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1.
Using a sample of S & P 500 firms, we find that golden parachutes are associated with concentrated external ownership, less
concentrated internal ownership, and non-Delaware incorporation. We find little support that concentrated external owners
use golden parachutes as credible commitment devices. The general multivariate results support the incentive alignment hypothesis,
and reaffirm the view that golden parachutes are a mechanism used to align managerial and shareholder interests when there
is a separation between ownership and control. (JEL G32) 相似文献
2.
This article assesses the interaction between inflation and inflation uncertainty in a dynamic framework for Turkey by using
monthly data for the time period 1984–2009. The bulk of previous studies investigating the link between inflation and inflation
uncertainty employ Autoregressive Conditional Heteroskedasticity (ARCH)-type models, which consider inflation uncertainty
as a predetermined function of innovations to inflation specification. The stochastic volatility in mean (SVM) models that
we use allow for gathering innovations to inflation uncertainty and assess the effect of inflation volatility shocks on inflation
over time. When we assess the interaction between inflation and its volatility, the empirical findings indicate that response
of inflation to inflation volatility is positive and statistically significant. However, the response of inflation volatility
to inflation is negative but not statistically significant. 相似文献
3.
Oguzhan Ozcelebi Nurtac Yildirim 《The journal of international trade & economic development》2017,26(2):228-255
In this study, we estimate Bayesian vector autoregression (BVAR) and time-varying structural VAR (TVP-VAR) models for Brazil, Indonesia, Mexico and Turkey to analyze the impacts of short-term interest rates on stock prices and exchange rates considering the relationships between these variables. BVAR and TVP-VAR models’ estimations indicate that monetary policy decisions of these countries lead to capital movements as well as capital movements may create a considerable amount of variation in exchange and stock markets both in the periods of economic stability and financial crisis. We also reveal that increases in interest rates intending to prevent capital outflows may lead to decrease in stock returns, which in turn may deteriorate the real economic activity in Indonesia, while changes in short-term interest rates in Brazil, Indonesia and Turkey cannot be used as a tool to stabilize the value of their home currencies against the USD. Our study highlights the importance of formulating an optimal monetary policy framework accompanied by macro-prudential polices, which help to reach inflation target and smooth the possible variations in exchange rates and stock prices during economic crisis conditions in Brazil, Indonesia, Mexico and Turkey. 相似文献
4.
The authors introduce the theory of intersectionality which refers to the interactivity of social identities such as race, class, and gender in shaping individuals’ experiences. Intersectionality is explored using cases and examples from healthcare services, which involve high contact encounters with consumers who may possess multiple disadvantages (e.g. low income, illness, immigrant status) and therefore make for interesting contexts for intersectional analyses. Intersectionality is proposed as a framework that can shed light on the experiences of consumers who belong to multiple disadvantaged social groups, such as being black and low income, immigrant, and in poor health. Detailed guidelines for conducting intersectionality-driven services research are provided, which take into account the interconnected nature of multiple disadvantages. The authors emphasize that intersectionality offers a holistic look at the co-created nature of services and it can be instrumental in designing tailored and fair services to improve consumer and societal well-being. 相似文献
5.
Canan Yildirim 《The Developing economies》2014,52(2):95-124
This paper investigates the evolution of competition in the Turkish banking industry by taking into account the transformation in the sector in the aftermath of the country's financial crisis of 2000 to 2001 and the global financial crisis. The results demonstrate that the level of competition in the system did not increase despite the restructuring that was undertaken and the increased foreign bank participation. In addition, the level of competition in the sector deteriorated during the global crisis. There is also some evidence that the market power of banks with different ownership characteristics varied and did not converge over time. 相似文献
6.
We use an empirical model to categorize firms into portfolios based on operational risk. Using these portfolios, we show that a strategy of buying firms in the highest decile of operational risk and shorting firms in the lowest decile of operational risk earned a positive but insignificant risk-adjusted average return of 0.72% per month from 1990 to 2000. However, from 2001 to 2010, the same strategy earned a significantly negative risk-adjusted average return of ?1.50% per month. This change occurred during a time characterized by an increasing number of high profile operational losses and regulatory changes surrounding operational risk. 相似文献
7.
We study fixed price temporary equilibria (with rationing) and sequences of temporary equilibria in a three commodities (goods, labor, bonds) overlapping generations model with endogenous investment. Young consumers, living two periods, work, consume, and buy bonds for financing next period's consumption. New firms, existing for two periods, make a production plan for the next period, taking into account expected rationing, assumed similar to present rationing. The plan determines the amount of goods to buy as capital, financed by bonds. Old firms produce, using labor and the previously bought capital. Different regimes exist and expectations can be self-fulfilling and self-destroying.We are grateful to the referees for helpful comments. 相似文献
8.
Since free/libre open source software (FLOSS) promotes collaboration and contributions from different parties in software production and innovation processes, it can create a unique opportunity for developing countries, by generating an innovative capability in software technology. To benefit from this opportunity, it is important to understand the strategic factors and future trends that affect the development of an efficient FLOSS economy in developing countries.This paper aims to examine the strategic factors and future trends that are likely to affect the development and deployment of FLOSS in Turkey. Based on the internal and external factors identified through the practice of technological foresight, a SWOT analysis will be carried out to identify the strengths, weaknesses, opportunities and threats for Turkey in creating a competitive software industry that can benefit from the advantages of FLOSS. Accordingly, with regard to the required technical infrastructure, an innovative/competitive business climate, skilled human resources and support for institutional structures, policy suggestions are outlined here that could be usefully implemented by government, industry and universities. 相似文献
9.
This article investigates the sequencing choice of a buyer who negotiates with the sellers of two complementary objects with uncertain payoffs. The possibility of inefficient trade may generate strict sequencing preference. The buyer begins with the weaker seller if the sellers have diverse bargaining powers and with the stronger one if both sellers are strong bargainers. This sequencing is likely to increase the social surplus. Moreover, the buyer may find it optimal to raise her own acquisition cost by committing to a minimum purchase price or outsourcing. The first‐ and second‐mover advantages for the sellers are also identified. 相似文献
10.