A comparative analysis of perception of dividends by financial managers

This paper is a report about the perception of dividends by Chief financial officers (CFOs). The research encompasses five countries, on three continents, and covers three types of economies. Our cross-sectional study is concerned with both inter- and intra-societal differences that may or may not exist regarding the perception of dividends by those who are in charge of making such decisions in the firm. Using a survey instrument, we find that both similarities and dissimilarities exist inter- and intra-culturally. Perhaps the most important conclusion we reach is that dividend research must take a different track than it has been following so far.     

A generalization to QUAIDS

Previous research shows that consumers’ response to price and income changes is heterogeneous. In addition, evidence from national data often does not support the classical assumption of one commodity-one price. This paper introduces a data coherent generalization to the quadratic form of the almost ideal demand system (g-QUAIDS) that incorporates the sources of heterogeneity in the demand function and allows for regional price variation. Aggregation over consumers imposes a linearization to the g-QUAIDS that requires a new set of price indices. The results from an empirical study by using microdata from the Household Income and Expenditure Survey of Iran highlight the impact of aggregation bias in relation to the level of aggregation. An investigation of the predictive power of linear versus nonlinear g-QUAIDS in different aggregation levels provides practical recommendations for consumer demand analysis.     

Monetary policy in a small open economy with durable goods and differing cash-in-advance constraints

We consider the effects of inflation in a small open economy when expenditures on non-durables are more heavily financed with money than expenditures on durables. The distinctions between non-durables and durables, and asymmetric cash-in-advance constraints give rise to important dynamics.     

Reconsidering patents and economic development: A case study of the Turkish pharmaceutical industry

The role that patents play in Third World economic development has been a subject of growing debate during the last two decades. The empirical evidence, however, has been insufficient to allow a closer evaluation of the contending arguments.The objective of this article is to reconsider the main issues of the debate on patents on the basis of the relatively long experience of non-patentability, that is since 1961, in the Turkish pharmaceutical industry. It is argued here that there is no simple and straightforward relationship between patents and Third World industrialization, either in the way that the supporters of the systems have perceived or on the grounds that the critics have raised their objections.     

Risk sharing in a federation with population mobility and long horizons

In this paper risk sharing among individuals within and across regions in a federation with population mobility and infinite horizons is considered. It is shown that the regional authorities will not fully exploit gains from interregional risk sharing when population mobility is imperfect. In the Nash equilibrium there is complete risk sharing among the individuals within each region, however, which corresponds to the policies of the central authority. Regional authorities who care about their reputation may be able to commit to an efficient allocation. It is possible that improvements in the degree of mobility will make such commitments less likely. JEL Classification: H77, E61, and F36.
Le partage du risque dans une fédération où la population est mobile et l'horizon temporel long. Ce mémoire examine le partage du risque entre personnes à l'intérieur des régions et entre régions dans une fédération où il y a mobilité de la population et horizon temporel infini. On montre que les autorités régionales n'exploiteront pas pleinement les gains en provenance d'un partage inter-régional du risque quand la mobilité de la population est imparfaite. Cependant, dans un équilibre à la Nash, il y a partage complet du risque entre les individus de chaque région, ce qui correspond aux politiques des autorités centrales. Les autorités régionales qui tiennent à leur réputation peuvent être capables de s'engager à une allocation efficace. Il est possible que les améliorations dans le degré de mobilité rendent ces engagements moins probables.     

Durable Goods,Time Preference and The Dynamics of the Current Account

A small open economy model with an endogenous time preference is used to study the current account dynamics when consumption exhibits durability. There is a unique level of instantaneous utility and stock of durables that must be maintained in the steady state. A terms of trade deterioration requires a net asset accumulation and a fall in consumption expenditures along the adjustment path. Nevertheless, the fall in consumption expenditures leads to a fall in the stock of durables, which has to be corrected somewhere along the adjustment path, and which may lead to a non-monotonic adjustment of the current account (J-curve).

Monetary policy in a cash‐in‐advance economy: employment, capital accumulation, and the term structure of interest rates

Abstract.  In this paper we study the effects of monetary policies on employment, capital accumulation, consumption, and the term structure of interest rates in a cash‐in‐advance economy, where money is required for consumption expenditures. Monetary policy involves targeting the inflation rate. The detailed dynamics of the model are fully worked out. As no numerical analysis is involved, we are able to identify very clearly the different channels through which monetary policy will impinge on the important macroeconomic variables. The model is also used to discuss the 'Great Canadian Slump.' JEL Classification: E52 and E43     

Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants

This study utilises higher objectives postulated in Islamic moral economy or the maqasid al-Shari’ah theoretical framework’s novel approach in evaluating the ethical, social, environmental and financial performance of Islamic banks. Maqasid al-Shari’ah is interpreted as achieving social good as a consequence in addition to well-being and, hence, it goes beyond traditional (voluntary) social responsibility. This study also explores the major determinants that affect maqasid performance as expressed through disclosure analysis. By expanding the traditional maqasid al-Shari’ah,, we develop a comprehensive evaluation framework in the form of a maqasid index, which is subjected to a rigorous disclosure analysis. Furthermore, in identifying the main determinants of the maqasid disclosure performance, panel data analysis is used by including several key variables alongside political and socio-economic environment, ownership structures, and corporate and Shari’ah governance-related factors. The sample includes 33 full-fledged Islamic banks from 12 countries for the period of 2008–2016. The findings show that although during the nine-year period the disclosure of maqasid performance of the sampled Islamic banks has improved, this is still short of ‘best practices’. Through panel data analysis, this study finds that the Muslim population indicator, CEO duality, Shari’ah governance, and leverage variables positively impact the disclosure of maqasid performance. However, the effect of GDP, financial development and human development index of the country, its political and civil rights, institutional ownership, and a higher share of independent directors have an overall negative impact on the maqasid performance. The findings reported in this study identify complex and multi-faceted relations between external market realities, corporate and Shari’ah governance mechanisms, and maqasid performance.

     

Combining methods in the technology intelligence process: application in an aerospace manufacturing firm

Technological change is a major factor in gaining competitive advantage in manufacturing industries. Promoting innovation, exploiting technological opportunities and avoiding threats are increasingly important. Firms need to recognise both current and potential future technological advances that can affect their products, services and processes. This paper presents a Technology Intelligence (TI) methodology and toolset, the main purpose of which is to enable companies to monitor and assess technological developments associated with their products, components, processes and other areas of concern. These technology management activities will assist the company in evaluating its environment while taking advantage of technological changes that represent opportunities or threats. The methodology is described in detail and demonstrated using a case study conducted in an aerospace manufacturing firm in the United Kingdom.     

Health care resource utilization and burden of disease in a U.S. Medicare population with a principal diagnosis of osteoarthritis of the knee

Abstract

Aims

To assess the prevalence, health care resource utilization (HCRU), and economic burden of disease among Medicare beneficiaries with a principal diagnosis of osteoarthritis (OA) of the knee.