This paper develops an agent-based model of a stylized low income region in order to study the impact of natural disasters on population displacement, income, prices, and consumption with a focus on distributions and coping strategies of low income groups. Key features of the model include the integration of decentralized markets into a full economy in a spatially explicit way and the analysis of short-run adjustment processes. The model is calibrated to a low income region of rural agrarian Pakistan that faced severe floods in 2010. Dynamic adaptation by agents in response to falling income includes migrating and running down savings. Despite these consumption smoothing strategies, some low income groups are vulnerable to starvation. The paper showcases two hypothetical policy scenarios, a cash and a food transfer program, and tracks their effects on the welfare of low income groups in the economy. 相似文献
This article provides theory and evidence in support of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in terms of the characteristics of the entrepreneurial firm in which the venture capitalist invests, and liquidity risk as the current and expected future external exit market conditions. We show that in times of expected illiquidity of exit markets (high liquidity risk), venture capitalists invest proportionately more in new high-tech and early-stage projects (high technology risk) in order to postpone exit requirements. When exit markets are liquid, venture capitalists rush to exit by investing more in later-stage projects. We further provide complementary evidence that shows that conditions of low liquidity risk give rise to less syndication. Our theory and supporting empirical results facilitate a unifying theme that links related research on illiquidity in private equity. 相似文献
Language is an integral part of marketing. Consumers share word of mouth, salespeople pitch services, and advertisements try to persuade. Further, small differences in wording can have a big impact. But while it is clear that language is both frequent and important, how can we extract insight from this new form of data? This paper provides an introduction to the main approaches to automated textual analysis and how researchers can use them to extract marketing insight. We provide a brief summary of dictionaries, topic modeling, and embeddings, some examples of how each approach can be used, and some advantages and limitations inherent to each method. Further, we outline how these approaches can be used both in empirical analysis of field data as well as experiments. Finally, an appendix provides links to relevant tools and readings to help interested readers learn more. By introducing more researchers to these valuable and accessible tools, we hope to encourage their adoption in a wide variety of areas of research.
Organizational reforms stimulating democratic decision-making play a role in the economic effectiveness of concessional debt and debt relief. Effectiveness is defined as the increase in project approval produced by debt assistance. This claim is supported by a theoretic model illustrating the role of democratic decision-making in increasing lending as well as in determining the effectiveness of debt assistance. Using the framework of group decision-making in a fixed-size committee, we suggest a novel explanation to the advantage of conditioning debt assistance on organizational reforms that target the decision-making structure in organizations. The results imply that if the aid organization can affect the level of democratization in organizations, it can exploit its advantage and set the debt assistance that induces the maximal increase in project approval. We derive conditions under which organizational reforms that impose various forms of democratic norms in decision-making are important for increasing the effectiveness of debt assistance. We also point to the case where replacing an autocratic decision maker can cause debt assistance effectiveness to decline. 相似文献
Positive perceptions of career success are critical among accounting professionals, given their connection with performance, turnover and organisational commitment. Drawing on career stage theory, this study explores the perceptions and experiences of career success among 475 aspiring (Accounting/Finance students), 305 early career accountants (ECAs) and 165 managers/recruiters in Australia. Findings reflected both objective and subjective dimensions of career success alongside notable differences between aspiring accountants and ECAs, highlighting shifting views across the career stages of exploration and establishment. While ECAs were largely positive about their access to career success, managers/recruiters identified ways to create further opportunities for ECAs' career success. 相似文献
Review of Accounting Studies - We examine whether state-level corruption and corporate tax avoidance in the United States (U.S) are related. Using a sample of 36,078 U.S. firm-year... 相似文献
We examine the long run relationship between innovation and economic development in Australia, using 150 years of data on patenting activity, and aggregate and sectoral economic indicators. Our initial results point to several important causal relationships, particularly the effects of patents on real GDP and of private capital formation on patents. We delve deeper at the sector level and find important causal relationships of patents with real foreign direct investment (FDI) since World War II. Australia's dependence on FDI for private capital formation served as an important stimulus for knowledge creation in key sectors including manufacturing, agriculture and mining. 相似文献
Using panel data on a statistically representative sample of Iowa farmland parcels from 1997 to 2017, we analyze the factors determining whether land is farmed by the owner or rented out under a cash rent or crop share contract. The landowner's decision to rent or operate the land depends on the distribution of expected net returns to the land, and so estimates of the factors affecting rental terms will be biased if the sample only includes rental contracts and excludes the owner-operator. Land with higher mean and/or lower variance of expected net returns is most likely to be rented out. Participants in the rental market will include the most risk-averse landowners and the least risk-averse tenants, while the least risk-averse landowners operate their own land. Our empirical results suggest that the rising use of cash rent contracts and declining incidence of owner-operation and crop-share rental contracts is consistent with falling coefficient of variation in expected net returns per acre. 相似文献