strategy phase. Using a sample of 52 US companies from the top 1000, we have examined the relationship between CEO experience and the separate strategies of internal and acquisitive diversification. The results suggest that CEO experience is not a major factor in strategy selection but where a fit exists between the selected strategy and observed experience, post-implementation performance is affected.     

Are active fund managers collectors of private information or fast interpreters of public information?

Recent studies of fund manager performance find evidence of outperformance. However limited research exists as to whether such outperformance is because of privately collected information, or merely expedient interpretation of publicly released information. In this study, we examine the trade sequences of active Australian equity fund managers around earnings announcements to provide insights into the source of fund managers’ superior information. We document an increased occurrence of buy‐sell trade sequences around good‐news earnings announcements. The evidence is consistent with fund managers having both private information about forthcoming good‐news earnings announcements and being ‘short‐term profiteers’. We find no evidence that fund managers have private information about forthcoming bad‐news earnings announcements. However, we do find an increase in the frequency of fund managers not trading before bad‐news earnings announcements only to subsequently sell during announcements.