Journal articles on the topic 'Simultaneity Bias'
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Jameson, Mel, James D. Shilling, and C. F. Sirmans. "REGIONAL VARIATION OF MORTGAGE YIELDS AND SIMULTANEITY BIAS." Journal of Financial Research 13, no. 3 (September 1990): 211–19. http://dx.doi.org/10.1111/j.1475-6803.1990.tb00551.x.
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Stroh, Michael C., Ylva M. Pihlström, and Lorant O. Sjouwerman. "Simultaneity and Flux Bias between 43 and 86 GHz SiO Masers." Proceedings of the International Astronomical Union 13, S336 (September 2017): 399–400. http://dx.doi.org/10.1017/s1743921317010109.
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AbstractUsing quasi-simultaneous observations of 86 stars with known SiO maser emission, we searched for systematic differences between the strengths of the 43 and 86 GHz v=1 maser lines. Although for individual stars there is wide scatter between the line strengths spanning nearly an order of magnitude, there is no evidence of a systematic difference between these line strengths for the entire sample.
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Luo, R., J. Hay, and C. Hsiao. "RM1: CONTROLLING FOR SIMULTANEITY BIAS IN OUTCOME STUDIES USING PANEL DATA." Value in Health 2, no. 3 (May 1999): 137. http://dx.doi.org/10.1016/s1098-3015(11)70845-2.
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Green, Donald Philip. "The Effects of Measurement Error on Two-Stage, Least-Squares Estimates." Political Analysis 2 (1990): 57–74. http://dx.doi.org/10.1093/pan/2.1.57.
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Two-stage least squares (2SLS) is a statistical procedure that is used to correct for simultaneity bias and errors in variables. When applied to certain kinds of models, however, 2SLS is itself susceptible to bias as a result of random and nonrandom measurement error in the data. Using data from the 1980 Center for Political Studies panel, I show how different assumptions about measurement error produce radically different impressions about the reciprocal relationship between party identification and presidential performance evaluations.
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Migliorati, Daniele, Filippo Zappasodi, Mauro Gianni Perrucci, Brunella Donno, Georg Northoff, Vincenzo Romei, and Marcello Costantini. "Individual Alpha Frequency Predicts Perceived Visuotactile Simultaneity." Journal of Cognitive Neuroscience 32, no. 1 (January 2020): 1–11. http://dx.doi.org/10.1162/jocn_a_01464.
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Temporal encoding is a key feature in multisensory processing that leads to the integration versus segregation of perceived events over time. Whether or not two events presented at different offsets are perceived as simultaneous varies widely across the general population. Such tolerance to temporal delays is known as the temporal binding window (TBW). It has been recently suggested that individual oscillatory alpha frequency (IAF) peak may represent the electrophysiological correlate of TBW, with IAF also showing a wide variability in the general population (8–12 Hz). In our work, we directly tested this hypothesis by measuring each individual's TBW during a visuotactile simultaneity judgment task while concurrently recording their electrophysiological activity. We found that the individual's TBW significantly correlated with their left parietal IAF, such that faster IAF accounted for narrower TBW. Furthermore, we found that higher prestimulus alpha power measured over the same left parietal regions accounted for more veridical responses of non-simultaneity, which may be explained either by accuracy in perceptual simultaneity or, alternatively, in line with recent proposals by a shift in response bias from more conservative (high alpha power) to more liberal (low alpha power). We propose that the length of an alpha cycle constrains the temporal resolution within which perceptual processes take place.
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Swamy, Paravastu Ananta Venkata Bhattanatha, I.-Lok Chang, Peter von zur Muehlen, and Amit Achameesing. "The Role of Coefficient Drivers of Time-Varying Coefficients in Estimating the Total Effects of a Regressor on the Dependent Variable of an Equation." Journal of Risk and Financial Management 15, no. 8 (July 27, 2022): 331. http://dx.doi.org/10.3390/jrfm15080331.
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Typically, the explanatory variables included in a regression model, in conjunction with the omitted relevant regressors implied by the usual error term, have both direct and indirect effects on the dependent variable. Attempts to obtain their separate estimates have been plagued with simultaneity issues. To circumvent these problems, this paper defines their sum as “total effects”, develops a time-varying coefficients methodology for their estimation without simultaneity bias, and applies these techniques to estimate the total effects of commercial bank credit per-capita on real GDP per-capita in Mauritius. An innovation is the introduction of extraneous variables that act as “coefficient drivers” chosen on the basis of best predictive performance, as measured by the smallest value of Theil’s U-statistic we were able to locate in the estimation.
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Geishecker, Ingo. "Simultaneity bias in the analysis of perceived job insecurity and subjective well-being." Economics Letters 116, no. 3 (September 2012): 319–21. http://dx.doi.org/10.1016/j.econlet.2012.03.018.
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HASAN, SYED. "GREAT ENGINES TURN ON SMALL PIVOTS: A PRODUCTIVITY ANALYSIS OF SMALL-SCALE MANUFACTURING IN PUNJAB, PAKISTAN." Journal of Developmental Entrepreneurship 23, no. 03 (September 2018): 1850014. http://dx.doi.org/10.1142/s1084946718500140.
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This paper uses estimates of total factor productivity of small enterprises to identify the reasons underlying idiosyncratic variation. Empirical analysis is used to segregate internal and external determinants of productivity using a novel dataset. For reliable estimation, the baseline estimates are corrected for simultaneity bias using instrumental variables and selectivity bias through Heckman correction. Results identify significance of factors operating within firms; educational qualification and professional training of entrepreneurs for higher levels of productivity and the external drivers of productivity differences; sources of energy, selective access to credit and agglomeration economies. The research has important implications for entrepreneurs and policy intervention.
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LAVÍN, FELIPE VÁSQUEZ, JORGE DRESDNER, and RENATO AGUILAR. "The value of air quality and crime in Chile: a hedonic wage approach." Environment and Development Economics 16, no. 3 (February 4, 2011): 329–55. http://dx.doi.org/10.1017/s1355770x10000483.
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ABSTRACTWe estimate the implicit prices of the crime rate and airborne pollution in Chile, using spatially compensating price differentials in the housing and labor markets. We evaluate empirically the impact of different estimation strategies for the wage and rent equations, on the economic value of these two amenities. The results show that increments in the crime rate or in air pollution have a negative impact on welfare and that the estimated welfare measures and their variances are sensitive to selection bias, endogenous amenities and clustering effects. In contrast, the welfare measures do not seem to be very sensitive to the simultaneity bias.
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EZEIBEKWE, OBINNA FRANKLIN. "FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN THE PRESENCE OF SIMULTANEITY BIAS: PANEL DATA EVIDENCE." Review of Economic and Business Studies 13, no. 1 (2020): 47–67. http://dx.doi.org/10.1515/rebs-2020-0103.
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Dawkins, Mark C. "Simultaneity bias in mortgage lending: A test of simultaneous equations models on bank-specific data." Journal of Banking & Finance 26, no. 8 (August 2002): 1593–613. http://dx.doi.org/10.1016/s0378-4266(01)00174-1.
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Franzese, Robert J., and Jude C. Hays. "Spatial Econometric Models of Cross-Sectional Interdependence in Political Science Panel and Time-Series-Cross-Section Data." Political Analysis 15, no. 2 (2007): 140–64. http://dx.doi.org/10.1093/pan/mpm005.
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In this paper, we demonstrate the econometric consequences of different specification and estimation choices in the analysis of spatially interdependent data and show how to calculate and present spatial effect estimates substantively. We consider four common estimators—nonspatial OLS, spatial OLS, spatial 2SLS, and spatial ML. We examine analytically the respective omitted-variable and simultaneity biases of nonspatial OLS and spatial OLS in the simplest case and then evaluate the performance of all four estimators in bias, efficiency, and SE accuracy terms under more realistic conditions using Monte Carlo experiments. We provide empirical illustration, showing how to calculate and present spatial effect estimates effectively, using data on European governments' active labor market expenditures. Our main conclusions are that spatial OLS, despite its simultaneity, performs acceptably under low-to-moderate interdependence strength and reasonable sample dimensions. Spatial 2SLS or spatial ML may be advised for other conditions, but, unless interdependence is truly absent or minuscule, any of the spatial estimators unambiguously, and often dramatically, dominates on all three criteria the nonspatial OLS commonly used currently in empirical work in political science.
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Brachert, Matthias, Walter Hyll, and Mirko Titze. "On the simultaneity bias in the relationship between risk attitudes, entry into entrepreneurship and entrepreneurial survival." Applied Economics Letters 24, no. 7 (July 8, 2016): 477–80. http://dx.doi.org/10.1080/13504851.2016.1203056.
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Katmon, Nooraisah, and Omar Al-Farooque. "The Reciprocal Relationship Between Earnings Management, Disclosure Quality and Board Independence: UK Evidence." Research in World Economy 10, no. 5 (December 24, 2019): 63. http://dx.doi.org/10.5430/rwe.v10n5p63.
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We empirically examine the reciprocal relationships between disclosure quality, board independence and earnings management. Disclosure quality is measured using the IR Magazine Award, the number of forward looking information in the annual report as well as the analyst forecast accuracy. We estimate earnings management using modified Jones Model, while board independence is measured using the percentage of independent directors in the board. We remedied the simultaneity bias in our study using a simultaneous system of equation, which was estimated using two-stage least square regression (2SLS). Match-paired samples comprised of the winners and non-winners of the IR Magazine Award during the years from 2005-2008 were employed in our study. Our finding reported that there is a negative reciprocal relationship between disclosure quality and earnings management. We notice that these findings are robust across all disclosure quality measurement that we utilised in our 2 Stage Least Square (2SLS) regression. Only one way (negative) causality between board independence and earnings management is demonstrated (in the board independence equation). In regards to disclosure quality and board independence, we found mixed findings. In this instance, our result demonstrated that there is no reciprocal relationship between disclosure quality and board independence (measured using IRAWARD). Nonetheless, we reported a positive reciprocal relationship between board independence and disclosure quality when forward looking information is utilized as to represent disclosure quality and a negative relationship between these variables when analyst forecast accuracy is employed. Our finding suggests that future research should take into account the potential simultaneity bias when examining the relationship between disclosure quality, earnings management and board independence.
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Guerrini, Chiara, Giovanni Berlucchi, Emanuela Bricolo, and Salvatore M. Aglioti. "Temporal Modulation of Spatial Tactile Extinction in Right-Brain-Damaged Patients." Journal of Cognitive Neuroscience 15, no. 4 (May 1, 2003): 523–36. http://dx.doi.org/10.1162/089892903321662912.
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Unilateral and bilateral electrotactile stimuli were delivered to both hands of 11 right-brain-damaged (RBD) patients with left tactile extinction and 20 healthy subjects. Bimanual stimuli could be presented simultaneously or with varying stimulus onset asynchronies (SOAs). Subjects indicated their detection of unilateral or bilateral stimuli, their judgements of whether stimuli were simultaneous or successive, and, in the latter case, which side came first. In RBD patients, extinction was maximal with simultaneous presentations and decreased as SOA increased. With short SOAs, omissions of left-sided stimuli occurred with both right-side and left-side stimulus precedence, suggesting a forward and backward interference of the right stimulus on the processing of the left stimulus within a time window of at least 100 msec. In contrast, there was no interference of the left stimulus on the detection of the right stimulus. Unlike controls, extinction patients rarely expressed simultaneity judgements, but those that were produced tended to be veridical or nearly so, like in normal controls. Whereas controls expressed generally accurate judgements of right or left precedence, patients showed a bias toward a right precedence and a maximal uncertainty between left-first and right-first choices when the left stimulus had a lead between 100 and 200 msec. The results are consistent with the hypothesis that, as in other sensory modalities, tactile extinction is associated with an abnormal persistent bias of attention toward the ipsilesional side that delays the processing of contralesional stimuli. However, the finding that both extinction and explicit judgements of simultaneity tended to occur with simultaneous bilateral stimuli suggest the presence of some residual neural capacity to detect precise temporal coincidence.
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YUSUF, ARIEF ANSHORY, and PHOEBE KOUNDOURI. "Willingness to pay for water and location bias in hedonic price analysis: evidence from the Indonesian housing market." Environment and Development Economics 10, no. 6 (November 21, 2005): 821–36. http://dx.doi.org/10.1017/s1355770x05002548.
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Hedonic valuation of quality attributes can be misleading when the assumption that these attributes are exogenous to sample selection is violated. This paper considers the simultaneity between hedonic valuation and sample selection in the context of a model of consumer behavior over packaged goods and investigates empirically how the decision on house location (urban/rural) affects the household's valuation of water-related characteristics of the house in question. The empirical analysis uses data from the Indonesian housing market and suggests that households value access to safe and improved domestic water sources. However, failing to correct for sample selection results in a biased valuation of willingness to pay for house characteristics. This might misguide policy recommendations for improved provision of domestic water, based on cost–benefit analysis.
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Yezer, Anthony M. J., Robert F. Phillips, and Robert P. Trost. "Bias in estimates of discrimination and default in mortgage lending: The effects of simultaneity and self-selection." Journal of Real Estate Finance and Economics 9, no. 3 (November 1994): 197–215. http://dx.doi.org/10.1007/bf01099273.
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Blecker, Robert A., Michael Cauvel, and Y. K. Kim. "Systems estimation of a structural model of distribution and demand in the US economy." Cambridge Journal of Economics 46, no. 2 (January 11, 2022): 391–420. http://dx.doi.org/10.1093/cje/beab052.
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Abstract This paper investigates non-cyclical, short-run relationships between income distribution and the components of aggregate demand in the US from 1963–2016. Previous studies using this ‘structural’ methodology have typically found that demand is wage-led in most large, advanced economies. However, these studies have been criticised for treating total output and the wage share as exogenous, potentially leading to simultaneity bias. This paper corrects for such possible bias as well as common shocks to the equations by using systems GMM. Surprisingly, these estimates imply that private-sector aggregate demand is more, rather than less, wage-led (or in some cases, less profit-led) compared with OLS estimates of identically specified models. This paper is also the first to provide separate estimates of non-residential and residential investment functions and to distinguish the effects of shocks to different underlying determinants of the wage share (unit labour costs and firms’ monopoly power), finding that these differ qualitatively.
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Ndour, Cheikh Tidiane. "Urbanisation et émission de CO2 en Afrique : quel rôle pour la gouvernance?" Revue Internationale des Économistes de Langue Française 7, no. 1 (2022): 39–56. http://dx.doi.org/10.18559/rielf.2022.1.3.
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This paper determines how good governance complements or counteracts urbanisation in the fight of environmental degradation, including the reduction of CO2 emissions, for 45 African countries over the period 2000–2014. Governance is measured through the six dimensions of the Kaufman governance indicators. Urbanisation is assessed by the urbanisation rate, which refers to the urban population as a proportion of the total population. The empirical evidence is based on the two-stage generalized method of moments (GMM), which eliminates simultaneity bias and considers cross-country variations. Overall, the results show that good governance has a significant effect on reducing CO2 emissions. It is a means to mitigate the potential effect of urbanisation on environmental degradation. The results recommend that governance must be consider in urbanisation policies to achieve a clean environment.
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Ansolabehere, Stephen D., Shanto Iyengar, and Adam Simon. "Replicating Experiments Using Aggregate and Survey Data: The Case of Negative Advertising and Turnout." American Political Science Review 93, no. 4 (December 1999): 901–9. http://dx.doi.org/10.2307/2586120.
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Experiments show significant demobilizing and alienating effects of negative advertising. Although internally valid, experiments may have limited external validity. Aggregate and survey data offer two ways of providing external validation for experiments. We show that survey recall measures of advertising exposure suffer from problems of internal validity due to simultaneity and measurement error, which bias estimated effects of ad exposure. We provide valid estimates of the causal effects of ad exposure for the NES surveys using instrumental variables and find that negative advertising causes lower turnout in the NES data. We also provide a careful statistical analysis of aggregate turnout data from the 1992 Senate elections that Wattenberg and Brians (1999) recommend. These aggregate data confirm our original findings. Experiments, surveys, and aggregate data all point to the same conclusion: Negative advertising demobilizes voters.
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Alka, Kilishi Adamu. "Is There Really a Foreign Ownership Productivity Advantage? Evidence from Nigerian Manufacturing Firms." Journal of African Economies 29, no. 5 (July 6, 2020): 475–90. http://dx.doi.org/10.1093/jae/ejaa003.
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ABSTRACT The role of foreign ownership of an enterprise in impacting their performance is a vital policy issue for Africa. In this paper, panel data for manufacturing firms is used to investigate that role in Nigeria. After controlling for unobserved firm heterogeneity, inputs simultaneity, measurement errors and possible selection bias, I find that foreign ownership has a positive, but statistically insignificant, effect on total factor productivity (TFP). However, foreign-owned firms operate on a far larger scale than domestic ones, with much higher levels of employment, capital intensity and labour productivity. As it is labour productivity that determines the ability of firms to pay higher wages, the evidence presented in this paper suggests it is their ability to operate at higher scale, rather than having higher TFP, is what characterises foreign-owned firms in Nigeria.
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Jublie, Aditi, and Devpriya Kumar. "Early Capture of Attention by Self-Face: Investigation Using a Temporal Order Judgment Task." i-Perception 12, no. 4 (July 2021): 204166952110329. http://dx.doi.org/10.1177/20416695211032993.
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Earlier work on self-face processing has reported a bias in the processing of self-face result in faster response to self-face in comparison to other familiar and unfamiliar faces (termed as self-face advantage or SFA). Even though most studies agree that the SFA occurs due to an attentional bias, there is little agreement regarding the stage at which it occurs. While a large number of studies show self-face influencing processing later at disengagement stage, early event-related potential components show differential activity for the self-face suggesting that SFA occurs early. We address this contradiction using a cueless temporal order judgment task that allows us to investigate early perceptual processing, while bias due to top-down expectation is controlled. A greater shift in point of subjective simultaneity for self-face would indicate a greater processing advantage at early perceptual stage. With help of two experiments, we show an early perceptual advantage for self-face, compared to both a friend’s face and an unfamiliar face (Experiment 1). This advantage is present even when the effect of criterion shift is minimized (Experiment 2). Interestingly, the magnitude of advantage is similar for self-friend and self-unfamiliar pair. The evidence from the two experiments suggests early capture of attention as a likely reason for the SFA, which is present for the self-face but not for other familiar faces.
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Constable, Merryn D., Timothy N. Welsh, Greg Huffman, and Jay Pratt. "I before U: Temporal order judgements reveal bias for self-owned objects." Quarterly Journal of Experimental Psychology 72, no. 3 (March 12, 2018): 589–98. http://dx.doi.org/10.1177/1747021818762010.
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A multitude of studies demonstrate that self-relevant stimuli influence attention. Self-owned objects are a special class of self-relevant stimuli. If a self-owned object can indeed be characterised as a self-relevant stimulus then, consistent with theoretical predictions, a behavioural effect of ownership on attention should be present. To test this prediction, a task was selected that is known to be particularly sensitive measure of the prioritisation of visual information: the temporal order judgement. Participants completed temporal order judgements with pictures of “own” and “experimenter” owned objects (mugs) presented on either side of a central fixation cross. There was a variable onset delay between each picture, ranging between 0 ms and 105 ms, and participants were asked to indicate which mug appeared first. The results indicated a reliable change in the point of subjective simultaneity (PSS) in favour of their own mug. Such a change in the PSS was not observed for two groups of participants who were exposed to a mug but did not keep the mug. A further experiment indicated that the source of the bias in PSS was more consistent with a criterion shift or top-down attentional prioritisation rather than a perceptual bias. These findings suggest that ownership, beyond mere-touch, mere-choice, or familiarity, leads to prioritised processing and responses, but the mechanism underlying the effect is not likely to be perceptual in nature.
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Lebedinski, Lara, and Vincent Vandenberghe. "Assessing education’s contribution to productivity using firm-level evidence." International Journal of Manpower 35, no. 8 (October 28, 2014): 1116–39. http://dx.doi.org/10.1108/ijm-06-2012-0090.
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Purpose – There is plenty of individual-level evidence, based on the estimation of Mincerian equations, showing that better-educated individuals earn more. This is usually interpreted as a proof that education raises labour productivity. Some macroeconomists, analysing cross-country time series, also support the idea that the continuous expansion of education has contributed positively to growth. Surprisingly, most economists with an interest in human capital have neglected the level of the firm to study the education-productivity-wage nexus. And the few published works considering firm-level evidence are lacking a proper strategy to cope with the endogeneity problem inherent to the estimation production and wage functions. The purpose of this paper is to aim at providing estimates of the causal effect of education on productivity and wage labour costs. Design/methodology/approach – This paper taps into a rich, firm-level, Belgian panel database that contains information on productivity, labour cost and the workforce’s educational attainment to deliver estimates of the causal effect of education on productivity and wage/labour costs. Therefore, it exclusively resorts to within firm changes to deal with time-invariant heterogeneity bias. What is more, it addresses the risk of simultaneity bias (endogeneity of firms’ education-mix choices in the short run) using the structural approach suggested by Ackerberg et al. (2006), alongside more traditional system-GMM methods (Blundell and Bond, 1998) where lagged values of labour inputs are used as instruments. Findings – Results suggest that human capital, in particular larger shares of university-educated workers inside firms, translate into significantly higher firm-level labour productivity, and that labour costs are relatively well aligned on education-driven labour productivity differences. In other words, the authors find evidence that the Mincerian relationship between education and individual wages is driven by a strong positive link between education and firm-level productivity. Originality/value – Surprisingly, most economists with an interest in human capital have neglected the level of the firm to study the education-productivity-pay nexus. Other characteristics of the workforce, like gender or age have been much more investigated at the level of the firm by industrial or labour economists (Hellerstein et al., 1999; Aubert and Crépon, 2003; Hellerstein and Neumark, 2007; Vandenberghe, 2011a, b, 2012; Rigo et al., 2012; Dostie, 2011; van Ours and Stoeldraijer, 2011). At present, the small literature based on firm-level evidence provides some suggestive evidence of the link between education, productivity and pay at the level of firms. Examples are Hægeland and Klette (1999); Haltiwanger et al. (1999). Other notable papers examining a similar question are Galindo-Rueda and Haskel (2005), Prskawetz et al. (2007) and Turcotte and Whewell Rennison (2004). But, despite offering plausible and intuitive results, many of the above studies essentially rely on cross-sectional evidence and most of them do not tackle the two crucial aspects of the endogeneity problem affecting the estimation of production and wage functions (Griliches and Mairesse, 1995): first, heterogeneity bias (unobserved time-invariant determinants of firms’ productivity that may be correlated to the workforce structure) and second, simultaneity bias (endogeneity in input choice, in the short-run, that includes the workforce mix of the firm). While the authors know that labour productivity is highly heterogeneous across firms (Syverson, 2011), only Haltiwanger et al. (1999) control for firm level-unobservables using firm-fixed effects. The problem of simultaneity has also generally been overlooked. Certain short-term productivity shocks affecting the choice of labour inputs, can be anticipated by the firms and influence their employment decision and thus the workforce mix. Yet these shocks and the resulting decisions by firms’ manager are unobservable by the econometrician. Hægeland and Klette (1999) try to solve this problem by proxying productivity shocks with intermediate goods, but their methodology inspired by Levinsohn and Petrin (2003) suffers from serious identification issues due to collinearity between labour and intermediate goods (Ackerberg et al., 2006).
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Dimock, Wai Chee. "A Theory of Resonance." PMLA/Publications of the Modern Language Association of America 112, no. 5 (October 1997): 1060–71. http://dx.doi.org/10.2307/463483.
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Does a literary text remain the same object across time? This essay answers no and bases a defense of literature on that answer. Temporal extension, a phenomenon neglected in contemporary literary studies, makes some meanings unrecoverable and others newly possible. A text endures as a nonintegral survivor, an echo of what it was and of what it might become, its resonance changing with shifts in interpretive contexts. Since this resonance cannot be addressed by synchronic historicism, I propose an alternative, diachronic historicism, inspired especially by scientific theories on background noise, by Einstein's account of the relativity of simultaneity, and by critiques of the visual bias in Western epistemology. I try to theorize the text as a temporal continuum, thick with receding and incipient nuances, exercising the ears of readers in divergent ways and yielding its words to contrary claims. Literature thus encourages a semantic democracy that honors disagreement as a crucial fact of civil society.
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Stevens, Nathaniel T., Anindya Sen, Francis Kiwon, Plinio P. Morita, Stefan H. Steiner, and Qihuang Zhang. "Estimating the Effects of Non-Pharmaceutical Interventions (NPIs) and Population Mobility on Daily COVID-19 Cases: Evidence from Ontario." Canadian Public Policy COVID-19 (August 13, 2020): e2021022. http://dx.doi.org/10.3138/cpp.2021-022.
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This study employs COVID-19 case counts and Google mobility data for twelve of Ontario’s largest Public Health Units from Spring 2020 until the end of January 2021 to evaluate the effects of Non-Pharmaceutical Interventions (NPIs: policy restrictions on business operations and social gatherings) and population mobility on daily cases. Instrumental Variables (IV) estimation is used to account for potential simultaneity bias, as both daily COVID-19 cases and NPIs are dependent on lagged case numbers. IV estimates based on differences in lag lengths to infer causal estimates, imply that the implementation of stricter NPIs and indoor mask mandates are associated with COVID-19 case reductions. Further, estimates based on Google mobility data suggest that increases in workplace attendance are correlated with higher case counts. Finally, from October 2020 to January 2021, daily Ontario forecasts from Box-Jenkins time-series models are more accurate than official forecasts and forecasts from a Susceptible-Infected-Removed (SIR) epidemiology model.
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Fanta, Ashenafi Beyene. "The Finance-Growth Nexus: Evidence from Emerging Markets." Journal of Economics and Behavioral Studies 7, no. 6(J) (December 30, 2015): 13–23. http://dx.doi.org/10.22610/jebs.v7i6(j).614.
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The finance growth literature ignores the role of bond markets in financing private investments. Moreover, the impact of bank crisis on the finance growth link has been largely overlooked. This paper aims at casting light at the finance growth link in emerging economies by accounting for bond markets and controlling for banking sector crises. Data on economic growth and financial development indicators for 15 emerging economies (drawn from Africa, Asia, Latin America, and Europe) were analysed using a system generalized-method-of-moments (GMM) technique. It is observed that while banking sector development is related to economic growth (albeit negatively), no statistically significant relation is observed between stock markets and or bonds markets and economic growth. Moreover, a banking crisis is found to affect the finance growth link in such a manner that the link weakens when a banking crisis is introduced to the model. Our results are robust to omitted variable bias, simultaneity problem, heteroscedasticity and autocorrelation.
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Kenny, Christopher, and Michael McBurnett. "An Individual-Level Multiequation Model of Expenditure Effects in Contested House Elections." American Political Science Review 88, no. 3 (September 1994): 699–707. http://dx.doi.org/10.2307/2944804.
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We shall address questions concerning the impact of candidate spending in congressional elections in a new way. We develop a multiequation model of congressional vote choice that takes the endogeneity of expenditures into account. We then estimate both this model and the more traditional single-equation model using individual level survey data. The substantial differences we find between the two models indicates that the simultaneity bias present in the single-equation model is not trivial. The challenger and incumbent expenditure terms are each significant (whereas only challenger expenditures are in the single-equation setup) and of much greater magnitude in the multiequation case. In addition, we evaluate hypotheses grounded in persuasive communications theory concerning the type of individuals most affected by the messages emanating from the campaigns. We find that individuals with higher education, those with greater interest in campaigns, and those with strongly held convictions are unaffected by candidate spending, whereas individuals lacking each of these attributes are greatly influenced by campaign expenditures.
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Kuschel, Katherina. "The Work-family Field: Gaps and Missing Links as Opportunities for Future Research." Innovar 27, no. 66 (October 1, 2017): 57–74. http://dx.doi.org/10.15446/innovar.v27n66.66711.
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This review presents a synthesis and a critique of the development of the existing workfamily (WF) literature during the last decade in order to highlight gaps and limitations in current research. The study revises 83 peer-reviewed articles, book chapters and conference presentations (2004-2014) related to WF in economics, management and psychology disciplines, and classifies the current research into three broad themes for future research paths: i) definitions and theories; ii) background and outcomes of wf conflict, balance and enrichment; and iii) methodological gaps. Advances have been made this decade on meta-analysis and the understanding of the positive side of WF interface. Future research opportunities in this field will include a deeper understanding of how to effectively cope with WF conflict, how to achieve WF enrichment, the use of different methods (qualitative, longitudinal and experimental studies) on samples of new occupations, and how researchers could address methodological problems (causality, endogeneity, simultaneity, effect size, and self-selection bias) to better handle the complexity of WF issues.
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Kim, Yoonsang, Lisa Vera, Jidong Huang, and Sherry Emery. "Marijuana Content on Digital Media and Marijuana Use among Young People in the United States." Cannabis 5, no. 2 (July 11, 2022): 74–84. http://dx.doi.org/10.26828/cannabis/2022.02.007.
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Health behavior theory establishes that exposure to media messages about a topic influences related knowledge, attitudes, and behavior. Marijuana-related messages proliferating on digital media likely affect attitudes and behavior about marijuana. Most research studying marijuana-related media effects on behavior relies on self-reported survey measures, which are subject to bias; people find it difficult to recall timing, frequency, and sources of messages. We calculated an exogenous measure of exposure to marijuana-related messages on digital media based on emerging public communication environment (PCE) theory. Aggregated online searches and social media posts related to marijuana for a given place reflect the marijuana-related PCE, where people are exposed to and engage with messages from multiple sources. Exogenous measures overcome bias in self-reported exposure and outcome data: simultaneity bias and endogeneity. The PCE reflects both potential exposure and relative importance of the topic in the local community, which may influence real-world marijuana use. Using 2017 Twitter and Google Search data, we measured the marijuana-related PCE to quantify where opportunities for exposure to marijuana-related posts were high and examined relationships between potential exposure and current marijuana use among youth and young adults in 2018. We found that marijuana-related online search and tweeting at the media market level are associated with offline marijuana use, controlling for demographics and state marijuana policy. The marijuana-related digital media environment may reflect and/or influence youth and young adult marijuana use. Social media and online search data offer platforms to monitor the marijuana-related PCE and supplement survey data to study media exposure and marijuana use behavior.
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Heins, Nina, Jennifer Pomp, Daniel S. Kluger, Stefan Vinbrüx, Ima Trempler, Axel Kohler, Katja Kornysheva, Karen Zentgraf, Markus Raab, and Ricarda I. Schubotz. "Surmising synchrony of sound and sight: Factors explaining variance of audiovisual integration in hurdling, tap dancing and drumming." PLOS ONE 16, no. 7 (July 22, 2021): e0253130. http://dx.doi.org/10.1371/journal.pone.0253130.
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Auditory and visual percepts are integrated even when they are not perfectly temporally aligned with each other, especially when the visual signal precedes the auditory signal. This window of temporal integration for asynchronous audiovisual stimuli is relatively well examined in the case of speech, while other natural action-induced sounds have been widely neglected. Here, we studied the detection of audiovisual asynchrony in three different whole-body actions with natural action-induced sounds–hurdling, tap dancing and drumming. In Study 1, we examined whether audiovisual asynchrony detection, assessed by a simultaneity judgment task, differs as a function of sound production intentionality. Based on previous findings, we expected that auditory and visual signals should be integrated over a wider temporal window for actions creating sounds intentionally (tap dancing), compared to actions creating sounds incidentally (hurdling). While percentages of perceived synchrony differed in the expected way, we identified two further factors, namely high event density and low rhythmicity, to induce higher synchrony ratings as well. Therefore, we systematically varied event density and rhythmicity in Study 2, this time using drumming stimuli to exert full control over these variables, and the same simultaneity judgment tasks. Results suggest that high event density leads to a bias to integrate rather than segregate auditory and visual signals, even at relatively large asynchronies. Rhythmicity had a similar, albeit weaker effect, when event density was low. Our findings demonstrate that shorter asynchronies and visual-first asynchronies lead to higher synchrony ratings of whole-body action, pointing to clear parallels with audiovisual integration in speech perception. Overconfidence in the naturally expected, that is, synchrony of sound and sight, was stronger for intentional (vs. incidental) sound production and for movements with high (vs. low) rhythmicity, presumably because both encourage predictive processes. In contrast, high event density appears to increase synchronicity judgments simply because it makes the detection of audiovisual asynchrony more difficult. More studies using real-life audiovisual stimuli with varying event densities and rhythmicities are needed to fully uncover the general mechanisms of audiovisual integration.
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Martins, Rita, and Adelino Fortunato. "Residential water demand under block rates – a Portuguese case study." Water Policy 9, no. 2 (April 1, 2007): 217–30. http://dx.doi.org/10.2166/wp.2007.004.
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A residential water demand equation is estimated using a panel data sample of five Portuguese local communities and 72 months, corresponding to a total number of 360 observations. Because of the presence of multi-part tariffs, we use the two common price-related variables: marginal price and difference as explanatory variables. To prevent the simultaneity bias from using observed quantities to determine the values of marginal price and difference directly from the rate schedule, we use an instrumental variable approach to create a constant marginal price and difference parameters for each rate structure. The price elasticity values obtained fall within the range of those found in other case studies. Thus, although presenting weak elasticity, price seems to play a role in water demand management. However, we do not confirm the expected influence of difference on residential water demand. This can be a consequence of the complexity of the Portuguese water tariffs and the confusing signs that come from the simultaneous use of fixed quotas and increasing block tariffs. So, it is imperative to clarify water tariffs objectives by reviewing the Portuguese water tariffs design processes.
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SAKAI, Hirotsugu. "WHY HAVE R&D-INTENSIVE INDUSTRIES IN JAPAN EXPERIENCED A RECENT DECLINE IN PERFORMANCE? EVIDENCE FROM PANEL DATA OF LISTED FIRMS IN JAPANESE R&D-INTENSIVE INDUSTRIES." Journal of Business Economics and Management 17, no. 4 (July 8, 2016): 527–45. http://dx.doi.org/10.3846/16111699.2016.1200998.
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Previous studies show that the rate of return on research and development (R&D) capital is high. However, R&D-intensive industries in Japan have recently experienced a decline in performance. This study estimates the rate of return on R&D capital and physical capital as well as total factor productivity (TFP) to solve this puzzle. The rate of return is properly estimated applying the methods, which deal with simultaneity bias issues. After Japan entered the “lost decade”, the rate of return on R&D capital dropped significantly, while the rate on physical capital did not. This trend cannot be found by the methods without considering the issues, typically used in previous studies. The slowdown of TFP growth occurs coincidentally with a declining rate of return on R&D capital, which suggests the importance of innovations that enable effective use of R&D capital. Considering the trends, the declining rate of return on R&D capital along with the slowdown of TFP growth are the main causes of the low performance of recent R&D-intensive industries. The results of this paper also offer suggestions on economic policies and growth strategies.
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Yarrow, Kielan, Ingvild Sverdrup-Stueland, and Derek Arnold. "Sensorimotor temporal recalibration within and across limbs." Seeing and Perceiving 25 (2012): 137. http://dx.doi.org/10.1163/187847612x647694.
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Repeated presentation of artificially induced delays between actions and events leads to shifts in participants’ subjective simultaneity towards the adapted lag. This sensorimotor temporal recalibration generalises across sensory modalities, presumably via a shift in the motor component. Here we examined two overlapping questions regarding (1) the level of representation of temporal recalibration (by testing whether it also generalises across limbs) and (2) the neural underpinning of the shift in the motor component (by comparing adaption magnitude in the foot relative to the hand). An adaption-test paradigm was used, with hand or foot adaptation, and same-limb and cross-limb test phases that used a synchrony judgement task. By demonstrating that temporal recalibration occurs in the foot, we confirmed that it is a robust motor phenomenon. Shifts in the distribution of participants’ synchrony responses were quantified using a detection-theoretic model of the SJ task, where a shift of both boundaries together gives a stronger indication that the effect is not simply a result of decision bias. The results showed a significant shift in both boundaries in the same-limb conditions, whereas there was only a shift of the higher boundary in the cross-limb conditions. These two patterns most likely reflect a genuine shift in neural timing, and a criterion shift, respectively.
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Qu, Gang, Jingguo Wang, Xin Lu, Qi Xu, and Qi Wang. "Network Configuration in App Design: The Effects of Simplex and Multiplex Networks on Team Performance." Journal of the Association for Information Systems 23, no. 6 (2022): 1532–56. http://dx.doi.org/10.17705/1jais.00770.
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Members of mobile app design teams collaborate with each other to accomplish tasks and/or to socialize. However, how network configuration of instrumental and expressive interactions affects team creativity, efficiency, and satisfaction has not yet been studied. Accounting for both simplex and multiplex social networks in teams, this study develops a research model examining the mechanisms by which the centralization of different types of networks impacts team performance. To test our research hypotheses, we collected data from 62 student teams working on an app design class project. We found that the centralization of the instrumental-expressive multiplex network reduces teams’ information elaboration and similarity perception; the centralization of the instrumental simplex network is beneficial to information elaboration; and team information elaboration positively influences team creativity, efficiency, and satisfaction. We also found that team similarity perception negatively affects team creativity and positively affects team satisfaction. To alleviate concerns about the potential simultaneity bias between network configuration and information elaboration or similarity perception, we replicated the results based on a cross-lagged analysis with additional data collected from 48 design teams at two points: at team establishment and at project completion. This paper contributes to the literature on software development by examining the mechanisms via which the configuration of multiplex and simplex networks affects team performance.
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Salvioni, Cristina, Roberto Henke, and Francesco Vanni. "The Impact of Non-Agricultural Diversification on Financial Performance: Evidence from Family Farms in Italy." Sustainability 12, no. 2 (January 8, 2020): 486. http://dx.doi.org/10.3390/su12020486.
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Diversification has been increasingly recognized as a rewarding farm strategy through which farmers produce on-farm non-agricultural goods and services. In doing so, farmers employ farm inputs (capital, labor, and land) in products other than agricultural goods, with the aim to sell them in the market and increase their income. While a significant body of literature has explored the drivers affecting the adoption of diversification activities, so far little attention has been given to the impact of such adoption on the technical and financial performance of farms. This article intends to provide empirical evidence on the impact of on-farm non-agricultural diversification on the financial performance of family farms in Italy, by using a nation-wide sample of agricultural holdings based on the Farm Accountancy Data Network (FADN) data. We estimated a fixed effects-instrumental variable panel model to deal with two potential sources of bias: self-selection in the diversification strategy and simultaneity, due to the fact that farmers often decide to diversify with outcome expectations in mind. Our findings show that in Italy the diversification strategy has a positive impact on the financial performance of family farms, which is second in magnitude only to that of land growth strategy. Our results also confirm the positive impact of efficiency and clarify that education has a positive return to investment when it is specialized in agriculture.
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Brueckner, Jan K. "Unobservable default propensities, optimal leverage, and empirical default models: Comments on ?bias in estimates of discrimination and default in mortgage lending: The effects of simultaneity and self selection?" Journal of Real Estate Finance and Economics 9, no. 3 (November 1994): 217–22. http://dx.doi.org/10.1007/bf01099274.
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Bhattacharyya, Asit, and Md Lutfur Rahman. "Mandatory CSR expenditure and stock return." Meditari Accountancy Research 28, no. 6 (April 20, 2020): 951–75. http://dx.doi.org/10.1108/medar-10-2019-0591.
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Purpose India has mandated corporate social responsibility (CSR) expenditure under Section 135 of the Indian Companies Act, 2013 – the first national jurisdiction to do so. The purpose of this paper is to examine the impact of mandated CSR expenditure on firms’ stock returns by using actual CSR spending data, whereas the previous studies mostly focus on voluntary CSR proxied by CSR scores. Design/methodology/approach The authors estimate their baseline regression by using ordinary least squares(OLS) method. Although the baseline regression involving CSR expenditure and stock returns using ordinary least squares method are estimated, endogeneity and reverse causality biases are addressed by using two-stage least squares and generalized method of moments approaches. These approaches contribute mitigating endogeneity bias and biases associated with unobserved heterogeneity and simultaneity. Findings The findings document that mandatory CSR expenditure has a negative impact on firms’ stock returns which supports the “shareholders” expense’ view. This result remain robust after controlling for endogeneity bias and the use of both standard and robust test statistics. The authors however observe that this result holds for the firms with actual CSR expenditure equal to the mandated amount but does not hold for the firms with actual CSR expenditure greater than the mandated amount. Therefore, the authors provide evidence that CSR expenditure’s impact on stock returns depends on whether firms simply comply the regulation or voluntarily chose an amount of CSR expenditure above the mandated amount. Originality/value The primary contribution is to present a valid and robust evidence of negative effect of mandated CSR spending on firms’ stock returns when the mandatory CSR spending rule is already in place. This study contributes by examining the impact of mandated CSR spending on stock during post-implementation period (2015-2017), whereas other studies by Dharampala and Khanna (2018); Kapoor and Dhamija (2017); and Mukherjee et al. (2018) mainly examined the impact of legislation on Indian CSR. The authors use mandated actual CSR expenditure, whereas previous studies mostly focus on voluntary CSR proxied by CSR scores.
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Khattak, Mudeer Ahmed, and Mohsin Ali. "Are competition and performance friends or foes? Evidence from the Middle East banking sector." International Journal of Islamic and Middle Eastern Finance and Management 14, no. 4 (February 8, 2021): 671–91. http://dx.doi.org/10.1108/imefm-08-2019-0348.
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Purpose This paper aims to investigate the impact of banking market competition on banks’ profitability and banks’ risk using a sample of six countries from the Middle East from 2006 to 2017. Design/methodology/approach This paper uses the system generalized method of moments estimator to tackle potential omitted variable bias, endogeneity and simultaneity issues. Findings After controlling for bank market and country-specific characteristics, this study reports strong and robust evidence that competition in the banking market is conducive to lower financial performance. This research further finds that intense banking competition leads to lower profitability and increased risk regardless of bank type. As the relationship is not different for Islamic banks, one can argue that activities of Islamic banks are based on the basic traditional banking operations and products, and banks need to diversify their business activities to reduce failure risk and preserve the banking sector’s stability. Originality/value This paper tries to bridge the gap by studying the impact of competition on bank performance in high-income dual banking Gulf Cooperation Council (GCC) economies. Earlier studies have either covered all the dual banking economies or the Middle East and North African region. The authors suggest that the GCC banking market is required to be studied separately because of its idiosyncrasies. Second, unlike earlier studies, the authors have not only examined the impact of competition on bank return but also on bank risk.
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Lim, Kwee Pheng, Chun-Teck Lye, Yee Yen Yuen, and Wendy Ming Yen Teoh. "Women directors and performance: evidence from Malaysia." Equality, Diversity and Inclusion: An International Journal 38, no. 8 (November 18, 2019): 841–56. http://dx.doi.org/10.1108/edi-02-2019-0084.
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Purpose The purpose of this paper is to examine the relationship between women on board and the financial performance of Malaysian listed companies. Design/methodology/approach Panel generalised method of moments (GMM) analysis was used over 928 public-listed companies listed on the Malaysian Stock Exchange from 2010 to 2016. GMM overcomes the problem of endogeneity and simultaneity bias. The dependent variable was firm performance, measured by Tobin’s Q. The explanatory variable was gender diversity, proxied by the percentage of women on board, the presence of women and gender heterogeneity indices, Blau and Shannon indices. Findings More gender diversification leads to declining firm performance possibly due to issues of tokenism and gender stereotypes. Research limitations/implications Further studies should look into the impact of various types of ownership structures on firm value and also by sectors. Practical implications As women represent half the population in Malaysia, more positive affirmative policies must be introduced to enhance their contributions to society. Social implications As women progress in society, their contributions towards nation building will be significant. Women not only play a nurturing role, but also can shape the destiny of a country. Originality/value Studies on the relationship between board gender diversity and financial performance have been conducted in the context of a few developed economies. This study contributes to the literature by examining such an issue in a developing economy that has a different environment from that of developed economies.
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Yiranbon, Ethel, Lu Lin Zhou, Henry Asante Antwi, and Numir Nisar. "The Impact of Privatisation of Healthcare Equipment and Technology SOEs on Productivity in Africa." International Journal of Engineering Research in Africa 26 (October 2016): 195–205. http://dx.doi.org/10.4028/www.scientific.net/jera.26.195.
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Upon the attainment of independence many African countries emerged with a new spirit of entrepreneurial governance and domestic industrialization. However with time, most of the state owned enterprises (SOEs) set up have been privatized largely because of mismanagement, huge deficits and operational inefficiencies created by many factors. In all material moments, the objective of divesture of SOEs was to stimulate efficiency, productivity and relieve the state of the huge financial burden they bring. Our study examines the methods of privatization of healthcare technology and equipment SOEs in Africa and their impact on post-divestiture productivity based on cases from Ghana, Nigeria, Tanzania and Kenya.We simultaneously collect and model privatization data from International Monetary Fund (IMF) and the World Bank relating to Ghana, Nigeria, Tanzania and Kenya. These were data submitted to the IMF and World Bank as part of the measures to implement the different forms of economic recovery and structural adjustment programs in the respective countries. Our empirical strategy follows the broader literature in estimating reduced form equations for firm performance as a function of ownership, while trying to account for potential problems of heterogeneity (observed and unobserved) and simultaneity bias. We note the insider/employee shareholding accounted for only 23.6 percent of privatization of healthcare equipments and technology manufacturing enterprises on average while mass privatization program accounts for 18.2 percent of the privatization mode. We note that each of these methods yield positive post divestiture labour productivity. However privatization of healthcare equipment and technology manufacturing enterprises by block sale to outside investors generated the highest form of labour productivity.
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Arora, Akshita, and Chandan Sharma. "Corporate governance and firm performance in developing countries: evidence from India." Corporate Governance 16, no. 2 (April 4, 2016): 420–36. http://dx.doi.org/10.1108/cg-01-2016-0018.
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Purpose This study aims to examine the impact of corporate governance on firm performance for a large representative sample. Design/methodology/approach This empirical analysis focuses on a large number of companies covering 20 important industries of the Indian manufacturing sector for the period 2001-2010. Several alternative specifications and estimation techniques are used for analysis purposes, including system generalized methods of moments, which effectively overcomes the problem of endogeneity and simultaneity bias. Findings On one side, the findings indicate that larger boards are associated with a greater depth of intellectual knowledge, which in turn helps in improving decision-making and enhancing the performance. On the other side, the results indicate that return on equity and profitability is not related to corporate governance indicators. The results also suggest that CEO duality is not related to any firm performance measures for the sample firms. Practical implications The outcomes of the analyses advocated that companies that comply with good corporate governance practices can expect to achieve higher accounting and market performance. It implies that good corporate governance practices lead to reduced agency costs. Hence, it is concluded that firms of the developing world can possibly enhance their performance by implementing good corporate governance practices. Originality/value Departing from the conventional system of the prior studies and instead of focusing on a single measure framework, a range of measures of corporate governance and firm's performance variables are used. Also, several alternative specifications and estimation techniques are used for analysis purposes. Furthermore, the sample also covers a large sample of manufacturing firms.
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Grabot, Laetitia, Anne Kösem, Leila Azizi, and Virginie van Wassenhove. "Prestimulus Alpha Oscillations and the Temporal Sequencing of Audiovisual Events." Journal of Cognitive Neuroscience 29, no. 9 (September 2017): 1566–82. http://dx.doi.org/10.1162/jocn_a_01145.
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Perceiving the temporal order of sensory events typically depends on participants' attentional state, thus likely on the endogenous fluctuations of brain activity. Using magnetoencephalography, we sought to determine whether spontaneous brain oscillations could disambiguate the perceived order of auditory and visual events presented in close temporal proximity, that is, at the individual's perceptual order threshold (Point of Subjective Simultaneity [PSS]). Two neural responses were found to index an individual's temporal order perception when contrasting brain activity as a function of perceived order (i.e., perceiving the sound first vs. perceiving the visual event first) given the same physical audiovisual sequence. First, average differences in prestimulus auditory alpha power indicated perceiving the correct ordering of audiovisual events irrespective of which sensory modality came first: a relatively low alpha power indicated perceiving auditory or visual first as a function of the actual sequence order. Additionally, the relative changes in the amplitude of the auditory (but not visual) evoked responses were correlated with participant's correct performance. Crucially, the sign of the magnitude difference in prestimulus alpha power and evoked responses between perceived audiovisual orders correlated with an individual's PSS. Taken together, our results suggest that spontaneous oscillatory activity cannot disambiguate subjective temporal order without prior knowledge of the individual's bias toward perceiving one or the other sensory modality first. Altogether, our results suggest that, under high perceptual uncertainty, the magnitude of prestimulus alpha (de)synchronization indicates the amount of compensation needed to overcome an individual's prior in the serial ordering and temporal sequencing of information.
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Dao, Minh Quang. "Tests of a more comprehensive model of economic growth in lower middle-income countries." Journal of Economic Studies 45, no. 1 (January 8, 2018): 46–58. http://dx.doi.org/10.1108/jes-12-2016-0257.
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Purpose The purpose of this paper is to empirically test a more comprehensive model of economic growth using a sample of 28 lower middle-income developing countries. Design/methodology/approach The authors modify the conventional neoclassical growth model to account for the impact of the increase in the number of people working relative to the total population and that of the increase in the value added per worker over time. The authors then extend this model by incorporating the role of trade, government consumption, and human capital in output growth. Findings Regression results show that over three quarters of cross-lower middle-income country variations in per capita GDP growth rate can be explained by per capita growth in the share of public expenditures on education in the GDP, per capita growth in the share of government consumption in the GDP, per capita growth in the share of imports in the GDP, per capita growth in the share of manufactured exports in the GDP (not of that of total exports in the GDP), and the growth of the working population relative to the total population. Practical implications Statistical results of such empirical examination will assist governments in these countries identify policy fundamentals that are essential for economic growth. Originality/value To address the simultaneity bias, the authors develop a simultaneous equations model and are able to show that such model is more robust and helps explains cross-country variations in per capita GDP growth over the 2000-2014 period.
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Olson, Dennis, and Taisier A. Zoubi. "The determinants of loan loss and allowances for MENA banks." Journal of Islamic Accounting and Business Research 5, no. 1 (April 8, 2014): 98–120. http://dx.doi.org/10.1108/jiabr-07-2013-0027.
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Purpose – This study aims to examine the determinants of the allowance for loan losses (ALL) and loan loss provisions (LLP) for banks in the Middle East and North African (MENA) region using both a two-stage approach and simultaneous equation system to address the potential problem of estimation bias introduced by estimating the ALL and LLP separately. The paper also tests three competing hypotheses: the earnings management hypothesis, the capital management hypothesis, and the signaling hypothesis. Design/methodology/approach – The authors adopt a simultaneous equation and three-stage approaches to test whether MENA banks jointly determine LLP and ALL and the determinants of the two accounts. The sample consists of all available electronic data for 75 banks (451 bank-year observations) in nine MENA countries over the period 2000-2008. Findings – Evidence suggests that the two accounts are jointly determined. The results support the earnings management hypothesis – meaning that MENA banks have engaged in year-to-year income smoothing. The authors also find that LLP and ALL provide signals about future earnings. Research limitations/implications – The authors acknowledge that the LLP account is only one of many accounts on the income statement that could be used for signaling or to manage earnings, and that the ALL is one of several accounts that could be used for signaling, earnings or capital management. Future studies could examine other accruals for their role in managing earnings, signaling and capital. Practical implications – The results indicate that bank managers use LLP and ALL accounts to manage earnings management, policy makers may want to limit the ability of banks to manipulate earnings. Originality/value – Prior research on the loan loss accounting practices has been based on single equation models of the determinants of LLP and ALL. An issue that has not been adequately addressed in this literature is that ALL and LLP may be interrelated and jointly determined by banks. If the two accounts are not independent of each other, failure to include one when estimating the other may lead to an omitted variable problem, while including both in the same equation induces a potential simultaneity bias. The study is the first empirical work examining whether ALL and LLP are jointly determined by banks. By jointly estimating LLP and ALL, the study permits an assessment of the magnitude of the potential error from adopting ordinary least squares estimation of a single equation model.
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Rojas, Fernando, Peter Wanke, Víctor Leiva, Mauricio Huerta, and Carlos Martin-Barreiro. "Modeling Inventory Cost Savings and Supply Chain Success Factors: A Hybrid Robust Compromise Multi-Criteria Approach." Mathematics 10, no. 16 (August 12, 2022): 2911. http://dx.doi.org/10.3390/math10162911.
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Determining success factors for managing supply chains is a relevant aspect for companies. Then, modeling the relationship between inventory cost savings and supply chain success factors is a route for stating such a determination. This is particularly important in pharmacies and food nutrition services (FNS), where the advances made on this topic are still scarce. In this article, we propose and formulate a robust compromise (RoCo) multi-criteria model based on non-linear programming and time-dependent demand. The novelty of our proposal is in defining a score that allows us to measure the mentioned success factors in a simple way, in meeting together all three elements (RoCo multi-criteria, non-linear programming, and time-dependent demand) to state a new model, and in applying it to pharmacies and FNS. This model relates inventory cost savings for pharmacy/FNS and success factors across their supply chains. Savings of inventory costs are predicted by lot sizes to be purchased and computed by comparing optimal and true inventory costs. We utilize a system that records the movements and costs of products to collect the data. Factors, such as purchasing organization, economies of scale, and synchronized supply, are assumed using the purchase system, with these factors ranked on a Likert scale. We consider multilevel relationships between savings obtained for 79 pharmacy/FNS products, and success factor scores according to these products. To deal with the endogeneity bias of the relationships proposed, internal instrumental variables are employed by utilizing generalized statistical moments. Among our main conclusions, we state that the greatest cost savings obtained from inventory models are directly associated with low-success supply chain factors. In this association, the success factors operate as endogenous variables, with respect to inventory cost savings, given the simultaneity of their relationship with cost savings when inventory decision-making.
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Al-Jaifi, Hamdan Amer. "Ownership concentration, earnings management and stock market liquidity: evidence from Malaysia." Corporate Governance: The International Journal of Business in Society 17, no. 3 (June 5, 2017): 490–510. http://dx.doi.org/10.1108/cg-06-2016-0139.
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Purpose This paper aims to examine whether ownership concentration and earnings management affect the stock market liquidity of Malaysian firms. Design/methodology/approach This study uses a sample of 2,020 yearly firm observations in Bursa Malaysia over the period 2009-2012. The ordinary least square regression is used to examine the relationships. The study undertakes a sensitivity test by regressing the main study variables by using different measurements. Another robustness test is then used, where a regression based on the change in variables and a one-year lag of the independent variables are used. Furthermore, to alleviate the concern of possible endogeneity, the simultaneity and reverse causality are checked using the lag of the dependent variable, fixed effect regression, two-stage least squares using the instrumental variables and the generalized method of moments using instrumental variables analysis. Findings The study finds that firms with a high level of ownership concentration have discrepancies in information between informed and uninformed traders, which impair the stock market liquidity. In addition, this study finds that firms with high earnings management experience greater liquidity. A possible explanation for this is that firms might manage earnings to convey private information to enhance the information content of the earnings. Overall, the evidence suggests that manipulating earnings signals information informatively, particularly in a country with a higher level of ownership concentration and a higher likelihood of expropriating minority shareholders. Originality/value This study enriches the limited empirical research devoted to the impact of earnings management and ownership concentration on stock market liquidity especially in the context of emerging economies. The findings of this study are robust to alternative liquidity measurements, to alternative estimation methods, and to endogeneity bias.
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Lai, Yu-Cheng, and Santanu Sarkar. "Gender equality legislation and foreign direct investment." International Journal of Manpower 38, no. 2 (May 2, 2017): 160–79. http://dx.doi.org/10.1108/ijm-08-2015-0133.
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Purpose The purpose of this paper is to examine the differences in the effects of gender equality legislation on employment outcomes among female and male workers in industries with different intensity of foreign investment (namely, foreign direct investment (FDI)-intensive industries and non–FDI–intensive industries). The specific employment outcomes that were studied to compare the effects of the legislation are the working hours, employment opportunities, and wages of female and male workers in Taiwan. Design/methodology/approach Using data from the annual Manpower Utilization Survey, the authors applied a differences-in-differences-in-differences estimation method to test the effect of gender equality legislation on employment outcomes. By using multinomial logit, the authors measured the effect of the legislation on employment opportunities. To correct for simultaneity and selectivity problems/biases, the authors adopted Heckman two-stage selection procedures. Likewise, the authors used weighted least squares to solve heteroskedasticity in the wage and working hour equations. Further, the instrumental variable (IV) method was used to correct for simultaneity bias in the equation on working hour. The authors applied three stages estimation method following Killingsworth’s (1983) approach to measure the effect of the legislation on wages and working hours. Findings The authors found the restrictions enforced by the gender equality legislation (namely the Gender Equal Employment Act (GEEA), enacted in 2002) in Taiwan to have made certain impact on the workers’ working conditions in FDI-intensive industries. The major finding indicated that in a country like Taiwan, where the legislature tried tilling the perpetual gender gap in its labour market, by passing a law to counter inequality, could finally narrow the gender gap in wages among workers in the FDI-intensive industries. Although initially after the enactment of the GEEA (between 2002 and 2004), the gender gap in part-timers’ wages has widened, yet over a period of time the gap in their wages too has narrowed down, particularly during 2005-2006. The legislation, however, could not improve the job opportunities for full-time female workers’ in FDI-intensive industries. Besides, post 2002, the female workers were found to have worked for shorter hours than male workers, which according to us, could be largely attributed to the enforcement of the GEEA. Practical implications An in-depth analysis of the labour market effects of gender equality legislation should be useful to policymakers, especially those interested in understanding the impact of legislative measures and policy reforms on labour market and employment outcomes across industry types. If enforcement of a gender equality legislation has succeeded in reducing the gender gap more in one set of industries than the others (e.g. foreign owned instead of domestic industries), as the authors noticed in this study, then the same should have a bearing on revamping of future enactment and enforcement too. Originality/value Current study findings would not only provide the broad lessons to the policymakers in Taiwan, but the results that have emerged from a country case study could be referred by other growing economies who are enthusiastic about improving female workers’ working conditions through legislative reforms.
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Oktaviani (Universitas Indonesia), Sirma, and Sartika Djamaluddin (Universitas Indonesia). "PENGARUH IMPOR BAHAN BAKU DAN KOMPLEKSITAS PRODUK TERHADAP PRODUKTIVITAS PERUSAHAAN." Jurnal Manajemen Industri dan Logistik 4, no. 1 (February 6, 2020): 10–26. http://dx.doi.org/10.30988/jmil.v4i1.284.
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ABSTRACTThe effect of import liberalization on industrial productivity can occur through increased access to inputs and technology transfer to imported products. Another factor that can affect productivity is product complexity. The calculation results of the 2010-2014 Product Complexity Index (PCI) based on the concept of diversity and ubiquity, showed the average 3-digit PCI ISIC was 0.0946 with a minimum value of -2.1324 and a maximum of 2.2157. This study aims to look at the effect of imported raw materials on the productivity of companies that produce more complex products. By using the 2010-2014 Large and Medium Industry Survey data and involving the firm's fixed effects and time, empirical results show that imports of raw materials significantly affect the productivity of companies that produce complex products by -0.0405. In addition, it is known that the manufacturing industry takes approximately one year to absorb technology in complex products so as to increase firm productivity. Firm-level productivity is calculated based on the Levinshon-Petrin (2003) estimated productivity to control selection and simultaneity bias.ABSTRAK Efek liberalisasi impor terhadap produktivitas industri dapat terjadi melalui peningkatan akses input serta transfer teknologi pada produk impor. Faktor lainnya yang dapat mempengaruhi produktivitas adalah kompleksitas produk. Hasil perhitungan Product Complexity Index (PCI) 2010-2014 berdasarkan konsep keragaman dan ubiquity, menunjukkan rata-rata PCI ISIC 3 digit adalah 0.0946 dengan nilai minimum -2.1324 dan maksimum 2.2157. Penelitian ini bertujuan untuk melihat pengaruh impor bahan baku terhadap produktivitas perusahaan yang lebih banyak menghasilkan produk kompleks. Dengan menggunakan data Survei Industri Besar dan Sedang tahun 2010-2014 serta melibatkan efek tetap perusahaan dan waktu, hasil empiris menunjukkan impor bahan baku mempengaruhi produktivitas perusahaan yang menghasilkan produk kompleks secara signifikan sebesar -0.0405. Selain itu, diketahui bahwa industri manufaktur memerlukan waktu kira-kira satu tahun untuk menyerap teknologi pada produk kompleks sehingga dapat meningkatkan produktivitas perusahaan. Produktivitas level perusahaan dihitung berdasarkan estimasi produktivitas Levinshon-Petrin untuk mengendalikan bias seleksi dan simultanitas.
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Miles, William. "How feasible is the West African eco currency union? An investigation using synchronicity and similarity measures." Journal of Economic Studies 44, no. 4 (September 11, 2017): 650–64. http://dx.doi.org/10.1108/jes-01-2016-0008.
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Purpose The purpose of this paper is to investigate whether the proposed eco currency union has sufficient business cycle synchronization among its members to avoid problems such as those experienced in the last several years by countries in the eurozone. This monetary union would potentially include 18 countries – Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of the Congo, Cote d’Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Mali, Niger, Nigeria, Senegal and Togo – which collectively have a GDP of over 744 billion dollars and a population of over 300 million people. Design/methodology/approach The authors will apply some recently created econometric tools that were developed specifically to investigate business cycle synchronization in the eurozone. These tools – denoted synchronicity and similarity – overcome some of the limitations of previous studies which have used vector autoregressions and suffered simultaneity bias as a result. Findings The different measures employed suggest that the potential members of the eco exhibit a very low level of synchronization. Nigeria in particular, which is heavily dependent on oil, as are some, but not all potential members, would be the largest member, and exhibits a very low level of synchronization with other prospective eco member nations. Finally, preliminary evidence from several countries which have joined the existing African currency unions does not indicate that the act of joining a currency union improves synchronization, and this result contradicts the “endogenous optimal currency area” hypothesis. Research limitations/implications Like previous studies on the topic, the authors rely on the available data. The number of observations is more limited than would be optimal. Practical implications The results would strongly caution against the creation of the eco currency union, as members appear even less ready for monetary integration than countries in the eurozone did. Originality/value This is the first study to apply the synchronicity and similarity tools to the prospective West African eco nations.