Abstract . We extend the Thomas (1985) dynamic optimizing model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case currency substitution decisions and asset substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for domestic money provides a valid test for the presence of currency substitution. Applying this approach to six Latin-American countries, we find evidence of currency substitution in Colombia, Dominican Republic, and Venezuela, but not in Brazil and Chile. 相似文献
In this paper we estimate minimum capital risk requirements for short and long positions with three investment horizons, using the traditional GARCH model and two other GARCH-type models that incorporate the possibility of asymmetric responses of volatility to price changes. We also address the problem of the extremely high estimated persistence of the GARCH model to generate observed volatility patterns by including realised volatility as an explanatory variable into the model??s variance equation. The results suggest that the inclusion of realised volatility improves the GARCH forecastability as well as its ability to calculate accurate minimum capital risk requirements and makes it quite competitive when compared with asymmetric conditional heteroscedastic models such as the GJR and the EGARCH. 相似文献
Studies on dynamic managerial capabilities still have a rather theoretical nature, and there is great difficulty in finding a valid, reliable instrument to measure this construct. The present study contributes to solving this problem: It aims to develop and validate a scale to measure dynamic managerial capabilities. In this investigation, we develop a scale for three factors related to dynamic managerial capabilities: human capital, managerial cognition (already described in the literature), and relationship networks. The prominent finding in this research is the factor that is referred to here as relationship networks. 相似文献
The aim of this systematic review is to identify how customer experience in the service sector has been measured in relevant publications in the marketing field. A sample of 33 papers was collected from two electronic databases—the Web of Science (Thomson Reuters) and Scopus (Elsevier)—covering a large number of publications. After analyzing the articles and reviewing the customer experience literature, the following are our main contributions: (i) clarification of the concepts that appear in the literature review of customer experience in the service sector; (ii) classification of the variables, scales, and constructs related to customer experience in service; (iii) demonstration of the service experience as the preponderant construct that is used to measure customer experience in service; and (iv) proposal of a new dimension—the concept of ‘pre-experience’—to measure customer experience in service. These contributions can provide a more solid basis for measuring customer experience in service. 相似文献
With the downturn in the global socioeconomic panorama, the social entrepreneurship orientation (SEO) and the social performance of non-profit organizations (NPOs) have become subject to growing levels of attention. The objective of this study is to analyze the influence of SEO on the performance of NPOs. To this end, we deployed a quantitative methodology based on the application of a survey of NPOs, which received a total of 135 valid responses. Our results demonstrate a positive effect for the dimensions of social innovation and social proactivity even while reporting no effect for the acceptance of social risks on performance. These results hold important implications across two different levels: in terms of the NPOs and policy-makers.
abstract This study seeks to further delineate how a firm's competitive environment influences the firm's pursuit of entrepreneurial activities. To do so, we develop and test a parsimonious model that establishes the role of discretionary slack as a salient mediating mechanism through which managerial environmental perceptions influence corporate entrepreneurship. In addition, we examine two contingencies that further explain discretionary slack's impact on corporate entrepreneurship, including managements' market sensing capacity and use of outcome-based incentives. Using single- and multi-source survey data from 495 small- to medium-sized firms, we find support for our model and its associated hypotheses. Specifically, we find that discretionary slack is significantly influenced by managerial perceptions of environmental munificence and dynamism and, in turn, mediates the impact of these perceptions on corporate entrepreneurship. In addition, we find that discretionary slack's impact on corporate entrepreneurship is significantly enhanced by managements' market sensing capacity but, interestingly, not by outcome-based incentives. 相似文献
This paper analyzes the effects of government size and of the composition of public expenditure on economic development. Using the system-GMM estimator for linear dynamic panel data models, on a sample covering up to 156 countries and 5-year periods from 1980 to 2010, we find that government size as a percentage of GDP has a quadratic (inverted U-shaped) effect on the growth rate of the Human Development Index (HDI). This effect is especially pronounced in developed and high-income countries. We also find that the composition of public expenditure affects development, with the share of five subcomponents exhibiting nonlinear relationships with HDI growth. 相似文献