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1.
This study demonstrates that in contrast to prior research findings on short-term stock returns, long-term stock returns are
positively correlated with inflation. In addition, within the context of a more complete explanatory model, long-term stock
returns are found to be negatively related to changes in long-term interest rates and negatively related to beginning price
to earnings ratios. The significance of these variables in explaining almost all the time series variation in long-term stock
returns demonstrates that changes in stock values are well explained by theory. 相似文献
2.
We examine the role of visibility in influencing government resource allocation across a multiplicity of public goods. We show that a “visibility effect” distorts governmental resource allocation such that it helps explain why governments neglect provision of essential public goods, despite their considerable benefits. We show that greater democratization widens the gap in resource allocation between more visible (such as famine prevention) versus less visible (such as malnutrition prevention) public goods, up to an intermediate level of democracy. Beyond this level, this gap decreases. Furthermore, public goods with low visibility are prone to multiple equilibria in resource allocation, with voter expectations being shown to be important. 相似文献
3.
Anandi P. Sahu 《Journal of Economics and Finance》2008,32(1):91-104
This paper examines the effects of inflation expectations on nominal interest rates, and incentives to save and invest under
partial and complete tax indexation schemes. One would expect that a partially indexed structure would be better than a non-indexed
system. However, this is not the case—it reduces the adverse effects of inflation on the incentives to save, but accentuates
them on the incentives to invest. Moreover, a change from a non-indexed tax structure to a fully-indexed structure will, ceteris
paribus, lead to lower equilibrium interest rates, whereas a switch to a partially indexed system will imply higher rates.
相似文献
Anandi P. SahuEmail: |
4.
Obtaining environmental certification (such as the ISO-14,001) has become a status symbol for adopting greener practices for the corporate sector in emerging economies. Such certification can help improve the global visibility of firms and is mandated in international trade. This paper attempts to examine the impact of such certifications on technical efficiency of firms belonging to the manufacturing sector in India. In analyzing the impact of ISO Certification on technical efficiency, this paper uses data from the CMIE Prowess from 2007 to 2012. In the first step, the paper estimates technical efficiency for the sample firms and then examines the determinants of inter-firm differences in technical efficiency using firm specific characteristics. The results of this study conclude that there are substantial inter-firm differences in technical efficiency and they are systematically different based on firm age, firm size, debt capital, MNE affiliation, and ISO certification. ISO certification, especially maintaining the standards associated with it, turned out to be an important factor in making the firms achieve higher technical efficiency. In addition, the results of this study also confirm that firms that are ISO certified and doing R&D are better off in technical efficiency as compared to others. 相似文献
5.
Journal of Quantitative Economics - The objective of this study is to calculate total factor productivity and determine factors related to energy intensity for the pre-existing manufacturing plants... 相似文献
6.
This study analyses six major cryptocurrencies and four global stock markets to explore the role of cryptocurrencies as a hedge, safe haven, and diversifier in stock markets. The study employs ADCC-GARCH and Wavelet Coherence Technique, using daily data from 4 January 2017 to 28 February 2023. The study has found that stock returns and unstable cryptocurrency returns have high volatility persistence in the long run. Besides, while unstable digital currencies (Bitcoin, Ethereum, Binance Coin, and Dogecoin) serve as a hedge during stable economic periods, they have not been a hedge during economic turmoil in the stock markets. Conversely, stablecoins (Tether and USD Coin) have been shown to have acted as a hedge during normal economic times and have offered a safe haven during economic downturns. Except for Tether, all cryptocurrencies' diversification capacity is time-varying. In stable economic conditions, they serve as diversifiers, but during turmoil, they do not. However, Tether serves as a diversifier regardless of the financial situation. Finally, the present investigation is expected to offer crucial information on hedge, safe haven and diversification for quasi-investors. 相似文献
7.
Initial public and seasoned equity offerings of American depositary receipts (ADRs) yield significantly positive market-adjusted returns both in early trading and over the longer run. This is in sharp contrast with the long-term performance of initial public offerings and seasoned equity offerings of common stocks in general. In addition, ADRs from emerging markets outperform those originating from developed countries, and those listed on the New York Stock Exchange generate higher after-market returns than those trading on the American Stock Exchange or the National Association of Security Dealers Automated Quotation System. 相似文献
8.
We revisit the bounded maximal risk point estimation problem as well as the fixed-width confidence interval estimation problem
for the largest mean amongk(≥2) independent normal populations having unknown means and unknown but equal variance. In the point estimation setup, we
devise appropriate two-stage and modified two-stage methodologies so that the associatedmaximal risk can bebounded from aboveexactly by a preassigned positive number. Kuo and Mukhopadhyay (1990), however, emphasized only the asymptotics in this context.
We have also introduced, in both point and interval estimation problems,accelerated sequential methodologies thereby saving sampling operations tremendously over the purely sequential schemes considered in Kuo and Mukhopadhyay
(1990), but enjoying at the same time asymptotic second-order characteristics, fairly similar to those of the purely sequential
ones. 相似文献
9.
This article presents tests of the random walk hypothesis for the U.S. and world commercial real estate markets along with
the world stock market through utilizing appropriate market indices. The augmented Dickey-Fuller and Phillips-Perron unit
root tests and Cochrane variance ratio test find each of these markets to exhibit random walk behavior. In addition, Johansen-Juselius
cointegration tests reveal that the three markets are not cointegrated. The vector autoregressive model shows little or no
predictive power in explaining the variation in monthly returns. The generalized impulse response functions suggest that shocks
stemming from one market are quickly disseminated to the other markets within two months. (JEL G14, G15) 相似文献
10.