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1
Raza, Sohail, and Shahzad Munir. "Did Demonetization Affect Indian Stock Market?" International Research Journal of Business Studies 15, no. 1 (June 24, 2022): 1–15. http://dx.doi.org/10.21632/irjbs.15.1.1-15.
Повний текст джерелаАнотація:
This study explores the impact of ”2016 demonetization” on the stock market in India. The policy declared 86% of cash in circulation in the form of Indian rupees (INR) 500 & 1000 notes as an illegal tender effective from midnight of November 8, 2016. However, India’s government progressively released new 500 and 2000 INR notes over the next few months. Following the demonetization announcement, stock prices of cash-sensitive industries like consumer goods and financial services dropped rapidly, reflecting a significant reduction in demand. This study focuses on the short-term effects of demonetization on the stock prices of 100 publicly listed firms using their daily stock data. We use estimating windows within 60 days of the announcement and then capture the short-term effects of demonetization by employing the Ordinary Least Square (OLS), the Fixed Effect (FE), and the Random Effect (RE) methods. Estimation results demonstrate that demonetization effectively decreases stock prices.
2
Tin, Tong Trung, and John Francis T. Diaz. "Determinants of Banks’ Capital Structure: Evidence from Vietnamese Commercial Banks." Asian Journal of Finance & Accounting 9, no. 1 (June 1, 2017): 351. http://dx.doi.org/10.5296/ajfa.v9i1.11150.
Повний текст джерелаАнотація:
This paper investigates the important factors influencing capital structure decisions. The study focuses on the bank leverage of thirty-one Vietnamese commercial banks from 2009 to 2014, because they play a key role as financial catalysts in the growing economy of Vietnam. The analysis employs multiple linear panel regression models, namely, Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE). This research examines five bank-specific factors (i.e., size, profitability, growth rate, taxation and business risk), and three financial market and economic variables (i.e., stock market condition, economy, and inflation) influencing capital structure with debt ratio as the dependent variable. Both the OLS and FE models agree that a Vietnamese bank’s size positively affects leverage, which means that the larger the bank, the more debt is incurred. Both models also determine that stock market and economic conditions have negative effects, which implies that in good market conditions, banks lessen their debt loads. In dividing Vietnamese commercial banks into three groups of sizes (i.e., large, medium-sized and small banks) based on chartered capital, both the OLS and RE models agree that size is a positively contributing factor to leverage. However, unlike large Vietnamese banks, medium-sized and small-sized banks tend to still carry a relatively high amount of debt because they are commonly ignored by the equity markets for reasons of illiquidity and instability, pushing them to rely on borrowing funds even to the point of having higher interest rates. Another interesting finding of this paper is that, only small-sized Vietnamese banks’ leverage is negatively affected by stock market and economic conditions. Findings of this paper are robust in using two panel regression models, and can help Vietnamese banks’ managers have a general perspective regarding capital structure determinants. This study also offers insights in creating appropriate strategies to controlling factors affecting banks’ leverage to achieve the target capital structure that minimizes the cost of capital and maximizes profitability.
3
ABDEL-HALIM, Morad, and Ghazi AL-ASSAF. "“Lazy banks” and “Safe asset” Hypothesis: Is it the answer for Public Debt and Financial Development Indicators Puzzle in Emerging Markets?" Review of Applied Socio-Economic Research 23, no. 1 (June 30, 2022): 18–27. http://dx.doi.org/10.54609/reaser.v23i1.127.
Повний текст джерелаАнотація:
This paper investigates the role of public debt in financial development in an emerging market namely, Jordan. Based on previous empirical research, we test the empirical prediction of two hypotheses for the role of public debt: “safe asset” vs “lazy banks”. Using annual data over the period of 2008 to 2018 and using the Fixed Effect (FE) and Bias Correction Fixed Effects (BCFE) methodologies that control for both unobservable banks specific and time-specific variables. We find that public debt has a positive impact on financial development after controlling for Banks size, Banks risk. ROA, Capital Adequacy, and Banks Capitalization. The results provide weak evidence consistent with the “Safe Asset” hypothesis that banks choose to invest in treasury securities as safe assets.
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Karn, Arodh Lal, Girish Santosh Bagale, Bhavana Raj Kondamudi., Deepesh Kumar Srivastava, Ravi Kumar Gupta, and Sudhakar Sengan. "Measuring the Determining Factors of Financial Development of Commercial Banks in Selected SAARC Countries." Journal of Database Management 33, no. 1 (January 1, 2022): 1–21. http://dx.doi.org/10.4018/jdm.311092.
Повний текст джерелаАнотація:
Traditional banks face the issue of risk diversification, and it is dealt with when they evolve into financial institutions. So, the present study aims to investigate banking and off-balance sheet (OBS)-based risks and regulatory changes in certain age-old South Asian (SA) banks and finds the tenacity of the OBS in the long run. For these research goals, two estimates are applied: fixed effects (FE) and generalized method of moments (GMM). Using FE, the researchers estimate the realm and time for finding financial shocks and other time-related factors affecting the SA countries. The majority of findings reveal a constant market theory stating the performance of SA in assessing OBS-related risks. Banks in SA also seem to follow the market regulatory and TT in capital needs that will incentivize banks to take too much risk in off-balance sheet activities (OBSA). The research findings are practically applied to bank-related risks, pressure from regulatory restructuring, and dangers from the systematic factors beneficial to policymakers and practitioners.
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de Almeida, Jose Elias Feres, Gerlando Augusto Sampaio Franco de Lima, and Siqueira Lima. "Corporate governance and ADR effects on earnings quality in the Brazilian capital markets." Corporate Ownership and Control 7, no. 1 (2009): 55–62. http://dx.doi.org/10.22495/cocv7i1p5.
Повний текст джерелаАнотація:
The value relevance of accounting information has been tested in many studies, however, there are little evidence from Brazil about the content information in earnings and the improvement of its relevance according to adoption of better corporate governance practices and the cross listing on the NYSE. This study aims to verify the impact of earnings interactively with corporate governance levels of BOVESPA and ADR listing on the NYSE on firms’ market value measured by market-to-book ratio. Our sample is composed by 231 public companies’ listed and unlisted on special segments of governance at BOVESPA and on the NYSE from 2000 up to 2006, totalizing 1.253 observations. Methodologically, we present results of different estimation procedures such as Pooled Ordinary Least Squares (POLS) and panel data with Random Effects (RE) and Fixed Effects (FE) following Breusch-Pagan and Hausman Tests to indicate the best estimators. The results indicate that: i) BOVESPA’s corporate governance levels improve the content information of accounting earnings reported and enhance the coefficients; ii) earnings of firms’ which trade ADR on the NYSE are not relevant but, have positive coefficients and; iii) the content information in earnings of firms listed on Level 2 and level New Market are more relevant from firms on Level 1 or unlisted. This paper contributes with the discussion about accounting information relevance to the market, investors, regulators and practitioners, as well as, the role of corporate governance to improve information quality.
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Hassan Khayat, Sahar. "Determinants of International Foreign Portfolio Investment Flows to GCC Countries: An Empirical Evidence." International Journal of Business and Management 15, no. 10 (September 16, 2020): 51. http://dx.doi.org/10.5539/ijbm.v15n10p51.
Повний текст джерелаАнотація:
The present study focuses on the roles of trade openness, market forces and domestic credit to private sector and infrastructures by documenting the determinants of Foreign Portfolio Investments (FPI) to Gulf Cooperation Council (GCC) economies. The determinants of foreign portfolio investment for the period between 2000 and 2018 were estimated by implementing random effects (RE), fixed effects (FE), and GMM methods. The dependent variable was foreign portfolio investment against different independent variables. The results of the study lead to the development of framework through the associated countries in GCC that are mainly focused on attracting additional foreign portfolio investment. The results have clearly showed that there is significant influence of macroeconomic factors on the decision of choosing an investment country by the foreign investor.
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Rodríguez Benavides, Domingo, and Francisco López Herrera. "EFECTOS DE LA INCERTIDUMBRE DE LOS PRECIOS DEL PETRÓLEO EN EL CRECIMIENTO ECONÓMICO DE MÉXICO." Investigación Económica 78, no. 309 (June 25, 2019): 80. http://dx.doi.org/10.22201/fe.01851667p.2019.309.70120.
Повний текст джерелаАнотація:
<p>En este trabajo investigamos si la incertidumbre del precio internacional del petróleo incidió en la actividad económica de México durante 1983:2-2017:4. Empleamos un modelo de vectores autorregresivos (VAR) estructural bivariado con un proceso generalizado autorregresivo de heterocedasticidad condicional (GARCH) en media que captura el impacto de la volatilidad del petróleo en el crecimiento económico y la formación bruta de capital fijo. Nuestros resultados muestran que la incertidumbre del mercado petrolero tiene una influencia negativa en la actividad económica. Además, revelan la presencia de efectos asimétricos: la tasa de crecimiento de la producción aumenta (disminuye) después de un choque negativo (positivo) en el precio del petróleo. Estos resultados destacan la importancia de políticas públicas que mitiguen el efecto de la incertidumbre del mercado petrolero y contribuyan a la estabilidad económica.</p><p align="center"> </p><p align="center">EFFECTS OF OIL PRICES UNCERTAINTY ON MEXICO’S ECONOMIC GROWTH</p><p align="center"><strong>ABSTRACT</strong></p><p>We inquire whether the uncertainty of international oil prices affected Mexico’s economic activity during 1983:2-2017:4. To measure such impact we use a bivariate structural vector autoregressive (VAR) model with a generalized autoregressive conditional heteroskedasticity (GARCH) in-mean process that captures the impact of oil price volatility on economic growth and gross fixed capital formation. Our results show that the said uncertainty has a negative influence on Mexico’s economic activity. Further, they reveal the presence of asymmetric effects, as the output growth rate increases (decreases) after a negative (positive) oil price shock. These results highlight the importance of adopting public policies aimed at mitigating the effects of oil market uncertainty and help stabilize economic activity.</p>
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Mupondo, Ndava Constantine. "Liquidity, Trading Activity, and Stock Price Volatility." Finance & Economics Review 4, no. 2 (November 2, 2022): 12–25. http://dx.doi.org/10.38157/fer.v4i2.482.
Повний текст джерелаАнотація:
Purpose: While the bulk of previous research focused on security-level volatility and the relationship of its determinants, the current study considers the relationship between the number of trades, lagged absolute returns, trading volume, bid-ask spread, and price volatility on the Zimbabwe stock market. Methods: The study applied Hausman's (1982) tests of the specification. The parameters and elasticity of explanatory variables have been estimated by utilizing the Generalized Method of Moments (GMM) procedure in a five-equation structural model. The data were obtained from a web-based financial market platform, Investing.com for the period between 2009 and 2021. Results: Results show that inflation had a positive relationship with stock price volatility, which provided a hedge against inflation. There exists an indistinguishable difference between the random effects (RE) and fixed effects (FE) results and those obtained using the Pooled Ordinary Least Squares (POLS) on the total sample reflecting a cohesion of these findings. Implications: Understanding the relationship between inflation and market risk (volatility) can be beneficial to the investor in selecting the appropriate and most convenient investment strategy. From a policy-making perspective, strategic policy measures employed towards reducing inflation would certainly reduce stock market volatility and boost investor confidence.
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Wulandari, Heny, and Arie Damayanti. "QUALIFICATION MISMATCH DAN UPAH DI INDONESIA." Jurnal Ekonomi dan Kebijakan Publik Indonesia 8, no. 1 (April 28, 2021): 45–57. http://dx.doi.org/10.24815/ekapi.v8i1.21168.
Повний текст джерелаАнотація:
Abstract Qualification mismatch is one of the biggest problems in the labor market in the past few years. Based on the previous researchs, qualification mismatch has serious effects on labor outcomes such as wages. Therefore, this study aims to estimate the incidence of qualification mismatch and its relationship with wages in Indonesia. This study uses individual Sakernas data set from 2017 to 2018. Empirical results show that the incidence of undereducation is higher than overeducation. Moreover, the estimation results using fixed effect (FE) method show that overeducation and undereducation has no significant effect on wages. Wages are only affected by the level of education required, while the excess and shortage years are not taken into account. This findings calls for the policies intended to resolve the problem of qualification mismatch.
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Li, Enkang, Mengqiu Lu, and Yu Chen. "Analysis of China’s Importance in “Belt and Road Initiative” Trade Based on a Gravity Model." Sustainability 12, no. 17 (August 21, 2020): 6808. http://dx.doi.org/10.3390/su12176808.
Повний текст джерелаАнотація:
This study used a gravity model to analyze the importance of China within the “Belt and Road Initiative” (BRI) trade pattern based on different regression methods, including pooled ordinary least squares (POLS), fixed effects (FE), and the Heckman two-step calculation. The results show that from 2000 to 2018, China’s position in the BRI trade pattern constantly rose in both exports and imports. After removing zero trade flow, POLS and FE analyses showed GDP and a common language had more influence on national exports than population or common religion. The Heckman two-step results with zero trade flows are similar to the other regression results, showing that both a country’s economic aggregate of a country and a common language between two countries were important during trade exchanges. China is one of Eurasia’s most attractive trading partners; while China provides more goods for BRI countries to export, it also provides a huge market for other BRI countries’ goods while promoting their economic development. Thus, China plays a very important role in the BRI trade pattern. Its huge export/import growth potential is a key economic foundation for further promoting Eurasia’s economic and trade integration.
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Bajic, Stevan, and Burcin Yurtoglu. "Which aspects of CSR predict firm market value?" Journal of Capital Markets Studies 2, no. 1 (July 9, 2018): 50–69. http://dx.doi.org/10.1108/jcms-10-2017-0002.
Повний текст джерелаАнотація:
Purpose There is evidence that corporate social responsibility (CSR) practices predict higher firm value, but little evidence on which specific aspects of CSR drive this relationship. The purpose of this paper is to study this question in a sample drawn from 35 countries over 2003-2016. Design/methodology/approach The authors employ a research design that analyzes observational data with panel data methods including ordinary least squares, firm-random effects, and firm-fixed effects. Findings The authors find in a sample drawn from 35 countries over 2003-2016 an economically significant relationship between an overall CSR measure and firm value. The overall CSR score builds on data from Asset4 and is comprised of three indices for environmental, social, and corporate governance aspects of CSR. The authors find that the social index consistently predicts higher market value. The authors also show that the use of particular elements of CSR can lead to substantial omitted variables bias when predicting firm value. The results also suggest a similar bias in studies that focus on a single index, which captures a specific aspect of CSR, but omits the remaining aspects. Research limitations/implications The study is subject to limitations common to observational studies. Practical implications The authors find robust evidence that CSR predicts market value using a country-benchmarked overall CSR index. The power to predict firm value comes solely from the social dimension of this measure, which captures firm-level practices related to treatment of employees and stakeholder relations including those with customers and the broader community. Three elements drive the social index: customer/product responsibility, human rights, and employment quality. None of the remaining 12 elements significantly predicts firm vale in an empirical setting with firm-FE and extensive covariates. The authors also show that omitted aspects of CSR can easily lead to an omitted variable bias and that the magnitude of this bias is potentially greater with an OLS specification. Social implications Among the many dimensions of CSR, only a subset drives firm value. Policies that target to improve the CSR performance of firms adopt a broader definition of CSR. Originality/value The authors provide first-hand evidence on which specific aspects of CSR drive firm market value.
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Radchenko, Taras, Oleksandr Gatsenko, Vyacheslav Lizunov та Valentyn Tatarenko. "Martensitic αʺ-Fe16N2-Type Phase of Non-Stoichiometric Composition: Current Status of Research and Microscopic Statistical-Thermodynamic Model". Uspehi Fiziki Metallov 21, № 4 (грудень 2020): 580–618. http://dx.doi.org/10.15407/ufm.21.04.580.
Повний текст джерелаАнотація:
The literature (experimental and theoretical) data on the tetragonality of martensite with interstitial–substitutional alloying elements and vacancies are reviewed and analysed. Special attention is paid to the studying the martensitic αʺ-Fe16N2-type phase with unique and promising magnetic properties as an alternative to the rare-earth intermetallics or permendur on the world market of the production of permanent magnets. The period since its discovery to the current status of research is covered. A statistical-thermodynamic model of ‘hybrid’ interstitial–substitutional solid solution based on a b.c.t. crystal lattice, where the alloying non-metal constituents (impurity atoms) can occupy both interstices and vacant sites of the host b.c.c.(t.)-lattice, is elaborated. The discrete (atomic-crystalline) lattice structure, the anisotropy of elasticity, and the ‘blocking’ and strain-induced (including ‘size’) effects in the interatomic interactions are taken into account. The model is adapted for the non-stoichiometric phase of Fe–N martensite maximally ordered by analogy with αʺ-Fe16N2, where nitrogen atoms are in the interstices and at the sites of b.c.t. iron above the Curie point. It is stressed an importance of adequate data on the available (in the literature) temperature- and concentration-dependent microscopic energy parameters of the interactions of atoms and vacancies. The features of varying (viz. non-monotonic decreasing with increasing temperature) the relative concentration of N atoms in the octahedral interstices of b.c.t. Fe, and therefore, the degree of its tetragonality (correlating with this concentration) are elucidated. Within the wide range of varying the total content of introduced N atoms, the ratio of the equilibrium concentration of residual site vacancies to the concentration of thermally activated vacancies in a pure b.c.c. Fe is demonstrated at a fixed temperature.
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Wang, Susheng, Gang Chen, and Dawei Huang. "Can the New Energy Vehicle Pilot Policy Achieve Green Innovation and Emission Reduction?—A Difference-in-Differences Analysis on the Evaluation of China’s New Energy Fiscal Subsidy Policy." Sustainability 13, no. 15 (August 3, 2021): 8643. http://dx.doi.org/10.3390/su13158643.
Повний текст джерелаАнотація:
Whether the new energy vehicle pilot policy (NEVPP) can achieve green innovation and emission reduction is an important exploration for China to achieve green and sustainable development. This research aims to empirically investigate the impact, impact mechanism, and heterogeneity characteristics of the NEVPP on urban green innovation and emission reduction based on panel data from 281 cities in China from 2004 to 2017, using difference-in-differences (DID) methods and fixed effect (FE) models. The results show that the NEVPP significantly reduces the carbon dioxide emissions of the pilot cities but significantly inhibits the green innovation, and the results are robust to the placebo test, propensity score matching DID (PSM-DID) test, instrumental variable (IV) estimation, emissions trading system (ETS), and Carbon-ETS interference test, and change of the dependent variable. In addition, further studies have shown that the NEVPP’s emission reduction effects are mainly achieved by reducing energy consumption, promoting technological innovation, and adjusting industrial structure. Moreover, we found that the NEVPP performed better in the regions where the level of economic development is high, the local government has a good relationship with the market, and the level of non-state economic development is high. In general, our research results show that the NEVPP has achieved innovation and emission reduction policy effects in China, but it is also accompanied by an inhibitory effect on green technological innovation.
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Javeed, Sohail Ahmad, Tze San Ong, Rashid Latief, Haslinah Muhamad, and Wei Ni Soh. "Conceptualizing the Moderating Role of CEO Power and Ownership Concentration in the Relationship between Audit Committee and Firm Performance: Empirical Evidence from Pakistan." Sustainability 13, no. 11 (June 3, 2021): 6329. http://dx.doi.org/10.3390/su13116329.
Повний текст джерелаАнотація:
Firms in developing economies generally find ways to enhance their reputation and growth in the international market. In this context, an Audit Committee (AC) is composed of multiple skilled members that control and monitor auditing activities and present a transparent image of their firm, which automatically attracts investors and builds investor confidence. Therefore, this study used CEO power and ownership concentration as moderating factors to examine the connection between AC and firm performance. For this purpose, this study used the data of Pakistani manufacturing firms for the period 2008 to 2018 and applied the Ordinary Least Square (OLS) method, the Fixed Effect (FE) model, and the Generalized Method of Moments (GMM). To check the robustness of the results, this study used a Feasible Generalized Least Square (FGLS) model. The findings of this study contended that AC and firm performance have a positive association with each other. Moreover, the findings revealed that CEO power positively influenced firm performance. Furthermore, lower ownership concentration is a valuable approach to maximize a firm’s performance. Importantly, the outcomes concluded that AC and firm performance have a positive connection with the moderating effects of CEO power. Moreover, AC and firm performance also have a positive association with the moderating effect of ownership concentration.
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Achieng, Benter Omollo, Willy Muturi, and Joshua Wanjare. "Effect of Equity Financing Options on Financial Performance of Non-Financial Firms Listed at the Nairobi Securities Exchange, Kenya." Applied Economics and Finance 5, no. 4 (July 1, 2018): 160. http://dx.doi.org/10.11114/aef.v5i4.3398.
Повний текст джерелаАнотація:
Corporate finance managers worldwide have for a long time consistently sought to maximize shareholders’ wealth and their firm’s market value through their decisions on firm’s capital structure. However, both scholars and practitioners of corporate finance are yet to agree on the optimal mix of equity and debt that maximizes a firm’s financial performance. The purpose of this study was to examine the effects of equity financing options namely common stock (CS), retained earnings (REN) and total equity (TED) as ratios of total assets on the financial performance measured as return on assets (ROA) and return on equity (ROE) of Kenya’s listed firms. Utilizing panel econometric techniques namely pooled ordinary least squares (OLS), fixed effects (FE) and random effects (RE), the study analyzes the effects of equity variables as ratios of total assets on the financial performance of 40 non-financial firms listed at the Nairobi Securities Exchange between 2009 and 2015. The study’s empirical results show that CS ratio significantly and negatively affects ROA while REN ratio has a statistically significant and positive effect on ROA. Overall, TE ratio positively and significantly affects ROA. On the contrary, ROE is not significantly affected by the equity variables in the sample. While the non-significant effects of equity on ROE find support in Modigliani and Miller’s capital structure irrelevance theory, the positive effects of REN ratio and the negative effects of CS ratio on ROA, which are largely supported by the trade-off theory, may explain the pecking order theory’s prioritization of internal capital sources over debt and equity issuances. Thus, corporate finance managers should find a place for internal financing options particularly retained earnings to maximize equity holders’ returns on assets employed. Additionally, corporate finance managers should endeavour to minimize on the use of CS due to its negative effects on shareholder earnings on their assets. Nonetheless, a reasonable balance between CS and REN should be considered since the positive effect between TE and ROA is an appraisal for an optimum mix of equity financing options.
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Diaz, John Francis T., and Martha Christianie Tjokro Hindro. "Factors Affecting the ProfitabilitFactors Affecting the Profitability of Indonesian Real Estate Publicly-listed Companiesy of Indonesian Real Estate Publicly-listed Companies." Asian Journal of Finance & Accounting 9, no. 1 (June 13, 2017): 396. http://dx.doi.org/10.5296/ajfa.v9i1.11193.
Повний текст джерелаАнотація:
The research studies the relationship between eight firm-specific factors on the profitability of large-, medium-, and small-scale real estate Indonesian companies. The data uses forty-seven real estate companies listed in the Indonesian Stock Exchange from 2010 to 2014. The study utilized multiple linear panel regression models, namely, ordinary least squares (OLS), fixed effects (FE) and random effects (RE) in examining the effect on the return on asset of firm-specific factors, which include: number of days account receivables, number of days inventory, number of days of account payable, size of the company, current ratio, debt ratio, sales growth, and tangibility. Empirical findings show that the number of days account receivable has negative relationship with profitability, but it has no effect on medium-size Indonesian real estate companies. The factor number of days inventories has negative relationship in small-size companies, but the inverse is true for large companies, because large real estate firms have more liquid assets that covers maintenance costs related to real estate inventories. Size and sales growth have positive relationship on profitability for both large and small Indonesian real estate firms. On one hand, current ratio has positive relationship in large companies, while a negative relationship was found in small companies, because of the lower current asset base usually being experienced by smaller real estate firms. Lastly, tangibility has negative relationship with profitability for large companies, while the opposite is true for medium-sized real estate firms. Findings of this research are strong in using two panel regression models, and can help real estate managers have a general perspective regarding determinants of profitability in the expanding Indonesian market. This study also provides fresh perspectives in creating suitable strategies to controlling factors that maximizes profitability.
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Shen, Yi, Minghan Lyu, and Jiali Zhu. "Air Pollution and Corporate Green Financial Constraints: Evidence from China’s Listed Companies." International Journal of Environmental Research and Public Health 19, no. 22 (November 15, 2022): 15034. http://dx.doi.org/10.3390/ijerph192215034.
Повний текст джерелаАнотація:
This paper aims to investigate how air pollution may affect corporate green financial constraints. We assume that poor air quality can enhance the pressure of governments on environmental protection, which creates easier access to financing for firms’ green investments and transitions, especially in emerging markets. Using a sample of Chinese-listed companies, we find that the level of green financial constraints is reduced when air quality deteriorates. This effect is more obvious in regions with stronger local government influence or fewer formal environmental regulations. To manage potential self-selection and endogeneity issues, fixed effects (FE), two-stage least squares (2SLS) with instrumental variables (IV), and propensity-score matching (PSM) approaches are used to verify the validity of our results. We link air pollution and financial constraints of green investment, and we fill a literature gap by considering whether the environment can have an impact on corporate green transformation. In the channel analysis, we identify that debt could be an important mechanism through which firms derive fewer green financial constraints. Our findings indicate that air pollution can be a crucial factor restricting corporate green investment and transformation, and managers in the context of emerging markets should be more attentive to green financing.
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Mbulawa, Strike, Francis Nathan Okurut, Mogale Ntsosa, and Narain Sinha. "Dynamics of Corporate Dividend Policy under Hyperinflation and Dollarization: A Quantile Regression Approach." International Journal of Business and Economic Sciences Applied Research 13, no. 3 (2020): 71–83. http://dx.doi.org/10.25103/ijbesar.133.06.
Повний текст джерелаАнотація:
Purpose: Zimbabwe experienced hyperinflation (2000-2008) followed by dollarization from 2009 onwards which had implications on dividend policy. In this context, this study isolates the main determinants and examines their behaviour across the distribution of dividend policy. Design/methodology/approach: The study employs quantile regression analysis and a sample of 30 firms listed on the Zimbabwe Stock Exchange (ZSE), covering the period 2000 to 2016. The fixed effects (FE) analysis is applied as a base model. Finding(s): The most robust determinants are ownership structure, earnings per share (EPS) and taxation. In our context, results are more informative, than those based on FE analysis by showing the change in the impact of each explanatory variable across the distribution. EPS has a positive and significant impact on dividend policy throughout the distribution in both sample periods. Its effect increases in magnitude as firms move from low to high quantiles. The other variables are useful in explaining dividend policy at selected points of the distribution. Thus, there is clear heterogeneity in the determinants of dividend policy. Research limitations/implications: The study shows the importance of developing dividend policy by focusing on the position of the firm on the distribution. Dividend policy should be developed in view of the earnings potential of the firm, ownership concentration and perceived changes in fiscal policy. A well-designed policy should have a differentiated approach to influencing corporate dividends. Originality/value: This study enhances our understanding of dividend policy in unique markets. It confirms the applicability of dividend relevance theories. Furthermore, It shows that quantile analysis provides more reliable estimates than those obtained using standard panel data models.
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Salehi, Mahdi, Grzegorz Zimon, and Maryam Seifzadeh. "The Effect of Management Characteristics on Audit Report Readability." Economies 10, no. 1 (January 1, 2022): 12. http://dx.doi.org/10.3390/economies10010012.
Повний текст джерелаАнотація:
The present study investigates the relationship between management characteristics (managerial entrenchment, CEO narcissism, overconfidence, board effort, real and accrual-based earnings management) and the audit report readability of listed firms. In other words, this paper seeks to answer the question of “whether management characteristics can have a favourable effect on the audit report readability or not.” The multivariate regression model is used for this study. Research hypotheses were also examined using a sample of 1004 observations on the Tehran Stock Exchange during 2012–2018 and by employing multiple regression patterns based on a panel data technique and fixed effects model. The results show a negative and significant relationship between managerial entrenchment and real and accrual-based earnings management and the audit report readability, based on the FOG index, and a positive and significant relationship between management narcissism, CEO overconfidence, and board effort and the audit report readability, based on the FOG index. Moreover, a negative and significant relationship exists between management entrenchment, CEO overconfidence, real and accrual-based earnings management, and audit report readability based on text length and Flesch indices. A positive and significant relationship was evident between CEO narcissism and board effort and audit report readability based on the same indices. Besides, research models were also examined for more confidence using other additional methods, including FE, T + 1, ABB, and GMM, which confirm the study’s preliminary results. Since the present study is the first paper to investigate such a topic in the emergent markets, it provides valuable information about intrinsic and acquisitive characteristics of management for users, analysts, and legal institutions that contribute significantly to financial statement readability.
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Greene, William. "Fixed Effects Vector Decomposition: A Magical Solution to the Problem of Time-Invariant Variables in Fixed Effects Models?" Political Analysis 19, no. 2 (2011): 135–46. http://dx.doi.org/10.1093/pan/mpq034.
Повний текст джерелаАнотація:
Plümper and Troeger (2007) propose a three-step procedure for the estimation of a fixed effects (FE) model that, it is claimed, “provides the most reliable estimates under a wide variety of specifications common to real world data.” Their fixed effects vector decomposition (FEVD) estimator is startlingly simple, involving three simple steps, each requiring nothing more than ordinary least squares (OLS). Large gains in efficiency are claimed for cases of time-invariant and slowly time-varying regressors. A subsequent literature has compared the estimator to other estimators of FE models, including the estimator of Hausman and Taylor (1981) also (apparently) with impressive gains in efficiency. The article also claims to provide an efficient estimator for parameters on time-invariant variables (TIVs) in the FE model. None of the claims are correct. The FEVD estimator simply reproduces (identically) the linear FE (dummy variable) estimator then substitutes an inappropriate covariance matrix for the correct one. The consistency result follows from the fact that OLS in the FE model is consistent. The “efficiency” gains are illusory. The claim that the estimator provides an estimator for the coefficients on TIVs in an FE model is also incorrect. That part of the parameter vector remains unidentified. The “estimator” relies upon a strong assumption that turns the FE model into a type of random effects model.
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Bell, Andrew, and Kelvyn Jones. "Explaining Fixed Effects: Random Effects Modeling of Time-Series Cross-Sectional and Panel Data." Political Science Research and Methods 3, no. 1 (May 1, 2014): 133–53. http://dx.doi.org/10.1017/psrm.2014.7.
Повний текст джерелаАнотація:
This article challenges Fixed Effects (FE) modeling as the ‘default’ for time-series-cross-sectional and panel data. Understanding different within and between effects is crucial when choosing modeling strategies. The downside of Random Effects (RE) modeling—correlated lower-level covariates and higher-level residuals—is omitted-variable bias, solvable with Mundlak's (1978a) formulation. Consequently, RE can provide everything that FE promises and more, as confirmed by Monte-Carlo simulations, which additionally show problems with Plümper and Troeger's FE Vector Decomposition method when data are unbalanced. As well as incorporating time-invariant variables, RE models are readily extendable, with random coefficients, cross-level interactions and complex variance functions. We argue not simply for technical solutions to endogeneity, but for the substantive importance of context/heterogeneity, modeled using RE. The implications extend beyond political science to all multilevel datasets. However, omitted variables could still bias estimated higher-level variable effects; as with any model, care is required in interpretation.
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Collischon, Matthias, and Andreas Eberl. "Let’s Talk About Fixed Effects: Let’s Talk About All the Good Things and the Bad Things." KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie 72, no. 2 (June 2020): 289–99. http://dx.doi.org/10.1007/s11577-020-00699-8.
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Abstract With the broader availability of panel data, fixed effects (FE) regression models are becoming increasingly important in sociology. However, in some studies the potential pitfalls of these models may be ignored, and common critiques of FE models may not always be applicable in comparison to other methods. This article provides an overview of linear FE models and their pitfalls for applied researchers. Throughout the article, we contrast FE and classical pooled ordinary least squares (OLS) models. We argue that in most cases FE models are at least as good as pooled OLS models. Therefore, we encourage scholars to use FE models if possible. Nevertheless, the limitations of FE models should be known and considered.
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Mrázová, Monika, and J. Peter Neary. "Selection Effects with Heterogeneous Firms." Journal of the European Economic Association 17, no. 4 (July 21, 2018): 1294–334. http://dx.doi.org/10.1093/jeea/jvy024.
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Abstract We characterize how firms select between alternative ways of serving a market. “First-order” selection effects, whether firms enter or not, are extremely robust. “Second-order” ones, how firms serve a market conditional on entry, are much less so: more efficient firms select the entry mode with lower market-access costs if firms’ maximum profits are supermodular in production and market-access costs, but not necessarily otherwise. We derive microfoundations for supermodularity in a range of canonical models. Notable exceptions include horizontal and vertical FDI with “subconvex” demands (i.e., less convex than CES), fixed costs that increase with productivity, and R&D with threshold effects.
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Estes, Jason P., Damla Sentürk, Esra Kürüm, Connie M. Rhee, and Danh V. Nguyen. "Fixed Effects High-Dimensional Profiling Models in Low Information Context." International Journal of Statistics in Medical Research 10 (September 27, 2021): 118–31. http://dx.doi.org/10.6000/1929-6029.2021.10.11.
Повний текст джерелаАнотація:
Profiling or evaluation of health care providers, including hospitals or dialysis facilities, involves the application of hierarchical regression models to compare each provider’s performance with respect to a patient outcome, such as unplanned 30-day hospital readmission. This is achieved by comparing a specific provider’s estimate of unplanned readmission rate, adjusted for patient case-mix, to a normative standard, typically defined as an “average” national readmission rate across all providers. Profiling is of national importance in the United States because the Centers for Medicare and Medicaid Services (CMS) policy for payment to providers is dependent on providers’ performance, which is part of a national strategy to improve delivery and quality of patient care. Novel high dimensional fixed effects (FE) models have been proposed for profiling dialysis facilities and are more focused towards inference on the tail of the distribution of provider outcomes, which is well-suited for the objective of identifying sub-standard (“extreme”) performance. However, the extent to which estimation and inference procedures for FE profiling models are effective when the outcome is sparse and/or when there are relatively few patients within a provider, referred to as the “low information” context, have not been examined. This scenario is common in practice when the patient outcome of interest is cause-specific 30-day readmissions, such as 30-day readmission due to infections in patients on dialysis, which is only about ~ 8% compared to the > 30% for all-cause 30-day readmission. Thus, we examine the feasibility and effectiveness of profiling models under the low information context in simulation studies and propose a novel correction method to FE profiling models to better handle sparse outcome data.
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Meijers, Evert, Joris Hoekstra, and Marjolein Spaans. "Fixed link, fixed effects? Housing market outcomes of new infrastructure development in the Dutch Delta Area." Geografisk Tidsskrift-Danish Journal of Geography 113, no. 1 (May 2013): 11–24. http://dx.doi.org/10.1080/00167223.2013.793064.
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Krsinich, Frances. "The FEWS Index: Fixed Effects with a Window Splice." Journal of Official Statistics 32, no. 2 (June 1, 2016): 375–404. http://dx.doi.org/10.1515/jos-2016-0021.
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Abstract This article describes the estimation of quality-adjusted price indexes from ‘big data’ such as scanner and online data when there is no available information on product characteristics for explicit quality adjustment using hedonic regression. The longitudinal information can be exploited to implicitly quality-adjust the price indexes. The fixed-effects (or ‘time-product dummy’) index is shown to be equivalent to a fully interacted time-dummy hedonic index based on all price-determining characteristics of the products, despite those characteristics not being observed. In production, this can be combined with a modified approach to splicing that incorporates the price movement across the full estimation window to reflect new products with one period’s lag without requiring revision. Empirical results for this fixed-effects window-splice (FEWS) index are presented for different data sources: three years of New Zealand consumer electronics scanner data from market-research company GfK; six years of United States supermarket scanner data from market-research company IRI; and 15 months of New Zealand consumer electronics daily online data from MIT’s Billion Prices Project.
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Butler, Alexander W., Larry Fauver, and Ioannis Spyridopoulos. "Local Economic Spillover Effects of Stock Market Listings." Journal of Financial and Quantitative Analysis 54, no. 3 (March 7, 2019): 1025–50. http://dx.doi.org/10.1017/s0022109019000188.
Повний текст джерелаАнотація:
We show that initial public offerings (IPOs) have nontrivial positive spillover effects on local labor markets, business environments, consumer spending, real estate, and migration. We mitigate endogeneity concerns about unobserved heterogeneity with restrictive geographic fixed effects coupled with a matching procedure. We show that it is the listing decision, which encompasses both a wealth and liquidity shock, that induces economic spillovers. Conditional on an IPO occurring, we estimate that an additional $10 million in IPO proceeds is associated with an extra 41 jobs and 0.7 new establishments locally.
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Cook, Scott J., Jude C. Hays, and Robert J. Franzese. "Fixed effects in rare events data: a penalized maximum likelihood solution." Political Science Research and Methods 8, no. 1 (October 9, 2018): 92–105. http://dx.doi.org/10.1017/psrm.2018.40.
Повний текст джерелаАнотація:
AbstractMost agree that models of binary time-series-cross-sectional data in political science often possess unobserved unit-level heterogeneity. Despite this, there is no clear consensus on how best to account for these potential unit effects, with many of the issues confronted seemingly misunderstood. For example, one oft-discussed concern with rare events data is the elimination of no-event units from the sample when estimating fixed effects models. Many argue that this is a reason to eschew fixed effects in favor of pooled or random effects models. We revisit this issue and clarify that the main concern with fixed effects models of rare events data is not inaccurate or inefficient coefficient estimation, but instead biased marginal effects. In short, only evaluating event-experiencing units gives an inaccurate estimate of the baseline risk, yielding inaccurate (often inflated) estimates of predictor effects. As a solution, we propose a penalized maximum likelihood fixed effects (PML-FE) estimator, which retains the complete sample by providing finite estimates of the fixed effects for each unit. We explore the small sample performance of PML-FE versus common alternatives via Monte Carlo simulations, evaluating the accuracy of both parameter and effects estimates. Finally, we illustrate our method with a model of civil war onset.
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Kwiatkowski, Eugeniusz. "Controversies on the Economic Effects of Fixed - Term Employment - Evidence from the OECD Countries." Olsztyn Economic Journal 11, no. 3 (September 30, 2016): 195–210. http://dx.doi.org/10.31648/oej.2924.
Повний текст джерелаАнотація:
This paper focuses on fixed-term employment in the OECD countries, its trends and conditions, as well as controversies regarding its significance for flexibility of employment and labour market segmentation. Statistical data show that fixed-term employment significantly increased its share in total employment in many OECD countries in the last quarter century. The reasons of this trend can be sought in the lower labour cost of this type of employment, and the ease with which this group of employees can be dismissed, which was in part a result of the relaxed legal protection of fixed-term employment in the nineties. Analyses indicate that the increase in the share of fixed-term employment affect employment elasticity nonlinearly according to the shape of the letter U. The analyses support the hypothesis about the segmentation of the labour market as a result of the development of fixed-term employment.
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CZERWINSKI, Jan, Andreas MAYER, and Adrian WICHSER. "Effects of fuel tracing on nanoparticles from a Diesel engine." Combustion Engines 160, no. 1 (February 1, 2015): 3–10. http://dx.doi.org/10.19206/ce-116896.
Повний текст джерелаАнотація:
Nanoparticles from a HD-Diesel engine and their composition were investigated in the present paper. Three variants of fuel additivities were applied to allow the balances of certain tracer-substances after the tests: 2% of additives-free lube oil; 2% of market lube oil with additive package and Fe-based regeneration additive (FBC) with 40 ppm Fe. The analysed SMPS particle size distributions indicated that by blending of the market lube oil to the fuel the combined effects of metals or metal oxides from the additive packages and of the heavy HC’s from the lube oil matrix contribute the most to the increase of nuclei mode. From the masses of Fe, Zn and Ca, which were introduced with the fuel, only parts were found as integral masses at all ELPI-stages – Fe 43.5%, Zn 36.6%, Ca 65.5%. The majority of mass of some metals, or metal oxides emissions on ELPI-stages (up to 80%) is in the size ranges below 100 nm.
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Hu, Xuewei, Kai Chen, Xinke Lai, Siping Ji, and Kevin Kaiser. "Effects of Fe(III) on biofilm and its extracellular polymeric substances (EPS) in fixed bed biofilm reactors." Water Science and Technology 73, no. 9 (February 1, 2016): 2060–66. http://dx.doi.org/10.2166/wst.2016.042.
Повний текст джерелаАнотація:
The effects of Fe(III) on the biofilm mass and activity, the biofilm micromorphology as well as the composition and functional groups characteristics of extracellular polymeric substances (EPS) in biofilm were investigated in laboratory-scale fixed bed biofilm reactors. The results showed that 2 mg/L of Fe(III) promoted the biofilm mass and improved the biofilm activity, but 16 mg/L of Fe(III) adversely affected biofilm development. Scanning electron microscopy (SEM) study indicated a high concentration (16 mg/L) of Fe(III) led to significant reduction of the filaments, great promotion of the EPS secretion in biofilm. The result of the EPS composition suggested 2 mg/L of Fe(III) increased soluble EPS and loosely bound EPS which contributed to the microbial aggregation, while 16 mg/L of Fe(III) promoted tightly bound EPS production unfavourable for substrate mass transfer. Fourier transform infrared spectroscopy and X-ray photoelectron spectroscopy analysis demonstrated that Fe(III) exerted a significant influence on the –CONH– groups of proteins and the C–O groups of polysaccharides in EPS. This study reveals that Fe(III) influences biofilm development and activity not only by directly impacting the microbial physiology but by indirectly affecting the EPS constituents, and it helps to provide theoretical guidance for iron ion containing wastewater treatment.
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Lee, Yongho, Sun-Bi Um, and Ji Hyeon Song. "The Effects of Parents’ Social Class on Child’s Labor Market Outcomes - Using Fixed Effects Model -." Korean Journal of Social Welfare 73, no. 2 (May 31, 2021): 107–31. http://dx.doi.org/10.20970/kasw.2021.73.2.005.
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Lee, Yongho, Sun-Bi Um, and Ji Hyeon Song. "The Effects of Parents’ Social Class on Child’s Labor Market Outcomes - Using Fixed Effects Model -." Korean Journal of Social Welfare 73, no. 2 (May 31, 2021): 107–31. http://dx.doi.org/10.20970/kasw.2021.73.1.105.
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Lee, Yongho, Sun-Bi Um, and Ji Hyeon Song. "The Effects of Parents’ Social Class on Child’s Labor Market Outcomes - Using Fixed Effects Model -." Korean Journal of Social Welfare 73, no. 2 (May 31, 2021): 107–31. http://dx.doi.org/10.20970/kasw.2021.73.2.105.
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Lee, Yongho, Sun-Bi Um, and Ji Hyeon Song. "The Effects of Parents’ Social Class on Child’s Labor Market Outcomes - Using Fixed Effects Model -." Korean Journal of Social Welfare 73, no. 2 (May 31, 2021): 107–31. http://dx.doi.org/10.20970/kasw.2021.73.2.107.
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Kroschel, Josh, Minou Rabiei, and Vamegh Rasouli. "Accounting for Fixed Effects in Re-Fracturing Using Dynamic Multivariate Regression." Energies 15, no. 15 (July 27, 2022): 5451. http://dx.doi.org/10.3390/en15155451.
Повний текст джерелаАнотація:
The oil and gas (O&G) industry is now as focused on minimizing costs and maximizing efficiency just as much as maximizing production. Operators are looking for new and cost-effective ways to add profitable assets to their portfolio. One such way is to re-fracture existing wells. There is evidence that these wells can be very productive in the Bakken. However, because of factors such as depletion and aging wellbore material, re-fracturing wells can be a difficult process to implement successfully and often have binding constraints on surface treating pressure (STP). This study attempts to quantify the effects that completion parameters have on re-fracturing treatment implementation by constructing dynamic fixed effects (FE) multivariate regression models. These models are not generally used in O&G and are more commonly used in economics and policy analysis. However, given that both economics and O&G deal with large amounts of uncertainty for each individual person and well, respectively, these models provide a much simpler approach to handle the uncertainty. These models also attempt to account for stress shadow effects from subsequent stages on treatment. The FE model has the advantage of treating a compilation of well treatment data as panel data and differencing out any unobservable fixed parameters. To the authors’ knowledge, this is the first study using dynamic FE models to estimate temporal stress shadow effects from one stage to the next. These models may then be thought of as estimating the boundary effects from stress shadows, which will affect treatment implementation. The novelty lies in estimating these effects, while accounting for fixed within-well variation, using simpler models than those usually found in industry. We stress that the simplicity of these models is a feature, not a bug. This study found that previous stage average STP, acid volume pumped, and perforation standoff were all statistically significant predictors of average STP with a strong temporal dependence of average STP on subsequent stages after accounting for fixed wellbore and geologic parameters. The models in this study also predict a positive marginal effect from acid volume average STP, which may seem counterintuitive, but is also backed by a previous study.
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Tinoco Zermeño, Miguel Á., Francisco Venegas Martínez, and Víctor H. Torres Preciado. "EFFECTS OF INFLATION ON FINANCIAL SECTOR PERFORMANCE: NEW EVIDENCE FROM PANEL QUANTILE REGRESSIONS." Investigación Económica 77, no. 303 (April 5, 2018): 94. http://dx.doi.org/10.22201/fe.01851667p.2018.303.64156.
Повний текст джерелаАнотація:
<p>This paper explores the influence of inflation on the conditional distribution of financial development, an issue that has not received attention in related literature, with data from 84 countries covering the 1980-2010 period. In our data we show the presence of fixed effects, reject cross-sectional dependence in the error structure and justify poolability. Our empirical strategy employs standard and fixed-effects quantile regressions to demonstrate that the influence of inflation varies along the quantiles of the conditional finance distribution. In general, we find a consistently negative and nonlinear effect of price increases on financial variables; in particular, it is statistically significant in the full sample of countries, significant in developing countries, and insignificant in developed countries.</p>
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Blanchard, Olivier, and Augustin Landier. "The Perverse Effects of Partial Labour Market Reform: Fixed‐Term Contracts in France." Economic Journal 112, no. 480 (June 1, 2002): F214—F244. http://dx.doi.org/10.1111/1468-0297.00047.
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Kim, Jeong-Bon, and Mohamed Ibrahim. "An Integrated Cost-Volume-Market Value Analysis Under Uncertainty And Fixed Cost Effects." Asia-Pacific Journal of Accounting 4, no. 1 (June 1997): 59–71. http://dx.doi.org/10.1080/10293574.1997.10510510.
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Ro, Young-jin, Jai-Won Ryou, and Sun-Hee Kwon. "Non-linear Effects of Market Concentration on Fixed Investment in Korea’s Manufacturing Industry." Journal of Korean Economics Studies 40, no. 4 (December 31, 2022): 5–28. http://dx.doi.org/10.46665/jkes.2022.12.40.4.5.
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Hernandez-Vega, Marco. "ESTIMATING CAPITAL FLOWS TO EMERGING MARKET ECONOMIES WITH HETEROGENEOUS PANELS." Macroeconomic Dynamics 23, no. 5 (October 30, 2017): 2068–88. http://dx.doi.org/10.1017/s1365100517000591.
Повний текст джерелаАнотація:
Current data provide macroeconomic information for a large number of countries and for long periods of time (macropanels). In such panels, slope heterogeneity and cross-section dependence (CSD) are the rule rather than the exception, leading the fixed effects slope estimators to be biased and inconsistent. This paper analyzes gross capital flows to emerging economies employing the Augmented Mean Group (AMG) model to account for slope heterogeneity and CSD. The results suggest that the AMG performs better than the fixed effects model and that not only country heterogeneity is important to analyze capital inflows to emerging economies, but also are the differences among the types of capital inflows.
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Friedberg, Leora, and Sarah Turner. "Labor Market Effects of Pensions and Implications for Teachers." Education Finance and Policy 5, no. 4 (October 2010): 463–91. http://dx.doi.org/10.1162/edfp_a_00011.
Повний текст джерелаАнотація:
While the retirement security landscape has changed drastically for most workers over the last twenty years, traditional defined benefit (DB) pension plans remain the overwhelming norm for K–12 teachers. Because DB plans pay off fully with a fixed income after retirement only if a teacher stays in the profession for decades and yield little or nothing if a teacher leaves early, DB plans induce a strong, nonlinear relationship between years of tenure and benefit accrual. One implication is that as many current teachers approach eligibility for full pensions, there are strong incentives for retirement and associated consequences in the teacher labor market. In this article, we assess the key features of DB plans, discuss the general incentive effects, and consider the application to the particular case of teachers. This work highlights the importance of assessing the characteristics of teachers who respond most to the retirement timing incentives.
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Merkx, Madeleine. "Fixed Establishments in European Value Added Tax: Base Erosion and Profit Shiftings Side Effects?" EC Tax Review 26, Issue 1 (February 1, 2017): 36–44. http://dx.doi.org/10.54648/ecta2017004.
Повний текст джерелаАнотація:
The focus in the Organisation for Economic Co-operation and Development (OECD) reports in the Base Erosion and Profit Shifting (BEPS) project is on direct taxation. Still, the effects BEPS will have on indirect taxes should not be underestimated. In this article the author addresses the effects the BEPS reports and developments will have on the concept of fixed establishment (FE) for indirect taxes. She addresses the changes in the concept of permanent establishment (PE) and how these may affect the interpretation of the concept of FE for Value Added Tax (VAT) purposes. On top of that, she discusses whether or not the issues addressed in BEPS for PEs need to be examined in a similar manner for FEs in European VAT.
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Benassi, Corrado, Roberto Cellini, and Alessandra Chirco. "Personal Income Distribution and Market Structure." German Economic Review 3, no. 3 (August 1, 2002): 327–38. http://dx.doi.org/10.1111/1468-0475.00062.
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Abstract Income distribution affects market demand and its elasticity, and, as a consequence, the optimal behaviour of firms and market equilibrium. This paper focuses on the effects of income polarization, and presents a model where ± for any unimodal density function describing income distribution of the consumers ± income polarization leads to market concentration, i.e., to a smaller number of firms able to survive in the long run, provided that the firms' fixed costs are sufficiently low.
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Jung, Haeil, and Robert J. LaLonde. "Incarcerated Mothers’ Labor Market Outcomes." Prison Journal 97, no. 1 (December 15, 2016): 27–51. http://dx.doi.org/10.1177/0032885516679377.
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This study investigates how motherhood and foster care records of their children influence women’s transitions into the labor market after incarceration. Our fixed effects models examine the relative progress of incarcerated mothers in earnings and employment after incarceration, accounting for the difference between mothers and women without children and controlling for time-constant individual characteristics. Our analysis indicates that incarcerated mothers make impressive progress in quarterly employment during the second and third year after incarceration. Most of these increases are from mothers whose children started, but did not resolve, foster care before incarceration.
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Ajzenman, Nicolás, Patricio Dominguez, and Raimundo Undurraga. "Immigration and Labor Market (Mis)Perceptions." AEA Papers and Proceedings 112 (May 1, 2022): 402–8. http://dx.doi.org/10.1257/pandp.20221004.
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Exposure to immigrants often triggers sentiments of hostility and backlash among native-born populations. Among the main concerns identified by surveys, labor market conditions typically rank at the top. We combine a two-way fixed effects model with a Bartik-type 2SLS model to causally estimate the effects of immigration on labor outcomes in Chile, where the foreign-born population almost tripled in five years. While immigration did not systematically affect employment levels, it did cause an increase in unemployment-related concerns. Our results provide a plausible hypothesis to explain the backlash against immigrants: misperception regarding the effect of immigrants on labor market conditions.
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Pantupho, Waenkaew, Arthit Neramittagapong, Nuttawut Osakoo, Jatuporn Wittayakun, and Sirinuch Loiha. "The Effects of Preparation Methods on Iron Structures of Iron-Supported HZSM-5 and their Catalytic Performance for Methanol Dehydration." Key Engineering Materials 723 (December 2016): 633–39. http://dx.doi.org/10.4028/www.scientific.net/kem.723.633.
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Iron-supported HZSM-5 catalysts were prepared by hydrothermal (Fe-HZSM-5_HYD) and impregnation methods (Fe/HZSM-5_IMP). The active species of binuclear-iron complex and iron-substituted zeolite framework, confirmed by EXAFS analysis, were observed on Fe/HZSM-5_IMP and Fe-HZSM-5_HYD, respectively. The catalysts were used for production of dimethyl ether (DME) by methanol dehydration at 200-350 °C using fixed bed flow reactor. Fe/HZSM-5_IMP showed higher catalytic conversion than Fe-HZSM-5_HYD. However, the Fe/HZSM-5_IMP catalyst was less selective to DME product and strongly deactivated for 24h. The deactivation might due to transformation of binuclear-iron to the a-iron site which was strong acidic strengh. The iron-substituted zeolite framework of Fe-HZSM-5_HYD showed high stability toward methanol dehydration. Moreover, the catalyst showed advantages of good selective to DME and low carbon deposition on surface. These results suggested that the iron-substituted zeolite framework structure could improve catalytic performance for mrthanol dehydration.
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Malecek, Petr. "EFFECTS OF DEMOGRAPHIC STRUCTURE IN GROWTH ACCOUNTING AND LABOUR MARKET DECOMPOSITIONS." International Journal of Economic Sciences 10, no. 2 (December 20, 2021): 103–13. http://dx.doi.org/10.52950/es.2021.10.2.006.
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Impact of demographic structure on labor market and macroeconomic aggregates might be pronounced in some countries. Despite this fact, only a handful of approaches dealing with quantifications such effects have been derived so far. The aim of this paper is therefore to fill this methodological gap and to introduce methodological approaches for capturing changes in demographic structure, with many applications in growth accounting and labor market decompositions. Firstly, a novel additive decomposition will be presented, as an alternative to traditional models using fixed population weights. This will be followed by the presentation of a multiplicative decomposition, which can be applied to all kinds of growth accounting exercises based on multiplicative identities.
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Lee, Sang, Matthew Alford, John Cresson, and Lara Gardner. "The Effects of Information Communication Technology on Stock Market Capitalization: A Panel Data Analysis." Business and Economic Research 7, no. 1 (May 8, 2017): 261. http://dx.doi.org/10.5296/ber.v7i1.10936.
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The level of investment in information communication technologies (ICT) that may affect stock market capitalization varies substantially across countries. Using data on 81 countries from 1998 to 2014, we use a country-fixed effects model to estimate the relationship between ICTs and stock market capitalization. Our empirical model is built on the premise that (1) increased deployment of ICT allows financial market participants to make more informed decisions at reduced inherent risks associated with deficient information or uncertainty in financial markets; and (2) increased access to and use of information communication technologies is expected to improve a country's economic fundamentals. The empirical results support our hypothesis that ICT expansions are positively associated with stock market capitalization.
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Silva, Marta, Luis Filipe Martins, and Helena Lopes. "Asymmetric Labor Market Reforms: Effects on Wage Growth and Conversion Probability of Fixed-Term Contracts." ILR Review 71, no. 3 (October 23, 2017): 760–88. http://dx.doi.org/10.1177/0019793917737506.
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The authors investigate the impact of a change in employment protection laws in Portugal that increased the maximum legal duration of fixed-term contracts. They find that this reform led to a reduction in the probability that a worker on a fixed-term contract would be converted to a permanent contract. In addition, those workers who had their contracts converted experienced a significantly higher hourly wage growth at the time of conversion and faced a lower reduction in wage growth during the years in which the changed legislation was in force. Consequently, the implementation of this law led to a 27% increase in the wage-growth differential between the two contracts. The findings are based on an endogenous regime-switching model using rich administrative linked employer–employee data.