AN APPLICATION OF BASS'S MODEL IN THE ANALYSIS OF DIFFUSION OF COCOA-SPRAYING CHEMICALS AMONG NIGERIAN COCOA FARMERS

Several studies on the process of diffusion of agricultural innovations have recently emerged in the literature. They serve as an important link between studies on the establishment of innovations and those in their impact on the economy. However, previous standard diffusion models used in the analysis of diffusion of agricultural innovations assume that the population of potential adopters is identical and that they are all imitators. This assumption may not be realistic in all cases. Hence, it is argued, in this study, that the population of potential adopters is not identical but consists of both innovators and imitators, and a model incorporating the two categories of potential adopters is employed. This model is also assessed against the standard diffusion model to test its superiority. Although the data on the diffusion of cocoa-spraying chemicals among Nigerian cocoa farmers fit the model well, the result of its statistical evaluation shows little or no improvement over the standard model. This may, however, be due to the nature and composition of the data employed and the need for further refinement of the model.     

Competition and complementarity between U.S. imports from developed and newly industrializing countries

Zusammenfassung Zur Substitution und Komplement?rit?t von US-Einfuhren aus Industriel?ndern und aus Schwellenl?ndern. - In diesem Aufsatz werden partielle Substitutionselastizit?ten für 26 dreistellige SIC-Importgruppen gesch?tzt und benutzt, um zu prüfen, ob US-Importe aus Industrie- und Schwellenl?ndern vorwiegend US-Produkte ersetzen oder sich gegenseitig substituieren. Für einige Gruppen zeigen die Ergebnisse, da\ die Einfuhren mit der heimischen Produktion konkurrieren und da\ Importe aus verschiedenen Quellen komplement?r sind. Dieses Ergebnis demonstriert zusammen mit den Ergebnissen früherer Untersuchungen, da\ Einfuhren aus Industrie- und aus Entwicklungsl?ndern im Falle stark aggregierter Einfuhrkategorien eher komplement?r sind. Deshalb ist es wichtig, Komplementarit?t zwischen Importen aus verschiedenen Quellen vorzusehen, und zwar sowohl in Modellen des allgemeinen Gleichgewichts als auch in jenen, mit denen die Reduktion von Pr?ferenz-z?llen analysiert wird.

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Résumé oncurrence et complémentarité entre les importations américaines des pays développés et des pays nouvellement industrialisés. - L’auteur estime les élasticités de substitution partielles à la Allen et les appliquent pour tester si les importations américaines des pays développés et nouvellement industrialisés sont des substituts plus étroits vis-à-vis la production locale que vis-à-vis elles-même dans 26 groupes d’importation basés sur la CSI. Dans quelques groupes, les résultats démontrent que les importations concurrencent la production locale et que les importations des sources différentes sont des compléments. Ce résultat, ensemble avec ceux d’autres études suggère que les importations des pays développés et développants sont plus probablement complémentaires dans des catégories d’importation fortement agrégées. C’est pourquoi il est important d’introduire la complémentarité entre les importations des sources différentes dans des modèles d’équilibre général et des autres modèles appliqués pour analyser des reductions tarifaires préférentielles.

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Resumen Competitividad y complementaridad entre las importaciones de los EE UU de países desarrollados y NICs. - En este trabajo se estiman elasticidades de substitución parciales según Allen que se utilizan para verificar impíricamente si las importaciones de los EE UU de países desarrollados y NICs más bien substituyen producción nacional o se substituyen mutuamente en 26 grupos de bienes de importación al nivel de très digitos de la SIC. Los resultados demuestran que en algunos grupos las importaciones compiten con la producción nacional y que las importaciones de distintos orígenes se complementan. Este resultado, junto con resultados de estudios previos, sugiere que las importaciones de países desarrollados y en desarrollo son factibles de ser complementarias a niveles altos de agrégación de las categorías de bienes de importación. Por ello, es importante incorporar la complementaridad entre importaciones de distinto origen tanto a los modelos de equilibrio general computable cómo también a otros modelos utilizados para analizar reducciones arancelarias preferenciales.

     

The implications of ineffective internal control and SOX 404 reporting for financial analysts

The mandatory reporting of firms’ internal control effectiveness continues to be debated by equity market participants, U.S. regulatory agencies and oversight committees. We investigate the implications of material weaknesses in internal control and SOX 404 required reporting of such for financial analysts because analysts are important intermediaries in the U.S. capital market and it is not known whether analysts’ forecasts or coverage decisions are affected by firms’ internal control problems or reporting, respectively. Results of our empirical tests indicate that analysts provide less accurate forecasts and there is greater forecast dispersion for firms with ineffective internal control. We also find that firms that disclose internal control problems have less analyst coverage and that analyst following declines after the material weakness in internal control is disclosed. The results are robust to controlling for potential self-selection bias and management earnings guidance. Our study documents the consequences of ineffective internal control for an important class of financial statement users and suggests the required reporting on the effectiveness of internal control is beneficial to understanding the properties of analysts’ forecasts.     

Modeling a north American free trade area: Estimation of flexible functional forms

Modeling a North American Free Trade Area: Estimation of Flexible Functional Forms, - This paper provides estimates of the almost ideal demand system as applied to U.S. imports from Canada, Mexico, the rest of the world, and competing domestic output. Quarterly data over 1980-88 and for 19 mining and manufacturing sectors are used. Implications of adding up, homogeneity, symmetry, and negativity are considered. The econometric results should guide applied general equilibrium modeling of a North American Free Trade Area, especially with regard to potential terms-of-trade effects.