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1.
TIMOTHY CONLEY SILVIA GONÇALVES CHRISTIAN HANSEN 《Journal of Accounting Research》2018,56(4):1139-1203
We review developments in conducting inference for model parameters in the presence of intertemporal and cross‐sectional dependence with an emphasis on panel data applications. We review the use of heteroskedasticity and autocorrelation consistent (HAC) standard error estimators, which include the standard clustered and multiway clustered estimators, and discuss alternative sample‐splitting inference procedures, such as the Fama–Macbeth procedure, within this context. We outline pros and cons of the different procedures. We then illustrate the properties of the discussed procedures within a simulation experiment designed to mimic the type of firm‐level panel data that might be encountered in accounting and finance applications. Our conclusion, based on theoretical properties and simulation performance, is that sample‐splitting procedures with suitably chosen splits are the most likely to deliver robust inferential statements with approximately correct coverage properties in the types of large, heterogeneous panels many researchers are likely to face. 相似文献
2.
POSTERIOR‐PREDICTIVE EVIDENCE ON US INFLATION USING EXTENDED NEW KEYNESIAN PHILLIPS CURVE MODELS WITH NON‐FILTERED DATA 下载免费PDF全文
Nalan Baştürk Cem Çakmakli S. Pinar Ceyhan Herman K. Van Dijk 《Journal of Applied Econometrics》2014,29(7):1164-1182
Changing time series properties of US inflation and economic activity, measured as marginal costs, are modeled within a set of extended New Keynesian Phillips curve (NKPC) models. It is shown that mechanical removal or modeling of simple low‐frequency movements in the data may yield poor predictive results which depend on the model specification used. Basic NKPC models are extended to include structural time series models that describe typical time‐varying patterns in levels and volatilities. Forward‐ and backward‐looking expectation components for inflation are incorporated and their relative importance is evaluated. Survey data on expected inflation are introduced to strengthen the information in the likelihood. Use is made of simulation‐based Bayesian techniques for the empirical analysis. No credible evidence is found on endogeneity and long‐run stability between inflation and marginal costs. Backward‐looking inflation appears stronger than forward‐looking inflation. Levels and volatilities of inflation are estimated more precisely using rich NKPC models. The extended NKPC structures compare favorably with existing basic Bayesian vector autoregressive and stochastic volatility models in terms of fit and prediction. Tails of the complete predictive distributions indicate an increase in the probability of deflation in recent years. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献
3.
This article investigates the evolution of the monetary transmission mechanisms in Turkey for the period from January 1986 to December 2016. To this aim, the impacts of monetary variables on the prices and economic activity are investigated with a time-varying vector autoregressive model based on. The evidences from the time-varying responses indicate that the adoption of inflation targeting policy has markedly affected the functioning of transmission channels. The results also suggest that local and global financial crises may magnify the impact of monetary policy shocks on the overall economy. 相似文献
4.
Substantial decline in oil prices observed since the second half of 2014 has brought forward discussions on the impact of oil prices on the external balance. This decline is expected to shift real income from oil exporter countries to oil importer countries. In this context, we study the effect of change in oil prices on Turkey’s exports taking into account the fact that Turkey’s export to oil exporting countries has approximately one-third share in total exports, while export to oil importing countries has a share of two-thirds. At the first step, we analyse the effect of oil prices on economic growth of trade partners of Turkey, where countries are grouped according to their net oil export position. We find that the effect of oil prices on different country groups’ growth is asymmetric. In the second stage, for two groups of countries, we estimate growth-export elasticity through Turkey’s export demand function. Finally, we calculate the net effect of oil prices on exports considering different income effects caused by oil price change on each country groups. Results indicate that the net effect of oil prices on the exports is limited given the current export shares. 相似文献
5.
Umut Kılınç 《Economics of Transition》2014,22(3):397-432
This paper attempts to find a robust method of measuring competition when firms' operational activities are subject to frictions. The first part theoretically tests the indicative quality of two competition measures, the price‐cost margin (PCM) and the profit elasticity, in a model of monopolistic competition. The second part studies the empirical performance of the indices for a panel of Ukrainian manufacturing firms. This study offers a new approach to measuring profit elasticity that relies on structural estimation of a production function. The estimation methodology retrieves a productivity index that is adjusted to imperfect competition. The proposed method of measuring profit elasticity is found to be robust to frictions, but the PCM and traditional profit elasticity are biased, especially when the intensity of competition is low. Empirical findings show that competition exhibits a significantly positive correlation with aggregate productivity performance, while its impact on firm productivity is nonlinear. 相似文献
6.
Are hedging transactions that diversify a manager’s compensation risk detrimental to incentives, or can they improve contracting efficiency? If hedging provides efficiency benefits, should the manager or the firm undertake it? In our model, both the firm and the manager can trade financial portfolios to diversify the manager’s compensation risk. Prior to the portfolio selection, the parties need to acquire information on how different financial portfolios fit their diversification purposes. We illustrate that financial portfolios correlated with firm‐specific risk improve contracting efficiency. For equal information costs, it is optimal for the firm to undertake the hedging on the manager’s behalf. 相似文献
7.
This study explores how tourism students’ satisfaction with their lives and academics affect their sense of belonging within their school communities. The primary supporting research was conducted using a questionnaire, which 285 students in Akdeniz University’s Faculty of Tourism answered. The mean scores of the two scales (life satisfaction and sense of belonging) and the dimensions of student satisfaction were used to conduct multiple regression analysis. The results suggest that two aspects of student life (teaching staff and school management vs. student support and counseling) and life satisfaction had a direct correlation with students’ sense of belonging. 相似文献
8.
Emine Şendurur Esen Ersoy İsmail Çetin 《International Journal of Technology and Design Education》2018,28(2):507-522
The design and development processes of instructional materials might be considered simple and clear because the pre-established instructional goals can lead the way. However, in practice, there are lots of issues to be considered during these processes. The quality of the material, appropriate visual design, usability, and acceptable amount of cognitive load are some of these issues. On the other hand, an instructional material needs to be as original as possible. In this study, we focused on the creativity of the instructional materials designed and developed by second year students from the Computer Education and Instructional Technologies (CEIT) department. We divided students into two groups: (1) CEIT students designing and developing materials about Information Technology (IT); (2) CEIT students designing and developing materials about Math. The main aim of this study is to understand how CEIT students’ instructional materials differ when they design and develop materials, which are out of their field of experience. In other words, we tried to compare how the creativity of materials change when students create materials with familiar domain (IT) in comparison to unfamiliar domain (Math). Students worked on ten instructional materials such as digital story, animation, and worksheet for 14 weeks. The materials of students were evaluated in terms of creativity, and then they were interviewed. The students worked in groups of 4–5, and during the material development period, we as researchers observed and took notes about the whole process. The findings indicated that materials developed in familiar domain were higher in creativity than those of the unfamiliar. Students’ explanations of creativity and their evaluations about the process helped us to understand the reasons of the produced materials’ creativeness. Technical skills, authentic contributions, material type, and the boundaries of the content or familiarity were found as the primary factors affecting the design and development of creative instructional materials. 相似文献
9.
This paper suggests a framework for acquisition of new manufacturing technology that links the manufacturing strategy, market requirements and manufacturing attributes using an expert system approach. This paper takes a closer took at traditional notion of manufacturing-marketing coordination and attempts to find its links with manufacturing capabilities provided by recent evolving new manufacturing technology. For this purpose we deal with different steps involved in the strategic evaluation process beginning with the choice of a suitable competitive strategy by a firm. Then the chosen competitive strategy is linked with the market requirements, system attributes and appropriate manufacturing technology choices. The proposed model is integrated by an expert system approach that includes strategic factors of both a tangible and an intangible nature and is implemented by using the VP-Expert shell. 相似文献
10.
In this case study, a real world problem of a production firm in the Marmara Region, Turkey was considered. In the current situation, the firm works with different third-party logistics firms and uses different ports each time. However, they have some quality problems and decided to work with a logistics firm by using the most convenient port alternative. A number of conflicting qualitative and quantitative criteria exist for evaluating alternative ports. Qualitative criteria are often accompanied by ambiguities and vagueness. To cope with this problem, the fuzzy analytic network process (FANP) method is used in this study. First, we defined the region specific criteria consisting of the twenty sub-criteria under the six main criteria clusters that influence the selection of container port. Then seven alternative container ports located in the Marmara Sea were determined. The results showed that the most convenient district for the container port is Istanbul District, which is one of the biggest economical centers in Eastern Europe. 相似文献