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摘要:A Samuelsonian serendipity theorem for an endogenous growth model is derived. The formula for optimal population growth rate deviates from those of the model with exogenous population growth rates in a third best endogenous growth model of the Lucas type with imperfect international capital movements and human capital externalities. Calibration shows that the effect of variation of the exogenous population growth rates on other variables and the deviation of population growth rates from its optimal value are small. The reason is that labour supply, interest rates and technical change are endogenous. There is not much of an incentive for population growth policy unless Frisch parameters change with ageing....
摘要:The purpose of this paper is to discuss the implications of mandatory corporate social responsibility (CSR) contributions: the CSR levy. Using public interest theory as the theoretical lens, this paper adopts a pro-regulation approach and justifies the introduction of the CSR levy in Mauritius, based on the economic and business environment prevailing at the time. Secondary literature sources are used to investigate. Two further questions related to mandatory CSR are investigated: Does the CSR levy result in a competitive disadvantage? Does the CSR levy reduce profits? We conclude that the CSR levy does not disadvantage firms due to the uniform amount and its universal application. Furthermore, it can attract Foreign Direct Investment (FDI) and Socially Responsible Investment (SRI). However, the CSR levy does negatively impact on profits but has the potential to pay higher returns in the future if viewed as an investment. This research needs to be complemented by studies that empirically investigate the impacts of the CSR levy on companies and sectors in Mauritius....
摘要:Past literature indicates that family firms were different from nonfamily firms in term of performance, governess and disclosure. But there was very little evidence which specified the financial structure of family firm. Maturity and leverage, two proxies are used to examine the financial structure of family firm in this particular study. This study shows that family firms are different from non-family firms in terms of debt maturity and leverage. Moreover, transparency is negatively related to maturity which indicates that more transparency decreases maturity, while family firms have more debt maturity which suggested that family firms are more relying on long-term debt and there is a chance of expropriation in family firms due to less transparency. Furthermore, transparency is positively related with leverage which indicates that more transparency increases leverage, while family firms also have positive relationship with leverage which specifies that more transparency leads family firms’ financial structure more toward debt....
[期刊论文] Ning Gao
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2018年 3期
摘要:This paper relates outsourcing parties together and tests whether the out style="font-family:""> style="font-family:Verdana;">sourc style="font-family:Verdana;">ing contracts have any impact on the relationship of the two parties’ perfor style="font-family:Verdana;">mance. Both the style="font-family:Verdana;">ex-anti style="font-family:Verdana;"> and the style="font-family:Verdana;">ex-post style="font-family:Verdana;"> changes in stock and accounting related performance of the contract signatories are examined. We find that after the con style="font-family:Verdana;">tract effective year, there is statistically significant cross-autocorrelation be style="font-family:Verdana;">tween client and vendor firms’ stock returns. What’s more, on average daily returns style="font-family:Verdana;">of the client stocks lead those of the vendor stocks. We also find that ac style="font-family:Verdana;">counting style="font-family:Verdana;">performance changes between the two parties show significantly higher level of style="font-family:Verdana;"> cross-correlation than pre-event. Our finding of an increase in cross-autocorrelation style="font-family:Verdana;">between the style="font-family:Verdana;">ex-post style="font-family:Verdana;"> performance of client and vendor firms indicates that style="font-family:Verdana;"> corporate outsourcing transactions result in a quasi-strategic alliance....
摘要:Commodity price stabilization continues to be a subject of keen interest to policy makers. The general conclusion within the context of welfare economics is that price stabilization brought about through stockholding activities leads to a net welfare improvement to society even though there are gainers and losers from price stabilization policies. Under the standard price expectation formulation used, storage does not result in complete price stability, but in price fluctuations within a positive price band. However, it does generate price stability under an alternative price expectation framework. Under the standard price expectation formulation, the gains from stability are positive, but much less than under an alternative price expectation specification....
摘要:This study investigates the effectiveness of ambient charges under non-point source (NPS) pollutions in an imperfect competition framework. To this end, following Ganguli and Raju, it constructs a one-stage game and a two-stage game in which Bertrand duopolistic firms choose their best prices and abatement technology, respectively. It is demonstrated in both games that an increase in the ambient charge can lead to a decrease in pollution. This finding indicates that the ambient charge can efficiently control pollution in a Bertrand duopoly....
摘要:We use data from 13 countries to study differences in the flow-performance sensitivity between institutional and retail investors. Our results show marked differences between non-US and the US style="font-family:Verdana;">in style="font-family:Verdana;"> how institutional and retail investors react to past performance. Compared to retail investors, institutional investors sell more poor performers and buy less top performers outside the US, while there is no difference style="font-family:Verdana;">in style="font-family:Verdana;"> how institutional and retail investors react to past performance in the US. When we split our sample into countries with more and less sophisticated investors, our results also show significant differences in the flow-performance sensitivity of institutional and retail investors. Overall, our findings are consistent with institutional investors being more sophisticated than retail investors but only in countries where investors are on average less sophisticated....
摘要:This study aims to examine the relationship between style="font-family:Verdana;">Board style="font-family:Verdana;"> of Director’s characteristics and tax aggressiveness. Taxes are considered an additional cost to the firm and its shareholders because these taxes reduce the available cash flow. Firms tend to employ different tax aggressiveness techniques. Aggressive tax planning or strategic tax behaviors are activities generally designed to reduce tax liability that style="font-family:Verdana;">include style="font-family:Verdana;">s style="font-family:""> style="font-family:Verdana;"> Tax evasion, Tax evasion and legitimate saving of taxes. This study is the first in Jordan which style="font-family:Verdana;">test style="font-family:Verdana;">s style="font-family:""> style="font-family:Verdana;"> the relationship between style="font-family:Verdana;">Board style="font-family:Verdana;"> of Director’s characteristics (Board Duality, Board Composition and Board Independence) on tax aggressiveness. Based on a sample of 140 Jordanian firms during the period 2013-2017, this study used regression analysis to examine the effect of board composition, board independence, CEO duality, return on assets (ROA) and firm size on the tax aggressiveness. The study found that there is a negative relationship between board composition and board independence from one side, and the tax aggressiveness from the other side. Furthermore, the study found that there is a positive relationship between board duality and tax aggressiveness. Finally, both the return on assets (ROA) and the firm size variables, which were included as control variables, were found to be positively related to the tax aggressiveness....
摘要:Using style="font-family:Verdana;">difference-in-differences style="font-family:""> style="font-family:Verdana;">method, style="font-family:""> style="font-family:""> style="font-family:Verdana;">this paper examines the effect of the introduction of short selling in the Chinese stock market on the speculative trading of underlying stocks and style="font-family:Verdana;">make style="font-family:Verdana;">s style="font-family:Verdana;"> a further style="font-family:""> style="font-family:Verdana;">exploration style="font-family:Verdana;">of style="font-family:""> style="font-family:Verdana;">the cause from the perspective of the changes in shareholder structure. It is found that style="font-family:""> style="font-family:Verdana;">speculative trading style="font-family:""> style="font-family:Verdana;">of underlying stocks is significantly decreased after short selling is introduced, and the speculation of stocks with low market value and style="font-family:""> style="font-family:""> style="font-family:Verdana;">low idiosyncratic volatility is increased more than those with high market value and high idiosyncratic volatility. Leaving the style="font-family:Verdana;">short selling style="font-family:Verdana;"> markets style="font-family:""> style="font-family:Verdana;">of some small and institutional investors, style="font-family:""> style="font-family:Verdana;">who prefer to speculative trading, are able to partially and well explain these study results....
摘要:This paper aims to analyze if there is a relationship between economic growth and the volatility of that growth in the Brazilian economy, and, if it exists, to infer if that relationship is positive or style="font-family:Verdana;">negative, style="font-family:Verdana;"> since the literature shows evidence for both cases. For that purpose, the econometric strategy used is that of a Generalized Autoregressive Conditional Heteroskedasticity in Mean (GARCH-M) model, using economic growth data compiled by the Central Bank of Brazil, for the period of 1995-2018. The results corroborate the findings of the empirical literature, suggesting a negative relationship between economic growth and its volatility; that is, the hypothesis of the irreversibility of investments prevails. Therefore, the tradeoff between short-term stability and long-term growth for the Brazilian economy in the analyzed period does not seem to occur....
摘要:This paper analyzes the impact of monetary policy and macro-prudential policy on the risk-taking of commercial banks, comments on the existing research results and existing problems, and looks forward to the future research direction. The article finds that the existing research is more comprehensive in the impact of monetary policy on the risk-taking of commercial banks, and has important theoretical value and practical significance. At the same time, there are still some shortcomings in the existing research, such as the research of macro-prudential policy on the risk-taking of commercial banks and the lack of synergy between the two-pillar policy in risk-taking and so on. Therefore, style="font-family:Verdana;">the follow-up style="font-family:Verdana;"> research can be further carried out from the above two aspects....
摘要:Crude oil is an essential commodity for an economy, hence its requirement has seen style="font-family:Verdana;">a rapid style="font-family:Verdana;"> growth in India. To subdue inflation, and style="font-family:Verdana;">a sustainable style="font-family:Verdana;"> and rapid economic growth, crude oil plays a crucial role. India has been positioned as the 4 style="font-family:Verdana;">th style="font-family:Verdana;"> largest consumer of crude oil by importing 100 million tons of crude oil every year, which accounts for almost 37 percent of the total import. Crude is a price determinant among various other commodities as a rise or fall in its prices has a direct impact on style="font-family:Verdana;">prices style="font-family:Verdana;"> of various commodities and society. An increase in oil price leads to an appreciation in the exchange rate in style="font-family:Verdana;">oil exporting style="font-family:Verdana;"> countries and depreciation in style="font-family:Verdana;">oil importing style="font-family:Verdana;"> countries. style="font-family:Verdana;">Reduction style="font-family:Verdana;"> of one dollar leads to a three-fold effect style="font-family:Verdana;">in style="font-family:Verdana;"> the economy and saves about 40 billion rupees. This study analyses the impact of crude oil prices on the Indian economy. In order to style="font-family:Verdana;">analyse style="font-family:Verdana;"> the impact, the study uses variables like stock index, monetary policies style="font-family:Verdana;">and style="font-family:Verdana;"> currency exchange rates, and we have employed statistical techniques such as Augmented style="font-family:Verdana;">Dickey Fuller style="font-family:Verdana;">, correlation, co-integration and regression. The study finally concludes that crude oil prices have a significant impact on style="font-family:Verdana;">exchange style="font-family:Verdana;"> rate, inflation and interest rates....
摘要:The Internet of things (IoT) has become an interesting topic of research as it assimilates several sensors and objects to communicate directly with one another without human interference. IoT helps businesses and society in many ways such as it improves public safety, transportation, and healthcare by providing better information and faster communications. The adoption of IoT is going to create a persistent impact on society and business. This paper develops a model based on system dynamics and identifies the factors in style="font-family:Verdana;">fluencing IoT adoption. The dominant factors of IoT adoption are communication, control and automation, efficient business processes, self-configuration style="font-family:Verdana;">, and cost savings. IoT adoption is also affected by negative factors including privacy risks and security risks, interoperability, reliability, poor infrastructure, less skilled IT professionals, etc. Businesses can reap the potential benefits of IoT by solving the issues related to their adoption. Besides, this paper attempts to derive a framework for the successful adoption of IoT in organizations. This study is, therefore, a significant contribution towards understanding the factors that influence the adoption of IoT in businesses....
摘要:In Bangladesh, remittances have been increasing from its preceding period. It can prevent a balance of payment crises as well as it has a positive impact on the economy of Bangladesh. In this paper, an attempt is made to analyse the effect of exchange rate and overseas employment on remittances in the Bangladesh economy using time series econometric techniques, particularly, vector error correction model to investigate the long-run and short-run relationship among variables where deposit interest rate and global oil price have been used as control variable. The findings show that there is a significant effect of the exchange rate and overseas employment on remittance. The results also show that depreciation of the domestic currency causes remittances to increase in the consequences of Bangladesh, and an increase in overseas employment also has a significant effect on remittances. In the short run, global oil and deposit interest rate can affect remittances because the short-run lagged coefficient of deposit interest rate is significant. An appropriate policy can be taken regarding exchange rate considering the importing cost in mind to inflow remittances in Bangladesh....
摘要:This discussion on recent economic literature concerns some issues on potential output and related policy implications. It is not clear to what extent potential output growth has been affected by the recent crisis. Then the actual stabilization policies style="font-family:Verdana;">—based on the existence of output gaps and public debt sustainability—might not be appropriate to mitigate effectively cyclical fluctuations and to stimulate economic growth. The recent empirical evidence on the determinants of potential output— style="font-family:Verdana;">i.e. style="font-family:Verdana;"> the origin of cyclical fluctua style="font-family:Verdana;">tions—leads to a higher uncertainty on potential output measurement. Moreover style="font-family:Verdana;"> the existing methods to estimate potential output present some weaknesses reducing reliability of the estimation results. Focusing on European case, the measure of potential output is considered as an useful guidance for policy. In particular, Stability and Growth Pact and Treaty on Stability, Coordination and Governance in the Economic and Monetary Union refer to the concepts of potential output, output gap and structural budget balance. Recently academics and some policy makers have criticized these measures and the related austerity policy because they worsened the economic situation. According to recent theoretical and empirical contributions it is important to rethink at the role of fiscal policy, focusing on fiscal stimulus and in particular on additional infrastructure spending because it can positively affect GDP as well as potential output. A part of this literature discusses extensively how public capital affects the economy. Under certain conditions such as a good institutional framework and sound projects, a higher spending on public infrastructure has a high economic impact....
摘要:A key contributor to a brand’s strength is how well its customers are engaged with the brand. With marketers spending huge amounts of money on social media presence of their brands, it becomes vital to assess how well this social media presence in the form of brand pages style="font-family:""> style="font-family:Verdana;">is able to generate customer engagement. This study explores the characteristics of online brand pages and examines how they impact customer engagement with the brands. style="font-family:""> style="font-family:Verdana;">We also examine the moderating role of brand pages’ media richness in relationship with the characteristics of the brand page and customer engagement. The conceptual model proposed is evaluated using data from 479 survey responses towards 23 brand pages. This study contributes to the literature on style="font-family:""> style="font-family:Verdana;">customer engagement by proposing a decomposition of its dimensions and studying it in a system of conceptual relationships with its antecedents....
摘要:This paper examines the implications of generalized returns to scale on the long-period equilibrium in an economy with 2 goods and 2 inputs where one of the inputs is a produced means of production. The Classical definition of long-period equilibrium defined by profit rates being equalized across sectors is used for closure. The model is initially characterized for a closed economy and then extended to a flexible-wage-North and surplus-labor-South model of trade where the North produces only capital and the South produces the consumption good using Northern capital. Neither full employment in the North nor balanced-growth of the integrated economy emerge style="font-family:Verdana;">s style="font-family:Verdana;"> under non-constant returns to scale. We characterize income distribution between labor and capital and movements of terms-of-trade between North and South....
摘要:This study examines the relationship between international diversification and firms’ access to external capital to finance growth opportunities. We hypothesize that moral hazards, adverse selection, and home bias arise when firms expand across borders. These problems may hinder the portion of firm growth that is financed by external capital providers known to play a monitoring role. Using various measures of firms’ excessive growth and international diversification, we show that external capital providers do not view the international expansion of operations as value-enhancing activities. We also find that efforts of corporate governance (e.g., through higher levels of corporate governance and the disclosure of segment earnings) can be an effective strategy to alleviate external capital providers’ concerns and achieve higher growth rates through the expansion of international operations....
摘要:This study applies threshold regression model in a bivariate framework to explore the nonlinear long-term relationship among Bitcoin and gold prices over the period 2010-2018. Results are threefold: first, we show that gold is a significant predictor of Bitcoin prices. Second, we find evidence of a non-linear relationship between Bitcoin and gold prices characterized rather by a two-regime relationship with a structural break occurring in October 2017. Third, before the break, there is significant, negative but weak causality indicating that Bitcoin is a speculative asset. After the break, the relationship becomes significantly positive revealing diversifier and hedge properties of Bitcoin....
摘要:In this study, we consider Pareto efficiency in financial markets. In welfare economics, it is sufficient to consider competitive equilibrium to assure Pareto efficiency. This study, however, focuses on describing the utility possibility frontier, which explicitly shows Pareto efficiency for financial markets. To this end, we use the time-additive utility (functional) with the mean-variance utility. In deriving the utility possibility frontier, we obtain an asset pricing formula dependent on an agent style="font-family:Verdana;">’ style="font-family:Verdana;">s utility. We provide a characteristic of this formula to ensure Pareto efficiency. Moreover, our study generalizes the payoff function of the asset. This enables us to analyze various financial transactions. As an application of our framework, we consider a simple insurance contract with default. We then show that the likelihood of default makes the market Pareto inefficient or deteriorates social welfare, as shown in previous studies....
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