The synergistic effect of insurance and banking sector activities on economic growth in Africa

It is widely understood that the insurance and banking sectors of every economy perform some functions in driving economic growth. What is not yet well documented is whether their roles are complimentary or substitutive. With the aid of the dynamic panel generalized method of moments (GMM) estimation technique, this paper evaluates the synergistic effect of both sectors on economic growth in a panel of 10 African countries that are responsible for most of the activities in the continent’s financial sector. The insurance-banking-growth nexus was also examined through bootstrap panel causality tests. The results show that the life insurance market and the banking sector, as well as the non-life insurance market and the banking sector, are complimentary. We find that, overall, the relationship between the insurance and banking sectors in Africa is a complimentary one and that their synergistic impact on economic growth is positive. The feedback hypothesis was also confirmed in the relationship between the insurance sector and economic growth and between the banking sector and economic growth.     

How collaborative routines improve dynamic innovation capability and performance in tourism industry? A path-dependent learning model

Current results of direct relationships between collaboration and innovation capability on performance in tourism contexts are inconsistent. This research is to uncover roles of collaborative routines on promoting relationships between internal and service innovation capabilities as two distinct mechanisms, and performance. The study also examines the contingent effect of knowledge search on performance. Survey data from 181 samples from the Thai tourism industry are gathered for analyses. Findings demonstrate that knowledge search and internal innovation capability have a direct impact on performance, whereas the effect of service innovation capability on performance is significant only in the presence of collaborative routines.     

Does online observational learning matter? Empirical evidence from panel data

The information presented on a product sales page plays an important role in consumers' purchase decisions. This study examines the persuasive effect, whether a customer's choice is heavily driven by information inferred from others' behavior, and how these impacts are moderated by market age and product type. Results show that online customer choice was significantly affected by historical cumulative sales and times saved. Positive cumulative sales and shop service quality have a significant positive impact on product sales. The times saved have no direct impact on product sales. For different types of products, the times saved of experiential products has a significant impact on product sales, while the shop service quality information of search products has a greater impact on product sales. The influence of online observation learning on product sales will be significantly moderated by a combination of product type and market age. These findings not only offer important theoretical contributions to e-commerce research but also provide practical implications for online sellers and managers of social commerce platforms.     

The moderating effect of place attachment on the relationship between festival quality and behavioral intentions

The main purpose of the study is to examine an impact of festival quality on behavioral intentions and investigate the role of place attachment (PA) as a moderator between festival quality and behavioral intentions. Data were collected from the visitors of the 2013 Seoul Lantern Festival in South Korea. Results show that festival quality has a significant direct impact on behavioral intentions to revisit, spread word of mouth (WOM), and engage in pro-environmental behavior. The study also reveals that PA moderates the effect of festival quality on behavioral intentions, suggesting the differential impact of festival quality based on the level of PA. The study suggests that festival organizers may want to focus on program and esthetics to promote visitors’ return and positive WOM. Festival organizers may also want to customize quality management strategies based on visitors’ level of PA.     

小麦面筋含量测定影响因素分析

面筋含量是影响小麦和小麦粉品质的重要因素,面筋吸水率是小麦储存品质的重要指标。本文对小麦面筋含量测定中的关键步骤和重点环节进行了分析,探讨不同因素对试验结果造成的影响及应注意的事项,以期为各基层试验人员提供借鉴,为未来标准的修订提供参考。     

空间分析在住宅价值评估中应用研究综述

住宅是一种异质性商品，它的构成使用价值的各个特征之间有明显的差异，因此特征价格定价模型广泛用于住宅的价值评估。但是由于住宅数据中常常表现出空间问题，使得传统的特征价格模型不再适用，空间效应在不动产领域的存在引起了学者们的广泛关注。对空间分析在住宅价值评估中的应用研究进行了回顾和阐述，首先分析空间效应的来源和影响，讨论了在传统模型中纳入空间效应的重要性，接着阐述如何对这些空间效应进行有效建模和检验，并分析了进一步研究的方向。     

Seven Fallacies Concerning Milton Friedman's “The Role of Monetary Policy”

This paper analyzes Milton Friedman's (1968a) article “The Role of Monetary Policy,” via a discussion of seven fallacies concerning the article. These fallacies are as follows: (i) “The Role of Monetary Policy” was Friedman's first public statement of the natural rate hypothesis. (ii) The Friedman–Phelps Phillips curve was already present in Samuelson and Solow's (1960) analysis. (iii) Friedman's specification of the Phillips curve was based on perfect competition and no nominal rigidities. (iv) Friedman's (1968a) account of monetary policy in the Great Depression contradicted the Monetary History’s version. (v) Friedman (1968a) stated that a monetary expansion will keep the unemployment rate and the real interest rate below their natural rates for two decades. (vi) The zero lower bound on nominal interest rates invalidates the natural rate hypothesis. (vii) Friedman's (1968a) treatment of an interest-rate peg was refuted by the rational expectations revolution. The discussion lays out the reasons why each of these seven items is a fallacy and infers key aspects of the framework underlying Friedman's (1968a) analysis.     

Land price diffusion across borders – the case of Germany

ABSTRACT

Land market regulations are often justified by the assumption that activities of foreign and non-agricultural investors drive up prices in domestic land markets. However, empirical knowledge about the dynamics of agricultural land prices across borders is sparse. Using the German reunification as a natural experiment, we study the effect of the former inner German border on the dynamics of agricultural land prices in East and West Germany. We apply a land price diffusion model with an error correction specification to analyse spatial agricultural land markets. A novel feature of our model is its ability to distinguish price diffusion within states and across state borders. We provide evidence for a persistent border effect given that the fraction of spatially integrated counties is larger within states than across the former border. Moreover, we observe non-significant error correction terms for many counties along the former border. From a policy perspective, it is striking to realize that even 25 years after German reunification, pronounced land price differences persist. It is quite likely that price diffusion through existing borders within the EU would take even more time given language barriers, different institutional frameworks, and information asymmetries between domestic and foreign market participants.     

Relative age effects in political selection

We exploit a regression discontinuity design to provide causal evidence of the relative age effect (RAE) on a long-run adult age outcome: Political selection. We find strong evidence of the RAE in politics in Finland. However, the effect is heterogeneous: We find that male candidates born early in the calendar year have a significantly higher probability of getting elected to the parliament but no similar RAE applies to female candidates nor to municipal elections. Moreover, this effect only takes place in the most competitive parliamentary districts and is present only for some parties. We also find that in all the groups where the RAE does not exist, early-born candidates are under-represented suggesting attrition of talent in the candidate placement. Overall, our results show that seemingly artificial cutoffs imposed by the government have persistent consequences even on the selection to the highest positions of power within a society.     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.