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This paper analyzes the importance of individual and place characteristics on the selection into self-employment in Chile. Following a structural and multilevel empirical approach, we test whether both sets of variables explain the variation of individual wages, self-employed earnings, and the propensity of being in independent work. The results indicate that while most of the variation in these three outcomes is explained by individuals’ traits, place-related variables account for a non-negligible share of spatial variation. Second, as suggested by occupational choice theories, the propensity of being in self-employment positively correlates with larger expected earning differentials, but only in the case of employers. This, along with other results, suggests that while employers seem to choose their occupational status, own accounts in Chile seem to respond to factors pushing them into self-employment. 相似文献
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Short-term liquidity of very small private companies (VSPCs) is important to creditors as any cash shortages result in opportunity costs due to delayed payments. We use a publicly available liquidity indicator for 19,627 Slovenian VSPCs as a special, but generalizable case of “credit record” data and financial ratios to predict possible cash shortages. Indicator is predicted and used in lagged form(s) as a predictive variable with/without financial ratios, allowing comparisons. Models, including financial ratios, are less efficient than models based on lagged liquidity indicator alone. Surprisingly, combined models perform only marginally better. Despite high overall accuracy, misclassification of companies experiencing cash shortages is high. 相似文献
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Understanding the resource curse (or blessing) across national and regional scales: Theory,empirical challenges and an application
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David A. Fleming Thomas G. Measham Dusan Paredes 《The Australian journal of agricultural and resource economics》2015,59(4):624-639
The relationship between resource extraction activity and economic growth has been widely studied in the literature, and the resource curse hypotheses emerged as a theory to explain the effects of resource windfalls on national economies. However, within countries, resource booms and busts can have distinctive effects across local economies, as extractive regions face particular economic consequences unlikely to be observed in nonresource regions. Empirically, most studies analysing the resource curse have relied on cross‐country models to estimate effects and inform policy; however, the use of regional – within‐country – analysis has gained attention from scholars lately, promoted by two advantages: it avoids unobserved country heterogeneities confounding economic outcomes caused by resources and exploits the subnational quasi‐natural experimental conditions generated by endowments. This paper contributes to the resource curse literature by discussing its theoretical causes across scale (regional vs. national effects) and highlighting the empirical challenges involved in the analysis of mining economic impacts across regions. We complement the discussions by econometrically modelling economic growth across nonmetropolitan substate regions of Australia during a period of resource windfalls, finding that in most cases, resources have been a blessing for local economies, although negative effects have also been experienced in parts of the country. 相似文献
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The subjectivism of Austrian economics helps to explain the statistical fact of long memory in asset prices. The theory of Big Players is an Austrian approach to understanding the effects of discretionary policymaking in markets. It leads to implications that can be tested with statistics. In particular, Big Players induce herding and, thereby, an increase of persistence in asset prices. A recent episode in Slovenian monetary theory provides a case study. This case study adds to a set of similar studies, all tending to support the theory of Big Players. 相似文献
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Since the early 1990s, commercial banks have turned to Federal Home Loan Bank (FHLBank) advances to plug the gap between loan and deposit growth. Is this trend worrisome? On the one hand, advances implicitly encourage risk by insulating borrowers from market discipline. On the other, advances give borrowers greater flexibility to managing interest rate and liquidity risk. And access to FHLBank funding encourages members to reshape their balance sheets in ways that could lower credit risk. Using quarterly financial and supervisory data for banks from 1992 to 2005, we assess the effect of FHLBank membership and advances on risk. The evidence suggests liquidity and leverage risks rose modestly, but interest-rate risk declined somewhat. Credit risk and overall failure risk were largely unaffected. Although the evidence suggest FHLBank membership and advances have had, at best, only a modest impact on bank risk, we caution that our sample period constitutes one observation and that moral hazard could be pronounced if leverage ratios revert to historical norms. 相似文献
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This paper studies a unique buyback method allowing firms toreacquire their own shares on a separate trading line whereonly the firm is allowed to buy shares. This share repurchasemethod is called the Second Trading Line and has been extensivelyused by Swiss companies since 1997. This type of repurchaseis unique for two reasons. First, unlike open market programs,the repurchasing company does not trade anonymously. Second,all transactions made by the repurchasing firm are publiclyavailable in real time to every market participant. This isa case of instantaneous disclosure which contrasts sharply withother markets characterized by delayed or no disclosure. Wedocument that the daily repurchase decision is statisticallyassociated with short-term price changes and the release offirm-specific news. We also find that repurchases on the secondtrading line have a beneficial impact on the liquidity of repurchasingfirms. Exchanges and regulators may consider the second tradingline an attractive share reacquisition mechanism because ofits transparency and positive liquidity effects. 相似文献
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In this article, our aim is to examine the difference between the corporate social responsibility (CSR) practice of the multinational
companies (MNCs) and of the domestic companies operating in Serbia, as well as the influence of internal self-regulations
such as statements of corporate values and codes of conduct, and external self-regulations such as the implementation of the
ISO 9001 and ISO 14001 standards on CSR practice. The CSR practice is observed in five CSR areas: employee relations, customer
relations, environmental practice, community and social involvement, and transparency in business activity. The findings indicate
that the CSR practice of the MNCs is significantly different in comparison to domestic companies only in the area of employee
relations. Furthermore, the overall results suggest that internal self-regulations have more influence on CSR practice than
the implementation of generic management system standards. However, the existence of transparent corporate values, codes of
conduct and implemented management systems according to ISO 9001 and ISO 14001 standards does not prove to be strong predictors
of CSR performance. 相似文献
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Dusan Isakov 《European Journal of Finance》2013,19(3):202-212
Recent evidence from Fama and French (1992, 1996) and others shows that betas and returns are not related empirically. They interpret this as evidence against the validity of the capital asset pricing model and conclude that the beta is not a good measure of risk. This paper claims that usual tests do not leave much opportunity for beta to appear as a useful variable capable of explaining returns, because tests are often performed in periods where the average realized market excess return is not significantly different from zero. In order to assess the usefulness of beta, an alternative approach that dissociates results obtained in periods where the realized market excess is positive from those where it is negative is proposed. These new tests are then applied to a representative sample of the Swiss stock market over the period 1983–1991. The different results unambiguously support the fact that beta is a good measure of risk, because beta is strongly related to the cross-section of realized returns. These results also confirm that there are no arbitrage opportunities on this market. 相似文献