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1
Brien, Spencer T., Robert J. Eger, and David S. T. Matkin. "The Timing of Managerial Responses to Fiscal Stress." Public Administration Review 81, no. 3 (May 2021): 414–27. http://dx.doi.org/10.1111/puar.13359.
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Brown, Lawrence D., Dosoung P. Choi, and Kwon-Jung Kim. "The Impact of Announcement Timing on the Informativeness of Earnings and Dividends." Journal of Accounting, Auditing & Finance 9, no. 4 (October 1994): 653–74. http://dx.doi.org/10.1177/0148558x9400900402.
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We relate the informativeness of earnings and dividend announcements to their timing relative to the fiscal quarter end to which the earnings pertain. Evidence is provided that the information content of earnings decreases as the timing of its announcement relative to the fiscal quarter end increases, and that such information erosion is more pronounced for smaller firms. Evidence is also provided that the information content of dividend announcements increases as its timing relative to the fiscal quarter end increases, and that such information enhancement is relatively more pronounced for larger firms. The results suggest that preannouncement information precision and announced information precision have offsetting effects on the informativeness of financial information, and that the nature of the offset depends on the type of information and firm size. More specifically, the predisclosure information effect is more pronounced for earnings and small firms, whereas the announced (new) information effect is more pronounced for dividends and large firms.
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Hory, Marie-Pierre. "Delayed mimicking: the timing of fiscal interactions in Europe." European Journal of Political Economy 55 (December 2018): 97–118. http://dx.doi.org/10.1016/j.ejpoleco.2017.11.005.
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Libich, Jan, and Petr Stehlík. "Monetary Policy Facing Fiscal Indiscipline under Generalized Timing of Actions." Journal of Institutional and Theoretical Economics 168, no. 3 (2012): 393. http://dx.doi.org/10.1628/093245612802920962.
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Sinha, Nishi, and Dov Fried. "Clustered Disclosures by Competing Firms: The Choice of Fiscal Year-Ends." Journal of Accounting, Auditing & Finance 23, no. 4 (October 2008): 493–516. http://dx.doi.org/10.1177/0148558x0802300404.
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In some industries, firms schedule their disclosure at about the same time, usually around the end of the business season, whereas in others such disclosures are more dispersed over time. This paper examines firms' choice of fiscal year-ends (and hence of disclosure timing) relative to the business cycle and to the timing chosen by other firms in the industry. We model a stochastic setting in which the periodic closing of books yields information that is relevant for subsequent managerial decisions. The results show that although it is business seasonality that is the primary determinant of reporting period choice, competitive forces in the form of information transfer effects and proprietary disclosure costs have the ability to make firms' fiscal years deviate from the business season. Such deviations are more likely in industries in which costs exhibit low serial correlation across seasons, where cross-sectional correlation between firms' costs is high, or where within-season variations in business conditions are moderate. Furthermore, if incumbent firms are already reporting at the end of the business season, newer firms may have a greater inclination to make a different choice. The results also offer a novel rationale for what makes the end of the business cycle an attractive fiscal year-end. In our setting it is the desire to acquire managerially relevant information at an opportune time, rather than the ease of collecting information or the desire to optimize disclosure timing, that makes the end of a business cycle a preferred fiscal year-end.
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FORTUNATO, DAVID, and MATT W. LOFTIS. "Cabinet Durability and Fiscal Discipline." American Political Science Review 112, no. 4 (September 5, 2018): 939–53. http://dx.doi.org/10.1017/s0003055418000436.
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We argue that short government durations in parliamentary democracies increase public spending by driving a political budget cycle. We present a revision of the standard political budget cycle model that relaxes the common (often implicit) assumption that election timing is fixed and known in advance. Instead, we allow cabinets to form expectations about their durability and use these expectations to inform their spending choices. The model predicts that (1) cabinets should spend more as their expected term in office draws to a close and (2) cabinets that outlive their expected duration should run higher deficits. Using data from 15 European democracies over several decades, we show that governments increase spending as their expected duration withers and run higher deficits as they surpass their forecasted life expectancy.
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Ferris, J. Stephen, and Marcel-Cristian Voia. "What Determines the Length of a Typical Canadian Parliamentary Government?" Canadian Journal of Political Science 42, no. 4 (December 2009): 881–910. http://dx.doi.org/10.1017/s0008423909990680.
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Abstract. In this paper we examine the length of political tenure in Canadian federally elected parliamentary governments since 1867. Using annual data on tenure length, we categorize the distribution of governing tenures in terms of a hazard function: the probability that an election will arise in each year, given that an election has not yet been called. Structuring the election call as an optimal stopping rule, we test whether that distribution responds predictably to characteristics of the political and/or economic environment. The results of using the continuous Cox and Gompertz models together with the discrete semi-parametric proportional hazard model suggest that governing parties in Canada do engage in election timing and that the only economic policy measure that is used consistently in conjunction with election timing is fiscal expenditure.Résumé. Dans cet ouvrage, nous examinons la durée d'un régime parlementaire canadien depuis la Confédération de 1867. Nous utilisons des données annuelles et nous représentons la distribution de durée de vie d'un gouvernement par une fonction de hazard, c'est-a-dire, la probabilité qu'une élection soit déclenchée durant une année spécifique étant donné qu'elle ne l'a pas encore été jusqu'à présent. Nous modélisons un déclenchement d'élection par une règle d'arrêt optimal el nous testons si la distribution dépend des caractéristiques de l'environnement politique et économique tel que prédit selon la théorie. Nous résultats basés les modèles de hazard proportionnel continu de type Cox et Gompertz et discret semi-paramétrique révèlent que les partis fédéraux au pouvoir au Canada choisissent le moment opportun pour déclencher une élection. De plus, les dépenses fiscales sont la seule variable de politique économique qui y soit systématiquement relié.
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Hübscher, Evelyne. "The politics of fiscal consolidation revisited." Journal of Public Policy 36, no. 4 (February 9, 2015): 573–601. http://dx.doi.org/10.1017/s0143814x15000057.
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AbstractThis paper examines the capacity of governments to implement fiscal reforms in times of austerity. Unlike existing studies, which mostly focus on gradual policy changes like government spending, this analysis distinguishes between consolidation events and consolidation size to examine fiscal reforms. This strategy clarifies contradictory results in previous research and yields new insights into the underlying mechanism of fiscal reform. Based on an action-based data set that includes information about discretionary changes in taxation and government spending policies from 1978 until 2009 for 16 advanced (OECD) countries, the study shows that left and right governments are equally likely to implement cuts. Strategic considerations play a major role for the timing of fiscal consolidation, as the probability of fiscal cuts is highest at the beginning of the legislative term. When governments reform, the left cut as much as necessary, whereas right governments take the opportunity to reduce spending more.
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Chavagneux, Christian. "Paradis fiscaux : l'Europe trop timide." Alternatives Économiques N° 345, no. 4 (April 1, 2015): 48. http://dx.doi.org/10.3917/ae.345.0048.
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Blot, Christophe, Marion Cochard, Jérôme Creel, Bruno Ducoudré, Danielle Schweisguth, and Xavier Timbeau. "Is there an alternative strategy for reducing public debt by 2032?" Panoeconomicus 61, no. 1 (2014): 39–57. http://dx.doi.org/10.2298/pan1401039b.
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EMU countries have engaged in fiscal consolidation since 2011. This strategy has proven to be costly in terms of GDP. This cost has been amplified by the fact that fiscal multipliers are high in time of crisis, as recently stressed by the literature. Within this context, we wonder whether there is an alternative strategy aiming at bringing back the debt ratio to 60% of GDP in 2032, meanwhile lowering output losses. To this end, we report simulations realized from a simple model describing the Eurozone and the timing for consolidation. Based on a pragmatic view of the fiscal compact, we find an alternative path for consolidation which achieves a 60% threshold for public debt over the next 20 years in most euro area countries.
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Libich, Jan, and Dat Thanh Nguyen. "Macro Meets Micro: Stochastic (Calvo) Revisions in Games." B.E. Journal of Theoretical Economics 14, no. 1 (January 1, 2014): 339–69. http://dx.doi.org/10.1515/bejte-2013-0042.
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AbstractThe timing of moves in conventional games is deterministic. To better capture the uncertainty of many real world situations, we postulate a stochastic timing framework. The players get a revision opportunity at a pre-specified time (common to them) with some known probability (different across them). The probabilistic revisions resemble the Calvo (1983) timing widely used in macroeconomics, and by nesting the standard simultaneous move game and Stackelberg leadership they can serve as a “dynamic commitment” device. The analysis shows how the revision time and probabilities affect the outcomes in games with multiple and/or inefficient equilibria. Unsurprisingly, we show in the Battle of the sexes that commitment – low revision probability relative to the opponent – improves the player’s chances to uniquely achieve his preferred outcome (i.e. to dominate). What may, however, seem surprising is that the less committed (higher revision probability) player may dominate the game under some circumstances (for which we derive the necessary and sufficient conditions). This is in contrast to the intuition of Stackelberg leadership where the more committed player (leader) always does so. The paper then applies the framework to the strategic interaction between monetary and fiscal policies in the aftermath of the Global financial crisis. It is modelled as the Game of chicken in which a double-dip recession and deflation can occur when both policies postpone stimulatory measures – attempting to induce the other policy to carry them out. In order to link our theoretic results to the real world, we develop new indices of monetary and fiscal policy leadership (pre-commitment) and quantify them using institutional characteristics of high-income countries. This exercise shows that the danger of the undesirable deflationary scenario caused by a monetary–fiscal policy deadlock may be high in some major economies.
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Chugh, Sanjay K. "DOES THE TIMING OF THE CASH-IN-ADVANCE CONSTRAINT MATTER FOR OPTIMAL FISCAL AND MONETARY POLICY?" Macroeconomic Dynamics 13, S1 (May 2009): 133–50. http://dx.doi.org/10.1017/s1365100509080158.
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I demonstrate that the precise timing of financial markets and goods markets in a simple cash good/credit good model does not matter for the main results in the Ramsey literature on optimal fiscal and monetary policy. In Ramsey models based on Lucas and Stokey [Journal of Monetary Economics12, 55–93 (1983)] and Chari, Christiano, and Kehoe [Journal of Money, Credit, and Banking23, 519–539 (1991)], nominal money holdings are freely adjustable in response to shocks in the period in which they will be used to purchase consumption. In contrast, under Svensson [Journal of Political Economy93, 919–944 (1985)] timing, nominal balances cannot be adjusted in the period they will be used. The broad finding is that benchmark Ramsey results are not very sensitive to this slight, ultimately ad hoc, modification. In particular, optimal inflation continues to display very high variability just as in the original models, although this can differ depending on exactly which exogenous processes are driving the economy. That the basic results in the Ramsey literature are not sensitive to the choice of cash/credit timing is reassuring as Ramsey analysis is applied to an ever-expanding set of model environments.
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Canace, Thomas G., and Leigh Salzsieder. "The Timing of Asset Purchases to Achieve Earnings Thresholds." Journal of Management Accounting Research 28, no. 1 (March 1, 2015): 81–106. http://dx.doi.org/10.2308/jmar-51106.
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ABSTRACT This study examines whether managers use capital investment decisions, and the resulting depreciation expense, to achieve quarterly earnings thresholds. We also address whether these actions merely facilitate short-term earnings management or whether firms may trade off investment decisions to deliver earnings. We posit that managers may view capital expenditures as an alternative for earnings considerations because of the process for capital expenditure decision making and the accounting for these investments. Our findings suggest that managers use discretion over capital expenditures to achieve two well-documented earnings thresholds, but that these decisions largely reverse in the following quarter. We document the deferral of capital expenditures to avoid depreciation for industries where the median useful life averages approximately seven years. Cross-sectional tests also suggest that the use of capital expenditures for achieving thresholds varies depending upon the firm's capital intensity, remaining book value of assets, operating cash flow constraints, CEO horizon, and fiscal quarter. Data Availability: Data are available from the authors upon request.
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Gemmell, Norman, Richard Kneller, and Ismael Sanz. "The Timing and Persistence of Fiscal Policy Impacts on Growth: Evidence from OECD Countries." Economic Journal 121, no. 550 (February 1, 2011): F33—F58. http://dx.doi.org/10.1111/j.1468-0297.2010.02414.x.
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Vlamis, Prodromos. "Greek fiscal crisis and repercussions for the property market." Journal of Property Investment & Finance 32, no. 1 (January 28, 2014): 21–34. http://dx.doi.org/10.1108/jpif-08-2013-0052.
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Purpose – The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market. Design/methodology/approach – The author follows a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis that Greece has been experiencing since October 2009. The author critically analyses both the “internal” causes of the deteriorating fiscal stance of the Greek economy (that is the prolonged macroeconomic imbalances that the Greek economy faces and the credibility problem of macroeconomic policy) and the “external” factors that might have contributed to the Greek fiscal crisis (that is implications of the recent financial turmoil and the timing of the response of Europe to the Greek fiscal crisis). The author then studies the extent to which fiscal imbalances and the debt crisis have affected the Greek property sector. Findings – The analysis indicates that the current fiscal stance of the Greek economy and the Greek property market crisis are intertwined. Practical implications – The author believes that these results are useful, make a contribution to the existing knowledge and provide some evidence that current economic recession has a considerable adverse effect on the property sector in Greece. Originality/value – One of the distinctive features of the paper is to critically discuss the direct and indirect effects of the prolonged macroeconomic imbalances on the Greek property sector. To the best of the author's knowledge, none of the existing studies in this area provides systematic treatment of the Greek fiscal crisis as a contributory factor in explaining the current crisis in the Greek property market.
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Mihóková, Lucia, Radovan Dráb, and Andrea Kralik. "Determinants of Short Term Fiscal Imbalance: the Role of Tax Evasion as Fiscal Determinant Within European Countries." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 67, no. 2 (2019): 515–34. http://dx.doi.org/10.11118/actaun201967020515.
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The paper refers to important tax evasion consequences in the form of destabilization and countries’ fiscal development deteoriation. The main objective of the research is to analyse the selected determinants impact on short‑term fiscal imbalance expressed as primary balance with the emphasis on tax evasion. The object of the research is analysed using a panel regression model within four pre‑identified clusters during the period of 21 years. The results of the conducted analysis point out that the tax evasion has a significant effect primary balance. They also point out the differences of tax evasion impact, extent and timeing effect on primary balance between clusters. A future analysis with adjusted and modified investigated period, segmentation criteria in the cluster analysis or exogenous variables in the panel regression analysis could provide a different insight into this problem.
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Terletzki, Peggy, and Claudia-Yvette Matthes. "Tripartite Bargaining and its Impact on Stabilisation Policy in Central and Eastern Europe." International Journal of Comparative Labour Law and Industrial Relations 21, Issue 3 (September 1, 2005): 369–403. http://dx.doi.org/10.54648/ijcl2005019.
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Abstract: In this paper we examine the impact of self-imposed governmental constraints (by tripartite arrangements) and the timing of reforms (window of opportunity) on the successful implementation of large-scale reforms (fiscal stabilisation policy) in seven Central and Eastern European Countries. By analysing different sources and conducting interviews with experts and members of the tripartite councils, we consider the impact of tripartite structures on the government decision-making process in Bulgaria, Estonia, the Czech and Slovak Republics, Hungary, Poland and Slovenia. Our findings indicate that the early and continuously stabilising countries secured their policy-making by factors other than tripartite bargaining. In those countries that took a second, later approach to fiscal stabilisation, with a more confrontational style and stronger trade unions, tripartite bargaining proved to be a successful instrument.
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Cassell, Cory A., James C. Hansen, Linda A. Myers, and Timothy A. Seidel. "Does the Timing of Auditor Changes Affect Audit Quality? Evidence From the Initial Year of the Audit Engagement." Journal of Accounting, Auditing & Finance 35, no. 2 (September 6, 2017): 263–89. http://dx.doi.org/10.1177/0148558x17726241.
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We focus on the first year of the auditor–client relationship and investigate whether audit quality varies with the timing of the new auditor’s appointment. We find that audit quality is not lower for companies that engage new auditors before the end of the third fiscal quarter than for companies that do not change auditors. However, companies that engage new auditors during or after the fourth fiscal quarter are more likely to misstate their audited financial statements than companies that engage new auditors earlier in the year and companies that do not change auditors. In additional tests, we find that the decrease in audit quality associated with late auditor changes is more pronounced for companies with complex operations (i.e., more operating segments). These results suggest that the extent to which audit quality suffers in the first year of audit engagements is affected by both the amount of time required to understand the client’s business, assess risks, and perform the audit (all of which are driven by client complexity), as well as the amount of time available for auditors to perform these tasks.
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Győrffy, Dóra. "Adopting the Euro: a path to fiscal sustainability." Acta Oeconomica 55, no. 2 (July 1, 2005): 151–70. http://dx.doi.org/10.1556/aoecon.55.2005.2.2.
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Following their accession to the European Union, new member states are now facing the next step in the integration process: the adoption of the common currency. While there is a relative agreement about the overall benefits of joining the European Monetary Union (EMU), the timing of entry has been subject to significant controversy. A gradual path of accession is often suggested since the contractionary effects of fulfilling the fiscal criterion of the Maastricht Treaty might contradict the objective of real convergence. The author argues against this position by showing that even without EMU entry it is the self-interest of the new member states to pursue policies in accordance with its rules, considerations of competitiveness make the usual options of financing further deficits (inflation, accumulation of debt, or increasing taxes) very costly in terms of long-term growth prospects. Slovenia and the Baltic countries have already recognised this and have achieved a virtuous circle of low deficit, low debt and high growth rates. In contrast, the Visegrád countries are struggling with the fiscal criteria. In their case accession into the euro-zone opens a window of opportunity to introduce reforms, which are conducive to the long-term sustainability of their finances.
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Eghlaiow, Salem, Guneratne Wickremasinghe, and Stella Sofocleous. "A review of the empirical determinants of audit delay." Corporate Ownership and Control 9, no. 2 (2012): 511–14. http://dx.doi.org/10.22495/cocv9i2c5art5.
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Timeliness in financial reporting is considered to be a significant characteristic of accounting information. Since audit delay has been found to be the single most important factor in determining the timing of financial reports releases, this concept paper discuss the determinants of “audit delay”, the number of calendar days from fiscal year-end to the audit report date. The first section sheds some light on the significance of studying the determinants of audit delay. Next, it reviews the literature on audit report delay (ARL) and its determinants.
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Misra, Kanishka, Vishal Singh, and Qianyun (Poppy) Zhang. "Frontiers: Impact of Stay-at-Home-Orders and Cost-of-Living on Stimulus Response: Evidence from the CARES Act." Marketing Science 41, no. 2 (March 2022): 211–29. http://dx.doi.org/10.1287/mksc.2021.1329.
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During the 2020 COVID-19 epidemic, the U.S. Congress passed the CARES Act that (among other measures) provides direct payments to households. Using a large debit cards database, we analyze consumer expenditures following the stimulus payments. We observe zip code level daily transactions (approximately 12 million cards) before and immediately following the disbursements of stimulus checks. Empirical analysis exploits geographical variation in timing of federal deposits to identify marginal propensity to consume (MPC) for stimulus payments. We estimate between 0.29 (excluding banking) and 0.51 (all spend) of the rebate is spent within a few days of receipt. We find large cross-sectional heterogeneity with MPC estimates that are three times higher in magnitude in the most densely populated urban areas with higher cost-of-living. In areas with more restricted movement during the pandemic (as measured by Google workplace mobility), MPC estimates are approximately 60% higher. We reanalyze data from previous fiscal initiatives (2001 tax rebates and the 2008 fiscal stimulus) and find similar geographical differences. Collectively our results highlight an important shortcoming in fiscal policies that ignore local environment, particularly cross-sectional differences in cost-of-living across the United States.
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Olasunkanmi, OSENI Isiaq. "Fiscal Policy Shocks and Private Consumption in Nigeria: Blanchard-Perotti (2002) Approach." Journal of Economics and Behavioral Studies 7, no. 6(J) (December 30, 2015): 42–60. http://dx.doi.org/10.22610/jebs.v7i6(j).617.
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This paper examines the effects of fiscal policy shocks on private consumption in Nigeria. Albeit, there is a considerable number of works examining the effects of fiscal policy shocks on private consumption globally but in Nigeria, no study has used the structural VAR approach by Blanchard and Perotti (2002) as used in this paper. This approach relies on institutional information about the tax and transfer systems and the timing of tax collection to identify the automatic response of taxes and spending to private consumption as well as to infer fiscal shocks. The key result of this paper is that positive government spending shocks in Nigeria have an instantaneous negative effect on private consumption. The effect becomes significant in the period following the shock. Also, positive tax shocks have a negative effect on private consumption in the period of a shock and the effect becomes statistically insignificant afterwards. On this premises, one-off changes in government spending and taxes in Nigeria are long-lived and short-lived respectively. Thus, the government expenditure changes can be used to support private consumption in the long-run while that of taxes can only be used to support private consumption for a short period.
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Vangeel, Wouter, Laurens Defau, and Lieven De Moor. "The influence of a mortgage interest and capital deduction policy on house prices." Journal of Property Investment & Finance 38, no. 6 (March 30, 2020): 563–77. http://dx.doi.org/10.1108/jpif-08-2019-0102.
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PurposeSince 2005, Belgian housing prices have strongly increased. As the timing coincides with the implementation of a new fiscal package in order to stimulate homeownership, our study attempts to provide an understanding whether the mortgage interest and capital deduction (MICPD) policy has had the side-effect of increasing housing prices while, at the same time, controlling for key housing price determinants.Design/methodology/approachA fixed-effects regression model is used on a panel dataset of the three Belgian regions over the period 1995–2015.FindingsEstimations are carried out separately for different house types, being useful as our empirical analysis ascertains a significant price-increasing effect for ordinary houses and apartments but a significant price-reducing effect for villas. In addition, we find, among other things, that interest rates' influence has been less substantial than commonly thought.Originality/valueThese results are relevant for all governments willing to stimulate homeownership through fiscal stimuli.
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Wilson, Daniel J. "Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act." American Economic Journal: Economic Policy 4, no. 3 (August 1, 2012): 251–82. http://dx.doi.org/10.1257/pol.4.3.251.
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This paper estimates the “jobs multiplier” of fiscal stimulus spending using the state-level allocations of federal stimulus funds from the American Recovery and Reinvestment Act (ARRA) of 2009. Because the level and timing of stimulus funds that a state receives was potentially endogenous, I exploit the fact that most of these funds were allocated according to exogenous formulary allocation factors such as the number of federal highway miles in a state or its youth share of population. Cross-state IV results indicate that ARRA spending in its first year yielded about eight jobs per million dollars spent, or $125,000 per job. (JEL E24, E62, H72, H75, R23)
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Du, Houyang, Ye Guo, and Xuan Liu. "How does the timing of markets affect optimal monetary and fiscal policy in sticky price models?" Economic Modelling 72 (June 2018): 237–48. http://dx.doi.org/10.1016/j.econmod.2018.02.001.
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Jacques, Olivier, and Lukas Haffert. "Are governments paying a price for austerity? Fiscal consolidations reduce government approval." European Political Science Review 13, no. 2 (February 23, 2021): 189–207. http://dx.doi.org/10.1017/s1755773921000035.
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AbstractWhat are the political effects of fiscal consolidations? Theoretical considerations suggest that consolidations should reduce the public’s support for their governments, but empirical studies have found surprisingly small effects on government support. However, most of these studies analyze electoral outcomes, which are separated from the consolidation by a multi-link causal chain. We argue that more direct measures of government support, such as executive approval, show much stronger negative effects of consolidation, since they are less affected by the strategic timing of consolidations or the political alternatives on offer. We analyze a time series cross-sectional dataset of executive approval in 14 Organization for Economic Co-operation and Development (OECD) countries from 1978 to 2014, using the narrative approach to measure fiscal consolidations. We find that spending cuts decrease government approval, especially during economic downturns, but tax increases’ impact on approval remains minimal. Finally, left- and right-wing governments are equally likely to lose approval after implementing austerity.
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Romer, Christina D., and David H. Romer. "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks." American Economic Review 100, no. 3 (June 1, 2010): 763–801. http://dx.doi.org/10.1257/aer.100.3.763.
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This paper investigates the impact of tax changes on economic activity. We use the narrative record, such as presidential speeches and Congressional reports, to identify the size, timing, and principal motivation for all major postwar tax policy actions. This analysis allows us to separate legislated changes into those taken for reasons related to prospective economic conditions and those taken for more exogenous reasons. The behavior of output following these more exogenous changes indicates that tax increases are highly contractionary. The effects are strongly significant, highly robust, and much larger than those obtained using broader measures of tax changes. (JEL E32, E62, H20, N12)
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Nuru, Naser Yenus. "Government spending multipliers over business cycle." African Journal of Economic and Management Studies 11, no. 1 (October 4, 2019): 18–29. http://dx.doi.org/10.1108/ajems-05-2019-0187.
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Purpose The purpose of this paper is to show the asymmetric effects of government spending shocks for South Africa over the period 1960Q1–2014Q2. Design/methodology/approach A threshold vector autoregressive model that allows parameters to switch according to whether a threshold variable crosses an estimated threshold is employed to address the objective of this paper. The threshold value is determined endogenously using Hansen (1996) test. Generalized impulse responses introduced by Koop et al. (1996) are used to study the effects of government spending shocks on growth depending on their size, sign and timing with respect to the economic cycle. The author also uses a Cholesky decomposition identification scheme in order to identify discretionary government spending shocks in the non-linear model. Findings The empirical findings support the state-dependent effects of fiscal policy. In particular, the effects of 1 or 2 standard deviations expansionary or contractionary government spending shock on output are very small both on impact and in the long run; and a bit larger in downturns but has only a very limited effect or no effect in times of expansion. This result gives support to the evidence in the recent literature that fiscal policy in developing countries is overwhelmingly procyclical. Originality/value It adds to the scarce empirical fiscal literature of the South African economy in particular and developing economies in general by allowing non-linearities to estimate the effect of government spending shocks over economic cycle.
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Douds, Fergus, and Vicky Bridges. "Survey of suicides in the Fife region of Scotland." Psychiatric Bulletin 23, no. 5 (May 1999): 267–69. http://dx.doi.org/10.1192/pb.23.5.267.
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Aims and methodsSuicides in the Fife region were investigated over a two-year period. The timing of the final contact with general practitioners and psychiatric services was ascertained. Data were collected from procurators fiscal records, general practices, and where applicable, psychiatric records.ResultsThere were 74 suicide victims during the study period. Forty-six per cent of suicide victims saw their general practitioner in the month before death, and 55% had a history of previous contact with psychiatric services, although only 27% of this group saw a psychiatrist in the month before death.Clinical implicationsClinical audit of suicide is an important task for psychiatric services. Practitioners must continually assess risk and attempt, where possible, to reduce risk factors.
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Haan, Peter, and Songül Tolan. "Labor supply and fiscal effects of partial retirement – The role of entry age and the timing of pension benefits." Journal of the Economics of Ageing 14 (2019): 100187. http://dx.doi.org/10.1016/j.jeoa.2019.01.001.
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Dalal, Shalini, Sebastian Bruera, Charles Masino, Janet L. Williams, Yi Zhang, Emmanuel Obasi, Natalie Schuren, and Eduardo Bruera. "Timing of access to outpatient palliative care services: What’s in a name?" Journal of Clinical Oncology 32, no. 31_suppl (November 1, 2014): 10. http://dx.doi.org/10.1200/jco.2014.32.31_suppl.10.
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10 Background: We have previously shown the name “palliative” to be a barrier to early palliative care (PC) referral. Further, following service name change to supportive care (SC) in late 2007, we immediately observed an increased survival time of about 1.5 months from PC consultation suggesting earlier referral following the name change. This study was conducted to determine the timing of patient access to outpatient PC services over several years period after the name change. Methods: Records of consecutive outpatient referrals in fiscal years (FY) 2007 (pre-name change), 2008 (transition period), 2009-2013 (post-name change) were reviewed. Timing of PC access was determined by 3 time intervals: (a) survival from PC consultation; (b) advanced cancer diagnosis to PC (c) hospital registration to PC; Kruskal-Wallis, Kaplan Meir and Cox regression models were used. Results: 6,624 patients had their first outpatient PC consultation during FY 2007 to 2013. Each year we observed a consistent increase in new patient referrals, as well as a longer median survival time from PC consultation (logrank <0.0001). The table below shows median survival and hazard ratio (HR) for FYs 2008-2013 as compared to FY 2007. In FY 2013 there were 63% greater number of outpatient referrals as compared to FY 2007 (p <0.0001), longer median survival (months) (7.9 vs 4.8; p <0.001), and shorter median interval (months) from advanced cancer diagnosis (5.9 vs 7.8; p< 0.002) and from hospital registration (6.6 vs 14.8; p< 0.0001) to PC consultation. Conclusions: Following the name change of service from PC to SC, there has been consistent annual increase in new patient referrals as well as earlier access to outpatient PC services. The outpatient setting facilitates earlier patient access to SC/PC services and should be established in more centers. [Table: see text]
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Asongu, Simplice. "Are proposed African monetary unions optimal currency areas? Real, monetary and fiscal policy convergence analysis." African Journal of Economic and Management Studies 5, no. 1 (April 1, 2014): 9–29. http://dx.doi.org/10.1108/ajems-02-2012-0010.
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Purpose – A spectre is hunting embryonic African monetary zones: the European Monetary Union crisis. The purpose of this paper is to assess real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach – In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100 percent) convergence are then computed from the estimations. Findings – Findings suggest overwhelming lack of convergence: initial conditions for financial development are different across countries; fundamental characteristics as common monetary policy initiatives and IMF-backed financial reform programs are implemented differently across countries; there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence. Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs. Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.
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Wahyuni, Nining Ika. "PENGARUH PERATAAN LABA MELALUI MANIPULASI AKTIVITAS RIIL TERHADAP PERSISTENSI LABA." JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS 5, no. 1 (July 25, 2017): 1. http://dx.doi.org/10.30871/jaemb.v5i1.447.
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This research aims to provide empirical evidence concerning the effect of income smoothing through real activities manipulation to the earning persistence. By using quarterly financial statement, this study also supposes to determine the timing of smoothing taken by the suspect firm. This study investigates three types of real activity manipulation: abnormal cash flow operation, abnormal discretionary expense, and abnormal production cost. Real earning manipulation is measured by summing the standardized of the three proxies. Companies that have been used as a sample in according to the purposive sampling criteria’s are consist of 63 firms on five years observations (2011-2015). From this number, samples included into income smoothing criteria based on Eckel Model are consist of 26 firms. The first hypothesis was tested with regression analisys and the second was tested with independent sample t-test. The first hypothesis test result showed that income smoothing via real earning manipulation negatively affect the earning persistence. But, the statistic test of the second hypothesis show that mean difference between earning persistence in the fourth fiscal quarter and in the other quarters was statistically insignificant. Thus, we can conclude that there is no difference between earning persistence in the fourth fiscal quarter and other quarters.
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Vierke, Intan Maria Lewiayu, Dharma Budhi, Achmad Sanusi, and Syaiful Ahmar. "Analysis of Fiscal Incentive Policies in The Electronic Industries Using Regulatory Impact Analysis (RIA)." Journal of Scientific Research, Education, and Technology (JSRET) 2, no. 1 (February 13, 2023): 288–306. http://dx.doi.org/10.58526/jsret.v2i1.78.
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As one of the sectors that are the focus of the development of Making Indonesia 4.0, the electronics industry is one of the sectors that must accelerate itself in facing high competition in the era of the industrial revolution 4.0, where the development of digital technology and global needs for various technology support instruments are very high. The competitiveness of the electronics industry must be a concern; for this reason, this research will analyse the fiscal incentives applied to the electronics industry sector, especially the Government Borne Import Duty (BMDTP). The implementation of RIA supports the policy-making process by including valuable empirical data for a policy decision and constructing a rational decision framework to examine the potential implications of regulatory policy choices.
Based on the analysis conducted, the data shows that the BMDTP policy is to encourage the ease of importing raw materials that can increase industrial competitiveness; the application of the BMDTP policy is clear and understandable; only inconsistencies in the timing of its implementation, and the performance of the electronics sector industry shows the benefits of implementing the BMDTP policy.
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Simpson, Ryan, and Elena Naumova. "Associations Between Peaks of Foodborne Infections and Food Recalls." Current Developments in Nutrition 4, Supplement_2 (May 29, 2020): 1488. http://dx.doi.org/10.1093/cdn/nzaa061_116.
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Abstract Objectives Food delivery and supply chains represent complex dynamic systems susceptible to pathogen introduction. However, seasonal infections are rarely compared with the timing of food recalls. Gaps between peak infections and recalls illustrate inefficient food inspection and monitoring. We use seasonality features (peak timing and amplitude) to examine associations between peaks of pathogen infectiousness and food recalls. Methods Monthly counts of 3 foodborne infections (Salmonella, Listeria, and Shiga toxin-producing E.coli) were abstracted from the CDC's public database, FoodNet Fast, for 10 representative states (CA, CO, CT, GA, MD, MN, NM, NY, OR, TN) from 1996–2018. We applied Negative Binomial harmonic regression models with the δ-method to derive peak timing and amplitude estimates (with confidence intervals). Food recalls were extracted using the United States Department of Agriculture's (USDA) Food Safety and Inspection Service (FSIS) Recall Case Archive. We extracted recall dates and durations for each infection in each state. We compared lagged associations between infection peaks and recall dates using Spearman correlations. Results Seasonal peaks of Salmonella and Shiga Toxin-producing E.Coli (STEC) are tightly clustered (7.79 [7.71, 7.87], and 7.80 [7.65, 7.95], respectively) while Listeria falls later in August (8.35 [8.05, 8.65]). Peak timing estimates were positively synchronized between New York and Connecticut for Listeria (ρ = 0.780, P = 0.001), and between Georgia and Tennessee for STEC (ρ = 0.666, P = 0.009) indicating possible regional hotspots. From 1996–2018, inspection recalls tended to lag behind peaks of confirmed infections for all infections by 1–2 months, with most recalls occurring during August and September annually. Conclusions Measurements of infection seasonality coupled with food recall information shows lagged associations between population infectiousness and supply chain reporting. This suggests the need for improved food inspection scheduling and monitoring to minimize fiscal and food waste losses. Funding Sources The Office of the Director of National Intelligence (ODNI), Intelligence Advanced Research Projects Activity (IARPA), via 2017–17,072,100,002.
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Smirnov, Evgenii Nikolayevich. "Growth in the debt burden of the global economy: the scale and directions of counteraction in the context of the crisis." Mezhdunarodnaja jekonomika (The World Economics), no. 5 (May 1, 2021): 335–47. http://dx.doi.org/10.33920/vne-04-2105-02.
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The article analyzes the key aspects of the debt burden, which has taken on an unprecedented scale in the economies of developed and developing countries. The coronavirus pandemic has led to a significant increase in government support for households and companies, while the volatility of global financial markets has increased. Given the continuing uncertainty about the further recovery of the global economy, the timing of countries’ return to pre-crisis levels of borrowing remains unclear. At the same time, we note a growing mismatch between risk assessments in financial markets and the expected outlook for economic recovery. Central banks of countries have taken unprecedented measures to counter the growth of debt burden, but in developing countries, the limited fiscal space does not allow effective measures to prevent the continued growth of debt. The article also notes that the cheapness of new loans is an aggravating factor in the growth of borrowings and the deterioration of the balance of payments. The author came to the conclusion that a sharp increase in public debt in many countries will preserve the vulnerability of the world economy, therefore, it is necessary to carefully adjust the fiscal policies of the countries of the world, modernize fiscal risk management strategies and modernize tax reforms. In addition, in conditions of high debt, approaches to assessing the risks of attracting foreign direct investment are changing, which in the future will have a significant impact on the redistribution of international capital flows. However, even in the face of excessive debt burden, governments need to continue lending support to households and companies in shortterm policies, in parallel with measures to manage capital outflows and achieve exchange rate flexibility.
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Cantrell, Brett W. "Generic Bank: Accounting for Debt Securities Sales and Impairments." Issues in Accounting Education 34, no. 4 (June 1, 2019): 15–29. http://dx.doi.org/10.2308/iace-52469.
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ABSTRACT This case examines the accounting rules for debt security impairments with a particular focus on the role of securities sales in determining whether debt securities are impaired. Generic Bank's securities portfolio contains material unrealized losses, and the bank desires to sell debt securities near the close of the fiscal year to free up resources for liquidity purposes. The case permits an examination of possible financial reporting consequences from security sales transactions under ASC 326-30, and how the structure, timing, and necessity of sales interacts with financial reporting discretion. The case also allows students to take the role of either a bank executive or an external auditor to understand how different incentives may influence areas of judgment within financial reporting. The case requirements are appropriate for upper-level undergraduate or graduate financial accounting courses.
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Stewart, Errol G., and Timothy D. Cairney. "Audit report lag and client industry homogeneity." Managerial Auditing Journal 34, no. 8 (September 2, 2019): 1008–28. http://dx.doi.org/10.1108/maj-07-2018-1931.
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Purpose This study aims to examine the association between audit report lag (ARL), the length of time between the fiscal year end and the date the auditors’ report is signed, and client industry homogeneity, a measure of the similarity of operations of members of an industry. Design/methodology/approach Regression models are used to test the significance of industry homogeneity on the ARL, of specialists in homogenous industries on the ARL, and the completion of the audits of homogenous industry clients in the year of tightening Securities and Exchange Commission (SEC) filing deadlines. Findings The evidence suggests that auditors complete audits of clients more quickly in more homogenous industries. The association between ARL and homogeneity is negative, which indicates that auditors are more efficient in audits in homogenous industries. The association between ARL and specialist audits in homogenous industries is also negative. Finally, homogenous industry audits are better able to be completed by the compressed filing dates imposed by the SEC on accelerated and large accelerated filers in 2003 and 2006. Originality/value This study extends recent research on industry homogeneity’s influence on the audit market. By reporting an association between the homogeneity of a company’s industry and the ARL, investors and regulators have additional information to better evaluate the timing and monitor trends in the timing of the audit report dates.
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Park, Edwin, Leighton Ku, and Matthew Broaddus. "OMB Estimates Indicate That 900,000 Children Will Lose Health Insurance Due to Reductions in Federal Schip Funding." International Journal of Health Services 33, no. 2 (April 2003): 369–81. http://dx.doi.org/10.2190/cpd3-pgvg-clqd-jca1.
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Despite the success of the State Children's Health Insurance Program (SCHIP) in reducing the ranks of uninsured children, the program now faces significant financing challenges. Analysis based on a model developed by the Centers for Medicare and Medicaid Services indicates that by 2007, 20 states will have insufficient federal funding to sustain their current programs, with the first states affected in 2004. As a result, the Office of Management and Budget projected last year that SCHIP enrollment will fall by 900,000 children between 2003 and 2007. The funding shortfalls are the result of several factors. Federal SCHIP funding fell by 26 percent—by more than $1 billion—in each of fiscal years 2002, 2003, and 2004; $1.2 billion in SCHIP funds has already expired and reverted to the Treasury at the end of fiscal year 2002, and another $1.5 billion will expire at the end of 2003. The SCHIP program also has a redistribution system with targeting and timing problems. However, proposed Congressional legislation restoring federal funding, extending the $2.7 billion in expiring funds, and targeting the funds to the states that most need them could avert most, if not all, of the projected enrollment decline. On the other hand, the Bush administration proposed to extend the expiring funds but does not target them to needy states; the proposal will do little to reduce the magnitude of the decline.
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Shafique, Saima, M. Mansoor Ali, Anwar-ul Mujahid Shah, and Seema Zubair. "Dynamics of Public Policy on Economic Activity: The Case of Pakistan." Liberal Arts and Social Sciences International Journal (LASSIJ) 4, no. 2 (December 26, 2020): 230–41. http://dx.doi.org/10.47264/idea.lassij/4.2.18.
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The unanticipated domestic and international changes in conjunction with policy discretion become reason for shocks to overall economy that affect overall economic growth. Based on methodology by Blanchard and Perotti (2002) the study used timing of fiscal decisions in a Structural Vector Auto-Regression (SVAR) to map dynamics of shocks due to tax revenue, government expenditures and aggregate output in Pakistan. When tax decisions precede expenditure decision, the tax shocks have a volatile short run impact causing expenditures to sharply adjust. Expenditure shocks persistently increase tax revenues and government expenditures. But in the second specification, expenditure shocks reduce the tax revenue and aggregate output that reverts to equilibrium only in the long run. The response of output shocks is almost identical for both the scenarios. Therefore, growth in output increases taxes collection in Pakistan enabling better management of burden of debt and deficit.
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Kurasawa, Shigeki, Kiyomi Tateyama, Ryoichiro Iwanaga, Taro Ohtoshi, Ken Nakatani, and Katsushi Yokoi. "The Age at Diagnosis of Autism Spectrum Disorder in Children in Japan." International Journal of Pediatrics 2018 (2018): 1–5. http://dx.doi.org/10.1155/2018/5374725.
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Background. No large-scale study of the timing of autism spectrum disorder (ASD) diagnosis has been performed in Japan to date. The aim of this study was to examine sex differences and annual trends in age at diagnosis of ASD using clinical data. Methods. Clinical data for children aged less than 18 years diagnosed with ASD between January 1, 2009, and December 31, 2013, and in whom follow-up was possible 1 year after diagnosis, were extracted. Results. The mean age at ASD diagnosis was 7.2 ± 4.2 years and the mode age was 3 years. No sex difference was observed for age at diagnosis (p=0.157). An annual trend of earlier diagnosis was observed when fiscal years were compared (p<0.001). Conclusion. This study highlighted the need to develop and provide appropriate early intervention methods and services for ASD children in Japan.
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Sieg, Gernot, and Irem Batool. "Pakistan, Politics and Political Business Cycles." Pakistan Development Review 51, no. 2 (June 1, 2012): 153–66. http://dx.doi.org/10.30541/v51i2pp.153-166.
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This paper studies whether in Pakistan the dynamic behaviour of unemployment, inflation, budget deficit and real GDP growth is systematically affected by the timing of elections. We cover the period from 1973-2009. Our results can be summarised as follows: (1) Unemployment tends to be lower in pre-election periods and tends to increase immediately after elections, perhaps as a result of politically motivated employment schemes. (2) Inflation tends to be lower in pre-election periods, perhaps as a result of pre-electoral price regulation. (3) We find increase in the governmental budget deficit, financed by heavy government borrowings from the central bank and banking sector during election year. (4) Real GDP growth and real governmental investment growth declines during pre and post election terms possibly as a result of inefficient resource allocation. JEL Classification: D72, D78, H50, H61, E51 Keywords: Opportunistic Political Business Cycle, Fiscal Policy, Macroeconomics, Elections, Pakistan
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Struthers, James. "Building a Culture of Retirement: Class, Politics and Pensions in Post-World War II Ontario." Journal of the Canadian Historical Association 8, no. 1 (February 9, 2006): 259–82. http://dx.doi.org/10.7202/031125ar.
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Abstract This paper examines four factors which influenced the development of old age pensions in Canada after World War II. The legacy of Canada's original means-tested pension program, the class politics of pension bargaining between business and organized labour on both sides of the border, the policy example of Social Security in the United States, and the key importance of the insurance and investment industry lobby operating through successive Conservative governments in Ontario, are highlighted as critical factors which affected the timing and limited the scope of Canada's public pension system. The residualist design of Old Age Security in 1951 and Ontario's success in gaining a veto over reforms to the Canada Pension Plan in 1965 are singled out as a key factors behind the current vulnerability of Canadian public pensions to fiscal cutbacks compared to the Social Security in the United States.
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Rich, Kevin T., Brent L. Roberts, and Jean X. Zhang. "Linguistic Tone of Municipal Management Discussion and Analysis Disclosures and Future Financial Reporting Delays." Journal of Emerging Technologies in Accounting 13, no. 2 (September 1, 2016): 93–107. http://dx.doi.org/10.2308/jeta-51618.
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ABSTRACT We investigate relations between the textual content of municipal Management Discussion and Analysis (MD&A) disclosures and future financial reporting. Specifically, we examine the linguistic tone of municipal MD&A disclosures and future financial reporting delays as a proxy for financial reporting quality. Using a sample of 362 municipal MD&A disclosures in fiscal year-end 2011, our empirical analysis suggests that the fraction of positive to total words in municipal MD&A disclosures is associated with timelier financial reporting in the following year after controlling for current report timing and other municipality and governance factors. We interpret our results to suggest that positive language in municipal MD&A disclosures is a signal of confidence in financial reporting quality, indicating that MD&A text contains relevant information in forecasting the quality of future financial reporting for local governments. JEL Classifications: G34; H55; H72.
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Rollo, Jim. "In or Out: The Choice for Britain." Journal of Public Policy 22, no. 2 (September 2002): 217–38. http://dx.doi.org/10.1017/s0143814x02005081.
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The choice facing British government about maintaining the status quo for sterling or joining the euro is a choice between long-term policy regimes. Short-term considerations such as the relative position of business cycles or the current level of the sterling-euro exchange rate have a bearing on the adjustment costs and the timing of entry. The article therefore examines the EMU framework versus the British framework for monetary policy; the performance of economic policy in Britain and in Euroland, and especially Germany as Euroland's main precursor; the relevance to the adjustment costs of membership to the Maastricht criteria and the Chancellor of the Exchequer's five economic tests for joining the euro; and whether or not Britain can qualify for joining EMU. The analysis is broadened to include supporting policies for monetary policy, especially fiscal, labour market and other structural policies where relevant.
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Tripathi, Shivam, Ashutosh Chaubey, and Ishanki Goel. "AN EMPIRICAL ANALYSIS OF POTENTIAL CENTRAL BANK DIGITAL CURRENCY ADOPTION PROCEDURE BY INDIAN GOVERNMENT AND ITS IMPLICATIONS." Sachetas 1, no. 1 (March 1, 2022): 32–38. http://dx.doi.org/10.55955/110006.
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The following paper discusses the introduction to Central Bank Digital Currency (CBDC) and how the adoption of such a measure will result in a developing economy like India looking at past references. The paper aims to reach new measures of adoption procedure and why it becomes essential to bring out such a concept at an early age. Various documents and research on technologies have proved the significance of virtual currencies. The social media forums which are abuzz with such investment options as provided by cryptocurrency market leads to a talk on potential regulation of the market for fiscal benefits. The committee developing such a digital currency has many options at hand, like hash graph or blockchain, POW or POS framework, adopting ABFT or not and others. The paper concludes determining the best measures a committee can adopt to frame CBDCs, discussing the pros and cons while timing the launch based on certain indices available yet lesser known in general.
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Markevičiūtė, Anastazija, and Vytautas Kuokštis. "RACE TO THE EUROZONE: WHY LATVIA JOINED BEFORE LITHUANIA." Baltic Journal of Political Science 5, no. 5 (January 17, 2017): 5. http://dx.doi.org/10.15388/bjps.2016.5.10333.
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Why did Latvia join the Eurozone in 2014, while Lithuania only acceded a year later? The two countries’ diverging experiences are surprising. Latvia suffered a more pronounced economic crisis from 2008 to 2010, which created greater euro adoption challenges in terms of meeting fiscal criteria. This article argues that, while the willingness to adopt the euro increased in both countries during and after the crisis, the will to seek euro adoption was stronger, clearer and more consistent in Latvia than in Lithuania. In examining this divergence, we argue that relying on aggregate economic costs and benefits, identity considerations, geopolitical considerations, societal support, and interest group preferences does not produce a satisfactory explanation of fluctuations in these countries’ willingness to adopt the euro. Instead, we propose that changes in this willingness can be traced to domestic political processes, such as the timing and results of elections and the magnitude of the economic crisis’s impact.
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Wells, Donna L. "A Critical Ethnography of the Process of Discharge Decision-Making for Elderly Patients." Canadian Journal on Aging / La Revue canadienne du vieillissement 16, no. 4 (1997): 682–99. http://dx.doi.org/10.1017/s071498080001103x.
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ABSTRACTA critical ethnography of the process of discharge decision-making for elderly patients was conducted to examine the nature of the process over the total course of patients' hospital stays. The focus was on describing the timing and conditions of decision-making, the related activities of professionals, professionals' perceptions of the process, and the effects of the process on those involved and on the hospital organization. Data analysis demonstrated that the process is not intricately linked with patients' clinical progress, that often inaccurate assumptions about the importance of patient-related clinical and social factors and organizational parameters underlie decisions, and that professionals' perceptions of the process are shaped by organizational imperatives. In the current process, resources are used inefficiently and humanitarian and ethical consequences arise for participants. The analysis supports attempts to achieve greater congruence between the discharge decision process and the patient's clinical progress so that the fiscal and humanitarian goals of the hospital can be achieved.
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Homapour, Elmina, Larry Su, Fabio Caraffini, and Francisco Chiclana. "Regression Analysis of Macroeconomic Conditions and Capital Structures of Publicly Listed British Firms." Mathematics 10, no. 7 (March 31, 2022): 1119. http://dx.doi.org/10.3390/math10071119.
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Using an unbalanced panel of 922 non-financial companies publicly listed on the London Stock Exchange during January 1995 and September 2014, this article tests the predictions of Pecking Order Theory (POT), Trade-off Theory (TOT) and Market Timing Theory (MTT) of capital structure through the lens of macroeconomic conditions. We find strong evidence that leverage is negatively associated with the business cycle but positively related to stock market performance, which is consistent with POT. In addition, leverage is negatively related to financial market risk, as predicted by TOT. Furthermore, leverage is positively related to credit supply, which is in line with both the POT and TOT. Finally, there is no evidence in support of MTT. The above results are robust with respect to the measurement of macroeconomic variables, the choice of estimation methods and the inclusion of a dummy variable to account for the effect of the 2008 financial crisis. An important implication is that, because firms tend to be highly levered during business cycle downturns, expansionary fiscal and monetary policies to encourage more business borrowings may not be effective after all.
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Badcock, B. A. "Adelaide's Heart Transplant 1970–88: 1. Creation, Transfer, and Capture of ‘Value’ within the Built Environment." Environment and Planning A: Economy and Space 24, no. 2 (February 1992): 215–41. http://dx.doi.org/10.1068/a240215.
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The circulation of capital within the built environment, as first formalised by Harvey in 1978, is treated empirically via an analysis of residential capital formation and the transfer of value within the Adelaide Metropolitan Area, in the period 1970–88. Operational concepts of value ‘creation’, ‘transfer’, and ‘capture’ are defined before estimates of housing investment and its redistribution through the medium of the urban property market are derived. These are imputed for eight subregions of Adelaide. It is suggested that the chief beneficiaries from the ‘capture’ of value during the past two decades have been the Inner Adelaide suburbs and homeowners; hence the implication of Adelaide's ‘heart transplant’. Harvey's ‘framework for analysis’ and more particularly his account of the timing and patterning of (dis)investment within the built environment are then evaluated in light of Adelaide's experience between 1970 and 1988. It is decided that urban investment trends and patterns cannot be properly understood without giving much greater deference to fiscal and monetary policy together with the state's urban development programme than Harvey is prepared to in his analysis.